Zoocasa
Sold Prices
Mortgage Calculator
Map
Market Insights
  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
Zoocasa
Home Ask the Pros

The 4 Most Important Tips for First-Time Homebuyers

Zoocasa by Zoocasa
November 18, 2015
in Ask the Pros
3 min read
Share39
Tweet
Share
39 Shares

home-first-time-homebuyer-couple

There are plenty of lists online describing the many, many pieces of advice for first-time homebuyers. We’ve scoured the web and have quizzed our experts to bring you these key points to keep in mind when buying your first home. If you have any others to add, leave them in the comments!

Think long-term

You should know when you buy your first home whether or not you plan on staying there for a while.

If you’re looking at a long-term commitment with this home, consider the many ways your family could change and grow:

Are you planning to have children? If so, do you have at least one spare room? Are you in the right neighbourhoods for schools and extra-curriculars?

Do you have aging parents that could come to live with you? If so, is your home equipped for canes, walkers, or wheelchairs? (Two flights of stairs could be problematic, for example.)

Think re-sale

Repeat after me: I will not expect to sell my house in two years and reap a 150% profit.

Buyers have unreal expectations with re-sale. Many believe that because it’s a booming market, you can scoop up a home, splash on a new coat of paint, then turn around and sell it for double. Very rarely will a property increase in value quickly enough for this to work; your neighbourhood would have to incredibly and unexpectedly explode in value for this to be remotely plausible.

If you’re buying your first home to then sell it in a few years, that’s fine, but be pragmatic about it. Use other vehicles like investments if you want to grow your portfolio, and think of homebuying as a different platform altogether.

Think budget

When most think of buying a home, they think of down payment, total cost, mortgage and mortgage payments, and maybe taxes and interest. The new house blinders need to be taken off regarding so many other expenses.

First, there are common recurring costs like utilities and property tax. There are one-time costs you’ll think of, like hiring movers and land-transfer tax, but there are also hidden costs you might not, like added commuting time and gas money.

It’s important to have a substantial amount of money saved for early emergencies, like the failure of an appliance or a fluke repair. Owning your own home costs money in all sorts of places that renting does not, so make a lot of room in your new budget for “miscellaneous.” Then, if you don’t spend it in a year, you can invest it, or even go on a trip!

Also, while on budget, keep in mind the simple idea that I’m sure you’ve heard before: don’t buy more than you can afford. Actually develop a fleshed-out budget and follow it. Don’t let a beautiful home sway you from your realistic goals; you’ll regret it a few months in when you’re strapped for cash.

Think home, not view

When you walk into a condo with a beautiful lake or ocean view, you’re tempted to buy on the spot. Imagine waking up to this!

Well, also imagine what would happen if a building popped up between your unit and that water. There are plenty of instances of growth that ruin a view. Instead of banking on your picturesque seascape, focus on the home itself. Think of the view as a bonus, in case it’s taken from you one day.

As an aside, also consider growth in the area, in general. Could you foresee your street becoming busier, were that field down the road to become a sub-division? It’s important to look at trends and what the future of your neighbourhood will be in ten years.

Flickr: Nan Palmero

Previous Post

Why You Should Consider Buying a Home in December

Next Post

Knockout Listing of the Week: 90 Sumach Street #309

Zoocasa

Zoocasa

Zoocasa.com is a full-service brokerage that offers advanced online search tools to empower Canadians with the data and expertise they need to make more successful real estate decisions. View real estate listings on zoocasa.com or download our free iOS app.

Related Posts

The outside of a semi-detached house.
Ask the Pros

5 Ways to Improve Your Home’s Curb Appeal on a Budget

April 18, 2023
A tree of blooming flowers with a house in the background.
Ask the Pros

Spring Real Estate Predictions for Canadian Homebuyers

April 3, 2023
A set of keys with a "first time buyer" tag attached to them.
Ask the Pros

Make Your Home Buying Dreams Reality: 5 Tips from First-Time Buyers

February 21, 2023

Blog Search

No Result
View All Result

Newsletter Sign-up

Join a community of 130,000+ subscribers. Don't miss important real estate news, market data, and buying and selling tips.

Recent Articles

A row of different colored houses

Mastering the Peak Buying Season: Key Strategies for Success

June 1, 2023

Detached Home Prices Soar in the Greater Toronto Area (GTA) During Q1

May 31, 2023
a trowel and a fork in the ground.

Canadian Gardening Tips for a Successful Spring and Summer

May 30, 2023
A cottage on the lake

Best Cottage Areas in Ontario

May 30, 2023

Featured Listings (Updated Weekly)

A small lighthouse in Nova Scotia

Luxury Real Estate in Halifax, NS: 7 Listings You Can’t Miss

May 12, 2023

Updated: 7 Houses Currently For Sale in Toronto Under $699,900

May 2, 2023
A detached house on a sunny day.

Updated: 7 Houses Under $900,000 For Sale in Mississauga

April 27, 2023
The outside of a detached home.

Updated: Cheapest Toronto Homes Currently Listed for Sale Under $1,000,000

April 26, 2023
first-time home buyer programs and rebates

Social Media

250 The Esplanade Suite 408 Toronto, ON M5A 4J5

Terms of Use | Privacy Policy | Careers | Sitemap | About Us

 

Zoocasa © 2007–2022. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.

Stay Connected

1-844-683-4663 | [email protected] 

  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
  • Real Estate News
No Result
View All Result

Zoocasa © 2007–2022. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.