Here at Team Hamre from RE/MAX metro city in Ottawa, we work with a lot different Buyer styles. A question many of them have is, what are the biggest mistakes ‘rookie’ home buyers make when buying their first home?
Here are the 3 big categories to review when planning for your next home:
- Be more thorough when budgeting. Accounting for all of the costs of home ownership is important. Team HAMRE member Peter Bastedo says “There are quite a few unexpected costs many home buyers don’t take into account when budgeting for a house, a good example would be furnishing your new home. Many people are moving to bigger homes from a rental apartment or a basement unit and are not used to having the extra square footage to furnish.”
- Make a bigger down payment. Putting as much money onto the principal amount can save you buckets of money in the long run. Not only in the Principle and Interest costs, but the insurance costs as well if you are borrowing with less than 20% down.
- Buy a home sooner. Buying a home can be a daunting task. But taking the jump from paying a mortgage rather than paying rent is a good feeling and one that will set you up in the years to come. Peter also states “having the right team behind you is paramount when deciding when to buy.`` Assembling the right team of; mortgage agent, home inspector, lawyer and other contractors is something we do not take lightly. They are all important players in the home buying process and with the confidence of the right people behind you, you can be sure that you are making the right decision.
For more tips on Buying a Home or Condo, visit our web site at http://www.WeKnowOttawa.com