The home buying process can be exciting and overwhelming, specially for first time homebuyers. Sometimes I find my self playing the role of a firefighter, pouring water on my clients’ excitement to keep the fire under control and bring them back to the rational world! LOL
When you see a new home you like on the market, it’s easy to get distracted by all the features you love – the wrap-around backyard deck or the spacious rec room with plenty of space for entertaining. You just need to make sure that in all that excitement you don’t overlook any expensive maintenance issues that could be just around the corner.
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Nothing lasts forever. The major components of every home – from the furnace to the roof shingles – need to be replaced eventually. Knowing when such maintenance issues are likely to arise can help you make a smarter decision about the home you’re considering.
How do you do that?
Finally, don’t forget to check the kitchen and bathrooms. Sinks, faucets, bathtubs, showers and cabinetry have a life-span of about 10-15 years. Of course, there are things you can’t see, such as wiring, plumbing, venting and other components of a property that may require maintenance soon.
That’s why it’s so important to make any offer to purchase a home conditional on passing an inspection by a qualified home inspector.
Great article, which makes excellent points. As stated, it is so easy to fall in love with a home, because of certain features, which then cause one to overlook things which may be problematic. Having a trained, professional realtor to guide you, makes a lot of sense, and could save you from being blindsided
when you purchase.
Great article Daniel, and really informative too. I enjoyed reading it, and I’m better armed this time around thanks to your tips and advice.
Thanks for emphasizing the do’s and dont’s. I think everyone in the real estate industry should read this.
Thanks everybody! I am glad that you found the article helpful and informative. The sad part is that in sales, there is always somebody ready to take advantage of overly excited buyers.
And at the end…nobody wins!
I would agree with never fall in love with a home until it is yours because you could get your hopes so high and the house is taken right from under you.
I think that if you have never bought a house the process can be over whelming and exciting but make sure you stay grounded knowledgeable and focused.
I forgot to stay, stay aware and do as much research before signing any papers and make copies of everything. Know what you are buying and who is selling the home to you and don’t let the pretty picture of a dream home cloud your judgement.
Exactly! If you won’t have a level head in the home buying experience, then you’d better hope your agent can do it for you. That’s just another reason to make sure you trust your agent! They need to remind you that you’re making a big purchase, and to look at the whole house, not just the features you love.
Then sometimes you find buyers who want to take more than enough time to sign contracts, and then lose the property when another buyer comes with a higher offer. The woes of getting buyers to listen.
This guide is extremely helpful! I definitely think it’s easy to become overwhelmed when looking for a house. You might like a lot of the features, but you have to make sure everything else is in good order. My friend bought a house because she loved a lot of the features (like the walk-in closets and the nice patio). Shortly after she moved in, she realized that a lot of the appliances were very poor quality (like her fridge and oven). She ended up having to spend money to fix those things.
Hi LeoSaysMeow, That’s a very good example!
What sort of credit score do yo need when buying a house for the first time? how about down payment?
This can be a problem even when buying houses in those charming tracts where you purchase from a model before the house is even built! Never forget that the model houses will always be dressed up to seem as nice as possible. In reality you may end up with shabby workmanship and major problems with the house. Just because the model is beautiful doesn’t mean your home will be perfect!
You raise a very good point!
Personally I do most of my business in Toronto and eastern Ontario. As such, I am not involved in too many new construction sales.
My son has much more familiarity with these transactions in the Kingston area. Not only can your “finished product” pale in comparison to the model home but all of the additional costs that seem to creep in to match same can be a bit overwhelming apparently!
@amhamilton
As you know credit score go from a minimum of 300 to a maximum of 900. A credit score of 700 is considered above average, however lenders look at a lot more than just the score, you could have a good credit score but still not qualify for a mortgage or not get the best rate.
The very first step when somebody is starting to consider buying a home, should always be to get pre-approved for a mortgage, often people are surprised to find out how much they qualify for!
For what concerns the downpayment, usually 5% of the purchase price is the minimum required, and you could budget another 2% for closing costs.
How true! Keep all of these points in mind while househunting — especially the one about checking the bathroom & kitchen — and you’ll do just fine. I love that photo. It could easily be me spraying my wife, or our realtor spraying us. Lol.
Entusiasm is important because this is your home and if you shuld enjoy it and have fun. However, things will have to be checked very carefully to ensure that happiness follows anfter the entusiasm.
This is very good advice. As a buyer we all approach home ownership very emotionally. We know we should look into all those practical things, but sometimes a home just makes us feel good.
In addition to the things you mentioned in your post, my husband and I want to have our next home inspected for mold. We have had an awful time with mold in our current home. Some of it was in obscure places when we moved in, but nobody who inspected noticed it. We’ve been here over 11 years and I still have trouble keeping the mold growth down.
Very, very good points, in the article as well as the many comments. There are certainly the emotional factors, especially getting too attached to a house you might want to buy at the expense of being able to take a sobering look at the potential risks of maintenance and other looming expenses.
But then when you couple this with other pressures such as concerns about other potential buyers who may snatch up the property, or perhaps time constraints, such as the school year approaching or the need to relocate quickly for a job, etc., I can see how difficult it would be to remain level headed.
@lynette, so sorry to hear about the mold situation. Thank you for pointing that out. That is yet another factor to consider.
It’s very hard not to get caught up in it all. On one end you don’t want to get too excited and jump into anything. Yet in the market (at least around here) you have to ready to jump at things when they come on the market if you might really want it. I spent more time researching my last car than I did my house!
Usually a home will sell itself. The buyer must try to use good practical sense when purchasing. It would be a very good idea to think long and hard about your choice, but emotions do take over if not careful
I agree that a good home will sell itself, but the seller has to partially stage the home to help the buyer be better able to visualize the home as their own. Take down personal pictures, declutter, etc.
The buyer has to keep themselves detached emotionally so they can keep a level head and negotiate fairly.
A good realtor will help the buyer see both pros and cons of each of the properties.