Tips for first-time buyers
With Canadians entering the housing market in greater numbers than ever before, it wouldn’t be surprising to find that many suffer buyers’ regrets.
The decision to purchase a home takes careful consideration and a fair amount of research. However, despite the knowledge that a mortgage is the largest debt for most people, there are several who find they did not research it as thoroughly as they should have. The Financial Post reports that 60% of those polled in a recent survey stated their two main financial regrets were not saving a large enough down payment and not sufficiently researching the costs of home ownership.
While the majority of first-time buyers are familiar with home prices, the additional costs are surprising to many. In the same survey, 29% of respondents didn't budget for ongoing costs such as home maintenance fees.1 in 8 admitted to neglecting to budget for some of the one-time costs that go hand-in-hand with a home purchase, including legal fees, land transfer tax, title insurance or the cost of a home inspection.
While low mortgage rates are making home ownership more affordable, prospective buyers still need to be prepared for the responsibility that comes along with it. First-time buyers, and seasoned buyers alike, have access to a wealth of information and advice from Mortgage Brokers, Real Estate Agents, and even friends or family who have gone through the process.