1. The best advice is to get advice. Ask family members what they would do differently if they were buying their first home again. And consider the needs your first home will serve. How long do you plan to stay in the residence? If only for a short time, then a two-bedroom condo might do for now. If you’re looking for a long-term dwelling, then consider what you’ll need in the future—like a home office, or a nursery. If you don’t think ahead, you may regret your purchase if you can’t afford to trade up.
2. Be realistic. Being honest with yourselves about what you can afford will help you find the right property for the right price. Granite countertops, Kohler faucets and bamboo flooring may be at the top of your list, but they don’t come cheap. And sometimes the perceived value is higher than the actual cost of the materials. These are items that you can aspire to own on your own terms in your own budget when the time is right.
3. Invest in the neighbourhood. Why is Location, Location, Location the mantra of buying real estate? Because re-sale value is a high priority for many buyers. Strategically selecting your first home can put you ahead of the game if you purchase right the first time. Buying in an established neighborhood is always a plus, but choosing an upwardly mobile area can reap equal rewards. If you see developers and shops moving to an up-and-coming area, consider investing in a home there.
4. Find the right pro. An excellent real estate agent will make your buying experience much easier. Although agents who slash their commission costs may seem appealing, investigate why they’re willing to go so low. In most cases, their cost cutting means limited services or little experience. An agent who is aware of his or her worth won’t be so eager to cut their commission because they know that finding the right property takes time and good negotiating techniques.
5. Flex your financial muscle. The most important step in buying your first home is knowing just how much house you can afford. Consider getting pre-approved for a mortgage from your bank; this will tell you exactly what your limits are, and how high you can risk paying for the right property. You can also work out your payments ahead of time and crunch any budget numbers that may need adjusting.
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