Most people want to achieve the ultimate goal of owning their own home. It will likely be the largest form of debt you will assume without a guilty conscience.
Over the last 18 months, the market has readjusted itself allowing new buyers to enter the market – specifically new home buyers. The price reductions and low interest rates gave these “fence sitters” that extra kick in the rear to look into purchasing their first home.
This was especially the case for me as this goal is now an achieved reality. Still shocked that I have purchased my first home, I was very pessimistic about the process of owning a home. The pessimism rooted primarily from the fear of learning new things with regards to a purchase of this magnitude. But given the market and the interest rates, it had to be done.
One Step at a Time
My wife and I first ensured we were pre-approved for a mortgage. This allowed us to search for homes that we could afford and also lock in a rate we were happy with. As luck would have it the rates increased a mere 48 hours after we locked in. We then spent some time searching MLS looking for homes in neighborhoods we felt suited our needs.
Next we hired our first realtor. This was the easiest step as we took recommendations from our family and friends. It only took one meeting and a few good gut checks before we committed to him. He was easy to speak with, understood our needs and realized our priorities. He was also a great source of information for first time home buyers like us as he taught us about the home buying experience from start to finish.
After we found a house that we both fell in love with, the negotiating began. This process made us nervous and excited at the same time. According to our realtor the seller received an offer prior to ours that was well below the asking price. The seller took this personally and decided not to respond. So when our realtor asked us what we wanted to offer, we had to ensure that it was a reasonable number. Our first offer was strong, however we knew it would be countered. Finally after going through 2 rounds of negotiations, both parties were pleased with the final outcome.
Now we’re in the process of dealing with the mortgage brokers, the bank & the lawyers. I am still learning new things as the completion date is fast approaching. Thankfully all of the parties we have been working with have been proactive, patient and full of knowledge that they have been passing along to us.
Although I am very excited about owning my first home, I do sometimes worry whether I have all of my bases covered. For example, I must now look into home insurance, mortgage insurance and title insurance. The ongoing maintenance of the home will be more time consuming than living in a “lock and leave” condo but it’s something we believe we can handle.
Overall the experience has been pretty good. If I had any advice for people looking to get into the market, I’d ask them to do their research and take strides one step at a time in any decision they make. Ultimately the decisions you do make will pave the path to a new lifestyle and you’ll want to look back knowing you have no regrets.
Irshaad Ahmad
