My partner and I just had our offer accepted on a house, and since that moment, it’s been a complete whirlwind. I’ve had some time to reflect on the ups and downs we’ve experienced, and all the things I wish I knew when we started out. I know firsthand how scary the process can be, so I want to share the lessons I’ve learned about each milestone in the home buying journey. 

Lesson #1: being financially prepared to purchase a home goes way beyond the downpayment 

You’ll also want to budget for closing costs, moving expenses, maintenance costs, and ongoing costs. I’ve learned to save up more than you think because there will always be expenses you forgot to factor in. I recommend taking the time to really understand your house budget, and what your mortgage would translate to in terms of your monthly costs. Ensure that your monthly housing expenses don't prevent you from saving money or enjoying your life. Tools like ATB’s Mortgage Payment Calculator can help you conceptualize what this budget would look like.

Lesson #2: get pre-approved and understand your mortgage option before you start house hunting

The real estate market can move very quickly, and you could miss out on a home if you don’t have a pre-approval. Going through the pre-approval process you’ll also learn about the different mortgage options available to you. I found out that we wouldn’t be able to qualify for the traditional mortgage we wanted because of my self-employment. Thankfully, I was able to spend a lot of time researching and understanding my other options before we even started looking at homes.

Lesson #3: your home buying team can make or break your experience, so make sure they are a good fit

Now that we’ve had our offer accepted and met our conditions, I can wholeheartedly say our team was the reason we got this house. When selecting these team members I asked for recommendations, read reviews online, and had phone calls with all of them. On these calls I came prepared with a list of questions to ensure that they would be a good fit for us. Don’t be afraid to ask these professionals if you can speak to current or past clients to hear about their experience. 

One thing I wish I had done earlier was lining up a home inspector. We didn’t have one picked out when our offer was accepted, and it was a bit of a scramble to find one last minute. So the earlier you can start, the better.

Lesson #4: stick to your wish list when house hunting and prioritize the external factors just as much as the home itself 

House hunting can be so exciting, but also discouraging. I’ve learned how important it is to think beyond the interior of a home and consider factors like the neighbourhood, proximity to amenities, and future potential of the area. I also discovered how easy it is to get distracted by beautiful homes and lose sight of what’s most important to you. I recommend curating your house hunt from your wish list so you’re not spending time viewing homes that won’t meet your needs.

Lesson #5: the highest offer doesn’t always win, and a personal touch never hurts

Our house had a total of 5 offers, and we won because of our love letter and conditions. We wrote a personal letter to the sellers sharing a bit about ourselves, what we loved about the home, and how we could picture our lives there. Another factor that helped us win was offering 3 day conditions, which is quicker than what most people do. This was a challenge, but we knew that it would make our offer more competitive. If you truly love a home it’s worth putting in an offer, even if you don’t think you’ll have the highest one.

Lesson #6: the hard part isn’t over once your offer is accepted

Having your offer accepted is so exciting, but it’s not time to relax just yet! Now you have to do an inspection, re-negotiate based on the inspection, understand your mortgage offers, secure your financing, meet your conditions, and sign a lot of paperwork. Between the phone calls, bank visits, and a million other logistical things—it felt like a full time job. ATB’s “Possession To-Do List” in their Home Buying Guide was a great resource for us to stay on track.

Buying a home is an overwhelming process, and it’s completely normal to have moments of frustration, doubt or uncertainty. My best advice to you is to lean on your team, focus on the factors within your control, and trust your gut. ATB’s home buying resources helped me feel prepared and confident throughout my home buying journey. Check them out here!