The Homebuying Journey: Why Buying a Home Is a Lot Like Climbing Mount Everest

Buying a home is a lot like climbing Mount Everest. Now, before I scare you away, I am not suggesting that buying a house is nearly as difficult as climbing the tallest mountain in the world. But there is an important similarity between the two:

Success comes from following a proven process.

There are roughly 20 established routes and route variations on Mount Everest, yet more than 99% of the people who have successfully reached the summit have done so using just two primary routes. Why? Because when the stakes are high, there is tremendous value in following a route that has been traveled successfully before.

Buying a home works much the same way. There are countless ways to approach purchasing a property. Every buyer, home, loan and transaction will be a little different. But after helping buyers navigate this process over and over again, I have found that there is a proven path that gives buyers direction, clarity and a much better opportunity for success. So grab your imaginary climbing gear. We're headed up the mountain.

Base Camp: Getting Pre-Approved

You don't simply arrive at Mount Everest one morning and start walking toward the summit. There is an enormous amount of preparation required just to reach Base Camp. For a homebuyer, Base Camp is your mortgage pre-approval.

Getting there may require more preparation than people realize. A lender is going to evaluate your income, credit, employment history, existing debt, available funds, debt-to-income ratios and several other factors. Some buyers arrive at Base Camp quickly. Others may need a little more time. Maybe you need to improve your credit. Maybe you need additional savings for your down payment or closing costs. Maybe paying down a debt will improve your purchasing power. Maybe everything already looks great and you're ready to go. Either way, receiving a strong pre-approval from a qualified lender is a significant milestone and signals the ability to leave Base Camp. 

Camp I: Shopping and Going Under Contract

Once you're pre-approved, we finally get to do what most buyers have been waiting for: The opportunity to actually tour, shop and offer on houses. This part of the journey can be exciting, frustrating and sometimes surprising.

You may discover that something you thought was incredibly important isn't actually important once you see it in person. You may completely change your preferred neighborhood. You may walk into a home you never expected to like and immediately realize it is exactly what you've been looking for. Eventually, we find the right opportunity and write an offer. That offer may require negotiation. Price, closing costs, possession, deadlines and other terms all matter. Once the offer is accepted, congratulations, you've reached Camp I.

Camp II: Due Diligence

Now it is time to figure out exactly what you're buying. This is your due diligence period. Inspections are not necessarily about finding a "perfect" house. Very few homes are perfect. Instead, due diligence is about understanding the condition, quality and risk associated with the property you're purchasing. And every buyer has a different tolerance for that risk. One buyer might happily purchase a fixer-upper knowing they will spend the next two years renovating it. Another buyer may want something completely turnkey where they can unpack their boxes and start living. Neither buyer is wrong. The important thing is that you know what you're buying.

This is where inspections, disclosures, property research and professional advice become incredibly valuable. We identify potential problems, determine which ones matter, negotiate when appropriate and make an informed decision about whether we continue climbing. Once you're comfortable with the property and your due diligence is complete, we move higher up the mountain.

Camp III: Financing and Appraisal

At this elevation, your lender becomes a critical part of the expedition. Getting pre-approved at Base Camp was only the beginning. Now your lender needs to finalize the loan on the specific property you're purchasing. Your file moves through underwriting. Income and employment may be verified again. Updated bank statements or pay stubs may be requested. Occasionally, an underwriter may ask for a letter explaining a particular deposit, debt or circumstance. 

At the same time, the property will typically need to be appraised. The appraisal helps the lender determine whether the property's value adequately supports the loan. Depending on the loan program and transaction, additional conditions may also need to be satisfied. This portion of the climb isn't always exciting, but it is extremely important. We are making sure the money is ready and the property qualifies.

Camp IV: The Final Walkthrough and Preparing for Settlement

Camp IV on Everest is the final major camp before climbers make their push toward the summit. For our homebuyer, this is that short window immediately before closing. By now, most of the major hurdles should be behind us. We've completed due diligence. The loan is nearing final approval. The appraisal is complete. Title work has been reviewed. Any agreed-upon repairs or contractual obligations should be getting wrapped up. Then we conduct the final walkthrough. The walkthrough gives us one final opportunity to verify that the home is in the condition we expect, negotiated repairs have been addressed and there haven't been any unexpected changes to the property. You're close but not quite a homeowner yet.

The Summit: Recording and Getting the Keys

You made it! Documents have been signed. Funds have been transferred. The transaction has officially recorded. The keys are in your hands and the house is now yours!!! This is the summit. I love this part of the process as it is one of the most relieving moments from the many preceding months. Take the picture. Hold up the keys. Celebrate. Call your parents. Bring the kids. Stand in your empty living room and realize that this place belongs to you. Buying a home is a major accomplishment, and there is something special about that moment. Enjoy the view. Because there's one thing people tend to forget about climbing a mountain. You still have to get back down...

The Descent: Your First 90 Days of Homeownership

Reaching the summit doesn't end an Everest expedition, and getting the keys doesn't end the homebuying journey. Now comes what I like to call the "90 days of stamina". Here is what you can expect. You're moving. You're changing your address. You're forwarding mail. You're transferring utilities, setting up internet, figuring out garbage day, getting mailbox keys and learning all the little quirks of your new home. Then there are the projects. Maybe you want new carpet and paint. Maybe there's a fence that needs to be repaired before your dog discovers the escape route. Maybe you're changing locks, installing blinds, hanging televisions, replacing fixtures or tackling a list of small repairs you knew about when you purchased the property.

This is the descent. It may not have the excitement of getting the keys, but it is an important part of transitioning from buying a house to actually living in your home. Give yourself some grace during those first 90 days. Everything doesn't have to happen the first weekend.

You Don't Have to Climb Alone

There is one final piece of the Everest comparison that might be the most important. Experienced climbers don't simply show up at the mountain and start wandering upward hoping they eventually find the summit. They have a route. They have equipment. They have preparation. And many climb alongside experienced guides who understand the mountain known as Sherpas. 

A great guide has traveled the route before. They know where the difficult sections are. They know when something is normal and when something deserves attention. They know when to keep moving and when conditions suggest you should stop. That is how I view my responsibility as a real estate professional. My job isn't simply to unlock doors and write an offer when you find a house you like. My job is to guide you through the entire mountain.

From getting financially prepared at Base Camp, through negotiations, inspections, appraisal, financing, settlement, recording and eventually getting you safely down the other side. Every transaction will have its own challenges. Sometimes the weather changes. Sometimes the route gets uncomfortable. Sometimes something unexpected appears that requires us to adjust and that's okay. We don't need a transaction without challenges. We need a proven process for navigating them.

There may be 20 different ways up the mountain, but there's a reason almost everyone who reaches the summit follows the proven routes. When you're preparing to buy a home, you don't have to invent your own path either. Find a great lender. Find an experienced real estate professional. Prepare properly. Understand the route. Then follow the process, one camp at a time. 

"Sweetly Guiding You Home"