Things to Consider When Buying Your First Home

While everyone’s needs are unique when buying their first home, here is my top list of things to look for and consider:

1. Big-ticket items have recently been repaired or replaced.

It takes a few years to adjust to the financial burden of homeownership, so try to lessen future expenses by checking the windows, roof, furnace, and air conditioner. If there is a pool, consider the life of the liner and pool equipment as well.

2. Be mindful of condo fees.

These costs can substantially increase from year to year. Review your options and consider if you can make a small sacrifice now to avoid purchasing a home with condo fees.

3. Layout of the property to possibly create an in-law suite.

This can be beneficial by adding value to the home or creating an income helper as a new homeowner. I like bungalows for this reason.

4. Future needs.

Moving can be costly and is one of life’s greatest stressors, so it’s important to consider your future needs.

• Will you be having kids in the future?

• Might you need to take in an aging parent?

Sometimes, it’s best to spend a little more now if it helps you avoid moving again within five years or less. This also holds true when it comes to not making yourself mortgage poor—you don’t want to be forced to sell because you can’t afford to enjoy life. Review your numbers closely.

5. Bring someone with you who knows you well and whose opinion you value.

But be prepared to consider their perspective, even if it’s different from yours.

6. Have fun and be patient.

The right home will come along… When you know, you will know!