The Homebuying Process: What You Need to Know


For first-time homebuyers, the homebuying process can seem intimidating. While it’s an exciting prospect to own your own home, there are many steps that can seem overwhelming. At Lifestyle Real Estate, it’s our job to guide you through the process and educate first-time homebuyers so that they’re prepared.

Buying a Home Can Be Emotional

The first thing to know about the homebuying process is that there are a lot of emotions involved. Not only are you spending a lot of money, but you are choosing what will be your home for the foreseeable future. You may fall in love with a home only to realize that it is off the market the next day. Some people also experience buyer’s remorse, which happens immediately after a large purchase like a house or a car. This is a common feeling, but it can be scary for first-time homebuyers.

Understand What You Want vs. What You Can Afford

When buying your first home, it’s important that you understand that what you want may not necessarily be what you can afford. Many homeowners have to make sacrifices, but being realistic about your needs and your budget can save you a lot of grief in the buying process. It’s important to have a list of must-haves, wants and things you don’t want before you start looking. Narrow down a location and style of home as well. Do some initial research online, and share any properties you find online with your real estate team so you’re all on the same page. As David Halls says, “Buying a home isn’t a process of selection, it’s a process of elimination.”

Know the Legal Aspects of Buying a Home

Buying a home isn’t just a matter of finding a home you want and making an offer. There are lots of legal aspects connected to the process, and it can be complicated if it’s your first time. Your real estate agent knows the ins and outs of the legal documents required for buying a home, and they’ll be able to explain them to you. There are purchase agreements, riders, requests for repairs, sellers disclosures, home inspection documents, home warranty plans, insurance policies and other documents, all of which your real estate agent and lawyer will be well-versed in.

You’re Part of a Team

Having a real estate agent help you with your first home purchase means you’re not alone, but you’re part of a team now. Your realtor wants to help you make the best decision and get you a home at the best price, so it’s important that you trust them. The real estate market is ever-changing and fluctuating, so depending on market conditions, your real estate agent can help you choose the right strategy for making an offer on a home.

 

If you’re ready to start looking for your first home, contact David Halls and the team at Lifestyle Real Estate in Guelph! We want to help you find the perfect home for your needs, wants and budget, and can help you every step of the way.