Perhaps the most exciting purchase you will ever make in your life is your first home. Having a place to call your own may be something that you have dreamed of since you were a teenager; or perhaps after years of renting, you’re finally ready to buy a piece of Burlington real estate. Yes, buying your first home is exciting, but it’s also a substantial investment. And if a first time home buyer is to be a good investor, it pays to enter the process with some strategies from the experts.
The following are five important tips that every first time home buyer should follow:
1. Location, location, location – This phrase has become ubiquitous in the world of real estate – so much so, that few people actually stop to consider what it means. Sure you probably already know where the ritzy neighbourhoods in Burlington are, but this alone shouldn’t guide your decision. You have to consider the best location for YOU. This means carefully examining your budget to see what you can afford, considering the commuting time to and from your workplace and if you have or are planning to have children looking into what schools and daycares are in the area. It’s also a good idea to discuss location with your realtor as they may be aware of other factors that might affect the area’s future real estate value.
2. Own your search – Nobody knows your needs and preferences better than you do, so it’s important that you are involved in your home search. Spend some time viewing online listings to see what home styles you like. If there are must-haves on your list such as space for a home office or a backyard large enough for a vegetable garden, let your realtor know. Otherwise, you could end up wasting time viewing homes that don’t really fit the bill.
3. Research, research, research – Buying your first home involves a lot more than picking out the place with the perfect kitchen or pristine landscaping. You need to have a solid understanding of your own financial situation, how your mortgage will work, property taxes, lawyers’ fees etc. Fortunately, information on these and other subjects are readily available online from the Canada Mortgage and Housing Corporation (CMHC) as well as through the Canadian Real Estate Association (CREA). You can also find a lot of valuable information on the Woolcott website. And be sure to focus your research on local markets since trends can vary from one neighbourhood to the next.
4. Don’t let emotion rule the day – There is no doubt that you will experience many emotions as you go through the process of purchasing your first home. But don’t let those emotions lead you into hasty decisions. Never get so attached to a house that you are willing to buy it for any price. The Burlington real estate market is an active one and there is always another great listing just around the corner.
5. Work with a professional – even the most well-read and well-studied homebuyer can benefit from the assistance of a professional. At Woolcott, we have years of experience in Burlington helping first time homebuyers make that all important decision. Contact us today to learn how we can help you.