Buying your first home is an exciting life experience, but it can also be very confusing. There are easy mistakes you could make, especially if you’re doing it alone. That’s where we come in. We are here to help you navigate this new adventure when you’re ready to buy.
Don’t Commit If You’re Not Ready
We’re just going to get this one out of the way first: don’t be in so much of a hurry to buy a home that you make the wrong decision. We know how excited you likely are, but this is one of the biggest purchases you’ll ever make and you want it to be right. You likely have butterflies about your decision and that is a fabulous feeling, but if you have a bad feeling, trust your gut and slow down.
You may need to delay buying a home for a variety of reasons: this house may not be quite right for your family, your finances aren’t yet in order, or you’re just not sure. So if it’s not a good time, cool your heels and wait until everything is right. It’s better to let this one pass than to be in a situation you may regret.
Get an Inspection
Even if the home looks like it’s in great shape, you never know what could be hidden in a wall or attic so it’s always wise to get an inspection. Hint: sometimes inspectors will find things that can help your REALTOR® during negotiations! But don’t forget, you’ll have to think about how you will deal with what needs to be done. Which brings us to…
Know How You Will Handle Repairs
Most homes that are more than a few years old will likely require renovations of some kind. The good news is that buying one which does could save you some money! However, you’ll have to decide if it’s worth saving some money on the buying price if you’re going to put a lot back into repair costs. If you or someone you know is very handy, knowledgeable, has the will and the time to commit to doing the work, you may come out ahead. If you’ve never hired professionals like these before, they may add up to more than you think.
Make Sure Your Finances Are In Order
Buying a home is not as simple as just obtaining a mortgage and moving in. There are also lawyer fees, inspection costs, insurance, and more. You must have the means to come up with your deposit and the rest of these fees. Have a talk with your financial institution to see if all the costs associated with buying a home is something you can actually afford or not. If you can, you should also be asking how much of a mortgage you actually qualify for. And don’t forget, there are some grants you may be eligible for as a first-time home buyer!
Is This Where You Want To Live?
It’s not only necessary to feel great about the home you’re buying, but you need to be comfortable with the area, as well. We’re so lucky to live in Victoria — and Vancouver Island, in general — that all areas are fairly safe and family-oriented, but you need to make sure you’ll be happy living there. Is it close to work, schools, events, and shops you visit often? What amenities are offered in your new area? No matter how much you love your actual home, commuting everywhere all the time could be a pain.
Have You Spoken With Pemberton Holmes?
We get really excited when people ask us to assist them in taking their first leap into buying a home. At Pemberton Holmes, our agents are knowledgeable about everything to do with Victoria-area real estate, as well as how to help you find the right home at the right price. Contact us today!
