Guide to Buying A Home

Buying a home can be a daunting task. There are so many little and big things to think about, it all seems so overwhelming. That it usually involves serious sums of money, sometimes even money you don't have yet, does not make it less stressful. Here is a quick overview of things to think about when considering or buying a new home.


Most mortgages will require you to bring in your own savings as a deposit. So, make sure you have done your homework and have saved up a chunky deposit to at least meet the minimum requirement.

In the same vein as figuring out your deposit, it will be the right time to get an idea of what your budget will be. Once you determine what you think you can afford, start looking around. If the houses that you think you can get a mortgage to cover don't fit your requirement, you might want to consider saving up a bit longer.

Once you feel comfortable with the houses you can get for your hypothetical mortgage, it's time to take the next step. This is called getting a mortgage agreed in principle. This means you will have to find the right mortgage provider for you and decide what kind of construction you want it to be. Getting the mortgage agreed in principle means you can get to the buying a house part.

Photo by Jarek Ceborski on Unsplash

When you start looking for a house, don't get fixated on a single property. Buying a house is sometimes less than a linear process, and it helps to have multiple homes as options. Arrange viewings, multiple ones even of the ones you like and decide which one is your favourite.

Once you have picked the top choice, it's time to make an offer. Dependent on the state of the housing market in terms of supply and demand, you can either under or overbid on the asking price.

Once the offer is accepted, it's essential to get the legal paperwork drafted by a professional and to include conditions to protect you as the buyer. I.e. this could be a protection to get your out of the agreement if the financing falls through or if you find serious defects with the house.

At this stage, it's essential to schedule a home inspection to make sure you know what you are getting into. If for some reason, the home inspection comes back with serious concerns, you can withdraw your offer or negotiate on the price, to compensate for the work that needs to be done to fix any issues.

Assuming all the inspections are done and both parties still want to proceed with the transfer, it's time to exchange contracts and make sure the financials are handled.

You will agree on a completion date for when the property needs to be vacated, which is the day the funds will transfer to the seller's account. You will get the keys and the deed to the property.

That's it, all done. You are now the owner of your home!