First-Time Homebuyer Tips: From a Student’s Perspective

By Fernanda Cordeiro, A Grade 11 Co-op Student

Though I haven’t been at New Purveyors for a very long time, I’ve learned a lot. Firstly, people who work in Real Estate are really funny, and second, buying a home isn’t as simple as it seems at all. There are lots of things you need to do before purchasing your first home.

Know Your Budget

Knowing your budget is extremely important when buying a home. Before even looking for houses, you should decide how much you can afford to spend on a house, while still keeping yourself financially stable. It is also good to keep some savings, so in the case of an emergency, you’re well prepared.

Needs Over Wants

At some point while you’re looking for a house, you’re gonna come across the house of your dreams. Then, in the next few moments, your eyes are going to wander towards the price. And in most circumstances, it will be out of your price range. Everyone has a dream home, but sometimes we have to compromise. In this situation, I’ve learned that making a list of what you need, not what you want, is very useful. Some examples of this might be being close to work, having two bedrooms and two bathrooms, etc. It’s hard to put your needs over your wants, but it is always necessary.

Location

Location is arguably the most important factor to consider when picking your home. This is the time to take out your lists of needs. Maybe you need it close to work, school, or maybe even your child's daycare! One of the biggest things I could recommend is to research the neighbourhood you’re looking at. You don’t want to move anywhere with a rising crime rate because not only will it put you in danger, it will also lower the value of your home. It is also a good idea to check out the places you go to regularly. This is especially important if you don’t have a car, since travel time can really affect your daily life. So, in my opinion, location is the most important factor when purchasing a house, and it’s definitely something worth looking at before making your final decision.

Find a Good Agent

One thing I’ve really noticed is how much work really goes on behind the scenes. A good agent, like the ones at New Purveyors, will help guide you through the difficult process. It really helps to have someone experienced on your side, especially when unexpected problems come up or you’re unsure of what to do next. A good agent also makes the whole experience a lot less stressful. They take the time to listen to what you need and explain things in a way that's easy to understand. Having someone by your side helps you feel less overwhelmed, and can help you feel more confident overall.The agents here work really hard to make sure everything runs smoothly. Most of the time, their effort goes unnoticed. So, don’t forget to thank them whenever you get the chance!

Home Inspection

Even if your house looks perfect, it’s still important to get it inspected. I know someone who purchased a laundromat without getting it inspected, and within a week, she had to pay for so many repairs that it was crazy expensive. A quick inspection could’ve saved her a lot of stress and money. It is always worth it to hire a home inspector before you buy; they catch hidden problems that you might never notice on your own. Spending a bit of money up front could save you thousands in the future.

So, even though I’ve just begun learning about real estate, I’ve realized that it’s so much more complicated than it seems. Buying a home can be very stressful, but with the right help and preparation, it doesn’t have to be half as hard. If you take the time to focus on important things like budget prep, basic needs, location, finding a good agent, and getting a home inspection, the process becomes easier. In the end, it’s all worth it because you’re buying your future home, not just a house.