The Complete Home Buying Checklist

Buying a house in Kingston can be an exciting adventure! Great neighbours and a fantastic new lifestyle await you. (And did we mention the food? If you’re new to the area, you may not realize that Kingston has earned the title of “Restaurant Capital of Ontario,” thanks to the number of independent eateries. That’s just one of the many perks of living here!)

First things first, though, you need to find a place that you love so you can settle in and enjoy all that Kingston has to offer. That’s why we put together this comprehensive checklist for how to buy a house.

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Preparing for the Home Buying Process

There is a little bit of work to do in the background before stepping out to view homes in person. The more you plan and research now, the more empowered you’ll feel when you’re ready to place an offer.

Being prepared means you’ll have an accurate estimate of how much your budget should be. Even better, you’ll know exactly what to look for when buying a house.

One of the most important items on your checklist is to decide where to buy a house. A strong case can be made for Kingston! Learn why in the posts below:

Reach out to a real estate agent

Of all things to consider when buying a house, connecting with a skilled, local real estate agent should be near or at the top of the list. Even if you’ve purchased real estate before, you’re certain to have questions along the way.

You are about to make one of the biggest decisions of your life, after all! Having access to fast answers, customized to your situation, removes unnecessary stress from your transition.

When you have a knowledgeable Kingston Realtor® to walk you through the market and all of the steps, you can feel comfortable that you are moving in the right direction. Best of all, there are usually no fees involved as the seller generally pays any real estate commissions.

Organize your finances

Setting a realistic budget is one of the most critical steps to buying a house. Between the down payment, monthly mortgage payment, closing costs, and other living expenses, you may need access to more funding than you realized.

Getting a mortgage pre-approval in advance allows you to budget accurately, as it gives you a relatively accurate estimate of how much you will be able to borrow. You can also place offers with confidence, which makes it a great negotiating tool.

Even better, you can lock in the best interest rate within 90 to 120 days. If rates increase after your pre-approval, you’re protected. If they decrease, you automatically are entitled to the lower rate.

How do you know if that beautiful dream home is actually in the budget? Our Home Buyer’s Calculator can help you decide.

Create a list of wants and needs

A detailed but flexible list of wants and needs allows you to focus only on homes that suit your lifestyle. This step can save a lot of time and money as you’ll be less likely to make emotional decisions.

Think about what your home must have versus where you might be willing to compromise on. Your non-negotiables should primarily revolve around things you cannot change or renovate, like the location and lot size.

Cosmetic issues such as new paint or tired-looking caulking are relatively easy and inexpensive to fix, so you can afford to be more flexible. Major renovations like finishing the basement or adding a roughed-in bathroom are also possible, but will be more involved and expensive.

While you’re creating your list, keep in mind that this is where you’ll be for the next few years. You may need to make a few concessions to get into the market, but there are other areas where you may want to hold firm.

Assess the current market

Understanding the current market overall gives you an idea of how much power you will have when negotiating.

If it’s a buyer’s market, you may have your choice of homes and can take your time.
If it’s a seller’s market, you might need to offer more to compete with other buyers.

A local real estate agent with their pulse on the situation can guide you through the current landscape. All of the foundational pieces are coming together, and you’re in a great position to begin your search.

Tips for Successful House Hunting

Now, it’s on to the part you’ve been waiting for. As an informed buyer, you can begin looking at houses with your real estate agent. Once again, we have some tips to help you find your hidden gem.

Stay within the mid to low range of your budget whenever possible

Just because you get an approval for a high amount doesn’t mean you need to buy at the top end of your budget. Whenever possible, it’s ideal if you can land in the lower range. Your monthly payments will be more comfortable; plus, you’ll be able to save some money for repairs and maintenance.

Looking for even more tips to find the right house in Kingston? The posts below are full of great advice:

Attend all viewings and open houses with your real estate agent

A house might look stunning and spectacular while hiding any number of foundational flaws. The opposite could also be true. You may feel underwhelmed, especially if the homeowner hasn’t taken the time to update or even clean the house thoroughly.

What matters is the structure, and that it really can be a suitable property with a few minor touches. An experienced real estate agent knows how to look past surface appearances. With the right guidance, you can navigate through any challenges and find your way to a truly great home.

Are you gearing up to buy or sell a house? Our Kingston real estate agents are happy to help and guide you through each step. Reach out to us at caldwellco@royallepage.ca or call 613.449.6588 today.

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