Is buying your first home one of your top financial priorities and goals for the new year? Even though interests rates are scary, home prices are coming down. Deciding to enter into homeownership is an exciting process and a dream in progress for many Canadians. It’s also a great investment!
Despite all the positives, the prospect and process of becoming a homeowner for the first time can also be a little daunting. To help you avoid getting overwhelmed, here are a few important facts that should be on the radar of every first-time homebuyer.
It’s important to be really ready
One of the most important things for first-time homebuyers to consider is whether they are truly ready to own their first home. Not only are there quite a few additional costs involved in homeownership, it’s also important to consider the fact that buying a home is a long-term commitment, and homes require a fair amount of maintenance. Before taking the plunge, first-time homebuyers should carefully consider whether owning a home suits their current lifestyle and their future goals.
Other financial obligations and priorities should also be carefully considered. With the average Canadian now carrying a significant amount in non-mortgage debt, it may be a good idea for those who want to purchase a home to focus on getting their debt under control first, and then make a plan for buying a home.
Closing costs can add up
Closing costs are another factor that first-time home buyers should be aware of. Although, as a first-time buyer, you won’t typically pay your REALTOR® any fees, you will need to pay for things like land transfer taxes, lawyer’s fees, home inspections and title insurance. There’s also the cost of hiring movers (unless you can use the promise of pizza to convince your friends and family to help out!).
Help may be available
Even if you can’t use a pizza party to entice your friends and family to help you move, there may be other forms of help available for first-time homebuyers. The Government of Canada, for example, allows first-time home buyers to use money from their RRSP as a down payment towards their first home. Known as the Home Buyers Program (HBP), you can get all the details and see if you qualify by visiting this website.
Our area can’t be beat!
One more thing that all first-time home buyers should know – particularly if you haven’t yet settled on a location for your first property – is that our area can’t be beat! From awesome seasonal activities to beautiful scenic views, calling Collingwood, Wasaga Beach, Blue Mountains, Clearview, Meaford or the Southern Georgian Bay area home offers a ton of amazing features and benefits that could convince you to relocate here if you don’t already call this area home.
Still a bit unsure when it comes to buying your first home? Our experienced and enthusiastic REALTORS® can help make the process of finding the perfect first home for you a lot easier. Connect with Clairwood Real Estate today at 705-445-7085 – we’re excited to be part of your first-time homebuyer journey.