Buying a home for the first time

First Time Home Buying

For most of us, buying our first home is an exciting experience, full of anticipation and opportunity.  Not only can residential real estatte be a good investment, but homeownership also provides a necessary refuge in an ever-changing world.  Whatever your reasons for buying, be sure to go about it the right way or it can become a time-consuming and frustrating event.  Enlist the services of a REALTOR who specializes in the type of property you would like to buy.

Before your first meeting, here are some suggestions to bring your first home into focus:

Plan Ahead:

Make up a "buying blueprint" based on  your needs and wants.  Establish your basic requirements first - for example, three bedrooms or a formal dining room - and then rate your needs in priority order according to their importance.  Don’t forget to list your wants - the things you would like to have if you can afford them they are available.

Decide Where YOU want to Live   

Consider your "total" life in helping to pinpoint the lcoation or your residence.  Where do you work?  Would you mind a long commute?  Do you prefer life in the city or does the unhurried pace of a small town or rural acreage appeal to you?  How do you spend your leisure time?  Consider all the possibilities and be prepared to tell yoru REALTOR where you don’t want to live as well as where you do!

Consider YOUR Options  

Survey the housing alternatives available in the market place and choose the one that best suits your current and anticipated lifestyle.

NEW HOMES come with warranties and are built to contemporary standards.  But don’t expect full-grown trees and the character that comes with the years.  RESALE HOMES are more likely to have established lawns and gardens, but repairs may be needed and the decorating may not be to your taste.  TOWNHOUSES and CONDOMINIUMS often mean sharing a common wall, hallways, landscaping and parking areas with our neighbours.  If you opt for  a condominium, you will have to become a voting memeber of the condominium corpoartiaon and pay a monthy fee to maintain common areas.  RURAL and SMALL TOWN PROPERTIES are less expensive than properties in the city, but commuting expenses are higher and community services may be limited.

Complement YOUR Lifestyle   

Proximity to schools is very important for families with young children.  You may wish to consider the amount of traffic on the street and the availability of special programs (such as Special Education or French Immersion).  Access to shopping, recreation facilities or public transportation could be features that help you to choose one neighbourhood over another.

Taste and Personal Preference 

The style of home you choose, whether modern or Victorian, will reflect your personal taste, but don’t let it blind you to the home’s other attractive points.

Look to the Future 

A number of factors may have an impact on what your property will be worth in the future.  Plans for construction of a highway nearby or zoning bylaws that may limit addtions or renovations could affect the value of your home.  A local REALTOR can discuss these issues with you.

Above all, be informed and don’t be afraid to ask questions.  REALTORS have broad and current knowledge of most areas affecting your purchase and can make recommendations that save you time and effort as you look for the home of your dreams!