First-Time Home Buyers: On Your Mark, Get Set, and... Answer These 4 Questions

So, you're a first-time home buyer and you're scared, confused, a little lost and not sure who to ask for help. Well, rest assured, you're not alone. Buying your first house is a big decision; in fact, it's probably one of the biggest decisions you'll make in your life - which is why many first-time home buyers hesitate to take that first step into home ownership. And often, some never take that step.

But if you are serious about buying your first home - where do you start? Here are 4 key questions to ask yourself before you go out there and start looking at homes:

1. How much can I afford? If you are serious about buying a home, this is probably one of the first question that came to mind, and if you haven't put any thought to this question yet, you should. I find many first-time buyers I have dealt with have no idea how much a bank will approve them for and are actually surprised at how much they are able to afford.

2. How much do I want to pay each month? Isn't this the same question As #1? Sort of, but not really. Some of us want to buy a home while changing very little about their current lifestyle and wish to keep their current home costs (rent, utilities, etc..) the same, while others are willing to sacrifice a little and increase their monthly home costs to get the home they want. While you may be approved for $300,000, which calculates to roughly $1250/month, you may only want to spend $1000/month on housing. This answer will be different for everyone, but you need to figure out what monthly cost fits comfortably into your lifestyle.

3. Where do I want to live? This is usually the first question most first-time home buyers ask themselves, and again, this answer will be different for everyone. Some of us want to live close to where we work, or perhaps close to our parents (I said 'perhaps') or maybe we want to live in a neighbourhood catered to a social nightlife. We all have different reasons to wanting to live in different neighbourhoods, so start prioritizing what's most important to you - green space, close to work, on-site amenities, close to store and restaurants, etc... And that should help you narrow it down to a few neighbourhoods of interest.

4. What type of home do I want to live in? Homes have changed a lot in the last 20 years, there are now more style of homes than ever - terrace townhomes, semi-detached homes, high-rise and low-rise condos, etc... And each comes with their own set of advantages and disadvantages. For example, living in a high-rise condo is great, since they are usually located in the downtown core and on-site amenities are often included, but you won’t have easy access to a backyard. Having already answered the other 3 questions from above, the type of home you’re looking for will already have started to reveal itself as your desired neighbourhoods and budget will have a huge impact on the style of home you buy.

Buying your first home can be a great or stressful experience; it completely depends on how you get started and who you choose to use to help you. So make sure to do a little bit of homework before you start your search, or make it easier on yourself and ask a Bennett Real Estate Professional buyer's agent for help.

For more details and information on buying your first home, please feel free to contact me. Thanks for reading.

Taylor Bennett
Sales Representative
Bennett Pros
www.bennettpros.com
taylor@bennettpros.com