5 Mistakes Made By First TIme Buyers | Our Real Estate Blog
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5 Mistakes Made By First TIme Buyers

Buying your first home in Brockville can be a very exciting and amazing time... it can also be scary.  If you know the common mistakes of first time home buyers you will ensure you don't make the same ones.  When you're Buying Real Estate in Brockville you need as much information as you can get. 

1) Spending Too Much

It’s so important to be realistic about what you can afford and with what you want. You should always take into account all the costs involved in owning a home in Brockville and the surrounding area. Houses come with plenty of bills like heating and property taxes, future renovations, lawn maintenance, gardens... and occasional unforeseen costs like appliances that break down or trees that need to be trimmed or even cut down.  

Take a close look at your finances. Be aware of your current fixed costs and always leave some breathing room. Ask other homeowners that you know what they spend in a year on their bills so there aren’t any surprises. Canada Mortgage and Housing Corporation has plenty of useful online budget calculators to help. As a general rule your monthly housing costs (mortgage, property tax and heating expenses) should be no more than 32% of your gross monthly income. Once you have a budget in place.... Start looking at all the Properties for Sale in Brockville and happy house hunting. 

2) Spending Too Little

Sounds a bit funny doesn't it... You can spend too little on a home and here's how.  If you spend too little on a home that you’ll outgrow quickly, you’ll incur the expense of moving, which can involve new lawyers fees, real estate fees, moving costs... it can get expensive if you spend too little on your first home.

Think ahead a little bit. Are you planning on starting a family soon? Will you outgrow the house? Perhaps stretching your money a little bit to stay in a house for longer is a more sound financial decision.

3) Buying With Your Heart

Sure the house is gorgeous, fully renovated and painted your favourite shade of cream and has an ensuite bathroom for every bedroom. But it’s on a busy road and you have three young kids and two cats who like to run outside, or maybe you see all the pretty finishing and not the electrical or the furnace or the windows or roof.  Be smart! Visit the house at least twice, you’d be surprised at how your opinion can change on a second and third visit, and think critically. Go through every aspect of the house, every room, every floor, its location and neighbourhood and really try to picture yourselves living in the house for years down the road.

4) Missing Hidden Closing Costs

The final sale price of the house isn’t the only cost of buying a home. There are many "closing costs" that should be taken into account when you close the home you've just purchased. Lawyer fees, Land transfer taxes, Mortgage registrations, Title searches, Title insurance....  and moving costs can all add up.  A good rule of thumb to keep in mind, closing costs can be anywhere from 1.5 to 2% of the final sale price, try and keep this amount in your budget before you start looking at Homes for Sale in Brockville.

5) Not Doing Your Research

Buying a home without doing your research can be a big mistake. Pay attention to your realtor, he or she will assist you in making all the right and appropriate decisions.  Don't allow yourself to feel pressured into making a quick buy, moving into a house that hasn’t been thoroughly thought through can be a big, expensive, regretful mistake. Do your research! And do it first-hand. No realtor or family member can know exactly what you want more than you. Spend a day walking the neighbourhood, learn about your neighbours, research the local school and visit the parks. As for the house itself, get an inspection report. These can uncover unseen things like termites and flooding, two expensive undertakings.  Buying a home is exciting and daunting. But doing your due diligence can make the process a little easier, and get you into your dream home with (little) stress.

Remember, if you're looking for understandable and professional advice, contact anyone of our staff members at anytime. 

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