5 Mistakes of First Time Buyers

[Janos Sztojka]

5 Mistakes of First Time Buyers

Buying your first home can be exciting and amazing, and scary. But knowing the common
mistakes of first-time buyers will ensure you don’t make the same ones, and can help make
the transition to "New Home Owner!" that much smoother.

1) Spending Too Much

It’s important to be realistic about what you can afford. The final sale price isn’t the
only cost to take into account when owning a home. Houses come with plenty of bills like
heating and property taxes, future renovations and occasional unforeseen costs like burst
pipes or city trees needing to be trimmed.

2) Spending Too Little

Yes, this can also be a mistake! If you spend too little on a home that you’ll outgrow
quickly, you’ll incur the expense of moving (which can be quite pricey) perhaps before you
need to.

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.

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 deciding what price range you can
afford. Your realtor’s commissions, lawyer fees, transfer taxes and moving costs can all
add up.

5) Not Doing Your Research

Blindly buying a home can be a big mistake. Whether you’re paying too much attention to
your realtor and family “who just LOVE the place!” or are feeling the pressure to make a
quick buy, moving into a house that hasn’t been thoroughly vetted can be a big, expensive,
regretful mistake.