Last blog entry we showed you four things to DO when you're looking for your first home. Having said that, there are definitely some things one should not do as well during this exciting time, and today I'll share some big ones with you.
1) Don't assume you'll be in your home forever. The average Canadian owns 4-5 homes in their lifetime. I'm not saying this will, or won't be you, but the numbers do indicate people are moving a lot more frequently than before, so it's not out of the realm of possibility you will at some point move on from your first home purchase. It's called a 'starter home' for a reason. All this just means one thing: there will almost certainly be some aspects of the place not as you imagined. Smart buyers realize a starter home will have some shortcomings, but focus on the shortcomings they will likely be able to get past after a month or two in the home.
2) Leave your emotions at the door. As I alluded to in the last blog, the process for first time buyers can be overwhelming. It's easy to fall in love with certain aesthetic aspects of a house, and forget about some of the more crucial ones, like location and price range. Remember that things in the house can be changed, but living by that nuclear power plant or fraternity house? That cannot be rectified. Focus on the criteria you set out before you began the search, which isn't set in stone, as we detailed in last blog, but don't waver too much on what was important before you set out to buy.
3) This is just the inverse of one of the 'do's', but it's important enough that it warrants repeat attention. Don't look for a place before you sit down with a mortgage specialist. It not only makes the search easier, it won't set you up for heartbreak. Also, their news might be GOOD, which means you can enter the search with newfound optimism.
4) Don't forget about closing costs. It's always one of the most frequently asked questions I get: "What do lawyers charge?" Set aside about 1.5 to 4 percent of purchase price (could probably err closer to the 1.5 and be fine).
There you go, if you're a first time buyer, these tips should answer many of the questions you likely were grappling with. As always, if you have any further questions, make sure to give us a call!
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