First Time Buyer Tips!
First Time Buyersare in the drivers seat! There driving the market right now! There are some things you want to consider when making your first purchase. After all your first purchase is a stepping stone, and you don’t want to put all your eggs in one basket!
Tip 1- Firstly Real Estate does not sleep, if you looking in a hot market be prepared to move very quickly otherwise you could loose the opportunity
Tip 2- If you looking to purchase a condo, look for a building that has a high percentage of owner occupied units, The less Tenants the better. The reality is Tenants don’t own the property there staying in, therefore they don’t always take care of it, Which could potentially hurt you when it comes to resale.
Tip 3- New condos these days tend to be alot smaller, the older buildings have more spacious units. However the older the building the higher the monthly condo fees can be. So keep that in mind for your carrying costs.
Tip 4- As a First Time Buyer there are some advantages when it comes to your closing costs, some fees your are exempt from. However to be on the safe side, set aside at least 1.5% -2% of the purchase price this will make sure you have enough funds to close, having more is better then not having enough!
Tip 5- If you looking to live in the City be prepared to sacrifice space! Condos downtown can be very compact! But with a little bit of creativity you can create an amazing living space!
Tip 6- It’s a good idea to have your financing in place before you start looking because houses and condos are bought and sold overnight. You could lose your dream property waiting to secure the financing.
Tip 7- When trying to decide on a neighbourhood to live in, spend a couple days or evening in the area. Get a feel of the surroundings. Check out the stores and popular hang outs, can you see yourself living there?
Tip- 8- Team up with a Real Estate Professional, they are the ones who will guide you through the whole process. Buying a home for the first time is not supposed to be stressful, have a professional on your side will help make it a stress free joyful experience.. and you will learn alot too!
