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4 Things to Know When Buying a House

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Blog by Mary Roy | August 31st, 2015

14102940_m.jpgWhen you decide that it’s time to buy a house, it’s easy to forget that it is more than just a one step process. From viewings, house inspections, and closing paperwork, buying a property can take far longer than you expected. Beyond just the problem of time, there are many things to know when buying a house. If you’re in the process of buying a home, remember these things to know when buying a house, as they will help ease tension and keep your end goal attainable.

It Might Not Be Love at First Sight

Looking at homes can be tedious, especially when you have a distinct vision of what you’re looking for. But your dream house might not look like what the current owner’s dream house looks like. When looking at properties, remember that once you own the home you have full control of how it looks; from paint colours to flooring and even unnecessary walls. Go in with an open mind, and consider what could be easily changed to personalize the property.

It’s Okay to Walk Away

Even if you’ve decided on a single property, it’s okay to change your mind and walk away. This is especially important to remember when a poor house inspection comes back, and the property is not in the condition you thought it was. It is okay to turn away from a property, even if it’s what you thought was your dream house.

Remember to Negotiate

The purchase price of a property and the list price are very rarely the same thing. The true value of a house is not necessarily what one agent estimates is the market price, but what someone will actually pay for it. If a property is just above your budget, or above what you think its worth, then it’s worth negotiating the price. If your negotiated price is too low for the seller they have the power to reject the offer, and you won’t be stuck in a mortgage too large for you.

Closing Costs

Closing fees are costly, and if you forget to put money aside for these fee’s you can find yourself in even more debt. From land transfer fees, legal fees, appraisal fees and paying your real estate agent, closing costs are an important and overlooked part of buying a home. It’s important to remember that these fees exist, and that you should save for them. On average, closing costs will sit between the averages of 1.5% and 4% of the purchase price of the property.

When you’re in the market for a new home, it’s important that you consider all aspects of the real estate industry. Buying a home is not like finding a rental property, and you won’t be able to move in to your new home just a few short weeks later. These 4 things to know when buying a house will help you navigate yourself in the real estate market, and save money in the process.

Interested in finding a new home, or looking for guidance along the way? Contact Mary Roy and Team today and let us help you find the property of your dreams within your budget!