Inside the Mind of a Serial Homebuyer: Lessons From Purchasing Real Estate

At just 31 years old, I’ve already bought and sold six houses. For many people, the process of buying a property is intimidating, it’s a huge risk and one of the biggest purchases you’ll ever make. There are many steps, various fees, and a lot of due diligence required. Let’s break down the money you’ll need for a purchase and the steps we take when evaluating properties.

While we do a lot of research ourselves, I always recommend working with a realtor. They have connections not only within real estate but also with tradespeople, inspectors, and government officials. These contacts can uncover "off-record” information that is often invaluable. The steps outlined here are especially important if you’re buying a rural property fixer-upper or foreclosure, but many of them can be applied to any property purchase.

Step 1: Pre-Approval

Before you begin looking for houses, get pre-approved for a mortgage. This applies for any property you want to buy, because it tells you what price range you can afford. You don’t want to fall in love with a house only to find it’s far beyond your budget. Call your bank or a mortgage broker to guide you through the pre-approval process.

Step 2: Start Your Search

I usually start on MLS (realtor.ca) when searching for properties because it's user friendly and has multiple filters to narrow down your search. Once I find a property that interests me, I check Viewpoint (viewpoint.ca) for Nova Scotia properties, or housesigma.com for other provinces. These platforms provide additional details like past sale history, deeds, easements, and stop-work orders.

When using Viewpoint, checking the listing history will reveal:

• How many days the property has been on the market

• Previous listings and price reductions

• Pending offers that fell through

• Old cut sheets show pictures from previous listings. This can show if the property was updated or changed, if it has deteriorated etc.

  
  

Some sellers temporarily remove listings to restart the MLS clock. A property might appear on MLS for 100 days, but Viewpoint could reveal it’s actually been on the market 300 days. Previous price reductions indicate motivated sellers, giving you negotiation leverage. If a prior offer fell through due to inspection issues, you know there’s a potential repair cost. Listing history can also reveal if the property was a flip. If it was recently purchased and renovated, it was likely a flip.

Step 3: Check the Land Registry

The land registry reveals deeds, easements, mortgages, and ownership history. It also helps identify bank-owned properties or foreclosures. Knowing the financial status of a property is crucial, especially if the seller does not own it outright.

Step 4: On-Site Evaluation

When visiting a property, here’s what to look for:

Water & Foundation:

• Signs of water damage in ceilings, around windows, tubs, sinks, and toilets

• Foundation issues: cracks, bowing, sinking

Windows & Heating:

• Single-pane windows needing replacement

• Condition of exterior trim

• Heating system age and type: oil tank, furnace, heat pumps, wood stove certifications

Plumbing & Electrical:

• Run multiple taps simultaneously to check water pressure

• Check the well: depth and location

• Check septic: leach field firmness, tank access

• Electrical: 100 vs 200 amp service and panel capacity for additions

Structural & Miscellaneous:

• Floors: soft, bouncy, or uneven areas

• Ventilation in bathrooms: ensure vents exit outside

• Noise levels in the area

• Gutters: ensure water drains away from the foundation

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While a home inspection is important, your walk-through should identify obvious issues first. This ensures you know what areas to focus on during the inspection and avoid unnecessary expenses.

Step 5: Utility Bills & Operating Costs

Request past electricity, water, and heating bills. These reveal insulation quality and operating costs. If a wood stove is present, include the cost of wood in your budget. This helps avoid surprises. Note: These may not be available if the property is a foreclosure or has sat vacant.

Step 6: Foreclosures

Foreclosed properties are sold by the bank, which provides no disclosure statements or utility bills. Home inspections are still possible, but you’re fully responsible for any repairs. For septic, well, or other infrastructure, you may need to cover costs upfront to complete the inspection. Purchasing from the bank is a higher risk sale.

Step 7: Septic & Well Research

Septic:

• Locate the septic tank and leach field. Walk the area to check for sogginess or odor.

• If planning renovations, confirm the system can handle additional load. In Nova Scotia, submit a request to NSE (On-Site Sewage Disposal System Record Search) for tank and field records.

• If no records exist, hire a septic installer to scope the system, determine capacity, and provide an approved plan.

  
  

Wells:

• Verify depth and gallons-per-minute (GPM) yield. Dug wells may run dry in droughts; drilled well data can help budget drilling costs (~$100/ft).

• Low yield wells (<2 GPM) may require cisterns, pressure tanks, or hydro-fracking.

You can access well information using the Nova Scotia well logs. If the property does not show a drilled well, utilize the properties around it to estimate the depth you would need to drill and what their GPM is. If you are located outside of Nova Scotia you can contact your municipality to see if they keep any well logs for the area.

Step 8: Foundation & Flooding Risk

• Look for cracks, settling, or bowing.

• Check grading and downspouts to prevent future water damage.

• In basements, look for sub-pumps or signs of past water issues. Water in older homes isn’t always a deal breaker if managed correctly.

  
  

Step 9: Making an Offer

Price isn’t the only negotiation factor. You should also consider:

• Closing dates: flexibility can strengthen your offer

• Conditions: fewer conditions make your offer more attractive

• Cash or pre-approved financing: strong leverage

  
  

Leverage is also gained by identifying property issues, length on market, and price reductions. Adjusting offer terms strategically often matters more than simply increasing the price. By combining research, careful on-site evaluation, and strategic planning, you protect your investment and reduce the risk of unexpected expenses. With experience and the right approach, buying rural or fixer-upper properties becomes much more manageable.