Looking for a new home is not like going to the grocery store. Nothing is off-the-shelf and impulse buys are not recommended.
Most prospective buyers visit a dozen homes before they buy. Some take years to find exactly what they are looking for or get to where they want to be financially. Buyers can feel ready and then run into surprises via the home inspection or appraisal.
Don’t feel bad about being in this ‘clicking the tires’ phase of the homebuying processWe all get tired of trudging through open houses and we all take breaks.
Sometimes the timing is just not right. We had a buyer who spent four years building their nest egg while looking to move. They ended up buying on their terms and that’s a better way to go.
If you’re a new buyer, here are a few of the things that may (and sometimes should) slow you down. If you’re an experienced buyer, feel free to nod along as you read.
It’s complicated
Buying a home and getting a mortgage involves people, institutions, random events, and timing. Surprises loom. The offer/counteroffer stage can be frustrating. Homes are pulled off the market. Bidding wars happen. Buyers and sellers get cold feet. As the 7 phases we describe in the mortgage map attest, there are numerous steps even when you’ve made the decision to buy.
As we have explained elsewhere, new buyers are often surprised that the pre-approval they received doesn’t automatically become a mortgage from a lender. The due diligence process of lending is considerable.
The investment isn’t just money
The costs of buying (and selling your home, if you have one) are significant. Closing costs. Land transfer taxes. Lawyer’s fees. Realtor commissions. They all add up and it may make more sense to save up or pay down debts to improve your borrowing profile. And it’s not just money. It takes time to put everything together and then get a sense of what home you a) really want and b) can afford. It makes sense to have confidence that a prospective property “ticks all the boxes”. Impulse buys are for candy bars.
And then there’s moving. Moving is one of the most overwhelming and stressful things you can undertake. Some consider it more stressful than divorce!
We get it. We are not in a rush. We work for you and we will be ready when you are