The First Time Home Buyers Experience

The first time home buying experience is frought with anxiety.  It is a stressful period of time where the potholes of unseen defects and major expenditures after the purhase fill the mind.  Realtors can wonder how many homes must I show before the decide?  And that just right home decision may seem more dream than reality if this stressful first experience is not met with an encouraging team to help the "property virgin" over the threshold of the front door into home ownership.

Let's look at what the anxious side of the emotional anatomy of a typical home buyer when they approach what for many is the largest investment they will likely make.  And remember we can ratchet the emotional scale up for the new home buyer. 

Client's Feelings                                                Home Inspector's Solutions

Home buying should be viewed as a team experience.  Many will start with the mortage broker or lender. These people inform the buyer as to the real costs of buying a home: Percentages devoted to dwelling space, home inspection, legal fees, land transfer costs, property taxes, property insurance, utility hookups, moving costs.  All in addition to the mortgage, down payment and possible interest and downpayment fees if a 25 % downpayment is not possible.

In addition there is the credit score, the seductive siren of reduced interest payment for the first 3-6 months, the buy now or loose this home pressure in an aggressive market, payment schedules, is this a real estate bubble, fixed or floating interest and so on.  And a realter has yet to be chosen.

And of all these decisions the personal circumstances of the buyer's work situation is more imprtant than all of aforementioned factors. 

Let's look at the team and their contributions. The team can consist of the realtor, the mortage broker, the lender, the home inspector, the lawyer, the financial advisor, the parents and trusted friends all can contribute to making that infromed decision.

Realtors, lenders, home inspectors and even the federal govenment have put out bullet point considerations, flow chart decision progressions, and narrative progressions that help. Consider the following:

1) cmhc.schl.gc.ca/langcfm?pid=2812
2) ontarioequity.com/first_time_home_buyers.shtml
3) expertmortages.ca/first_time_home_buyer.html
4) homebuyingtips.net/buyer_checklist
5) ourfamilyplace.com/homebuyer/checklist.html
6) about.com/od/buyingahome/bbshopping1sttime.html
7) www.youtube.com/wathzv=0cqWuFM3UU

When the property virgin, the first time home buyer, the millenial home buyer enters into this experience they can know that this is a team effort.  Together the home inspector, realtor, mortgage broiker, lender, lawyer, financial advisor, parents, and friends can help this be an easier emotional experience than first thought or believed.

Kurt Weinberger - home inspector for EnerGREEN Home Inspection Services - serving Kitchener, Waterloo, Cambridge, Guelph, Brantford, Milton and Mississauga and surrounding areas.- Your kitchenerwaterloohomeinspector.ca -reached at kjweinberger@rogers.com and 519-888-0852