Are You A First Time Homebuyer: 6 Smart Home Purchase Tips

Here is an interesting fact for you:  Research shows that 2 out of every three Canadians are homeowners–now that is amazing isn’t it?  How’d they do it and how’d Canada become the leader for having more families who are actual homeowners? Do Canadians have different priorities? Not really, they just invest in different ways!

First Time homebuyers

Making that amazing leap from a renter to a home buyer can be a wildly fantastic time for a Canadian family!  There are so many things that need to be carried out–the process can feel a bit overwhelming at times, but there is nothing like finally having the say so over how you decorate your home, what your backyard looks like, and how many pets you can have!  When you make a home purchase it is normally for a lifetime, so relying on some smart home purchase tips can improve upon a first time homebuyers outcome!

From getting to know the neighborhood to understanding and preparing for closing costs; there really are some heavy practical concerns first time homebuyers can sometimes feel like they’re drowning in. Shopping for your first home is an exciting experience–at least it should be; however, again, for many first time homebuyers across Canada  this can be extremely intimidating.  If you don’t know the facts concerning purchasing a home then you’ll most certainly be in the dark.  There are so many areas of research first time homebuyers need to look into; specifically before they dive headfirst into some murky mortgage agreement they might not fully understand.

There is such a thing as: First Time Homebuyer Shock–which happens when you’re hit with the unexpected.  A family should be ready to negotiate for what they want if their first time buying experience is going to meet expectations.  In fact, negotiating and collaborating are critical to ensuring a pleasurable home shopping and buying experience for Canadians all across the region! Let’s get started with the following smart purchase tips to ensure Canadian families start off aimed in the right direction for the best outcome possible.

The 7 Smartest Home Purchase Tips Every Canadian Should Know

home improvement image

The first tip we want to share with Canadians across British Columbia concerning home buying is this: Pay off your debt first!  The fact is, you’re going to be in debt purchasing a home so you don’t want a large amount of bills eating away at your income at this time.  Paying the practical things off first means having more money available to focus where it counts the most.  You’ll definitely alleviate stress and anxiety, which always arises from crushing debt.

Tip 2:  Make certain you’re getting the proper property insurance

You want to be covered for everything from theft and property damage, to liability claims, and natural disasters like flooding, hail, fire and even high winds or tornados.  Also, make certain that the insurance you choose offers coverage for your personal belongings within your home as well.  Anything could happen!  From leaky pipes to a water heater going bad in the basement–the right coverage ensures you that you’re investment is in good hands and you won’t end up like a bad joke!  You might even want to consider an umbrella policy for added security and protection.

Tip 3:  Keep all of your receipts for home improvement costs to receive a reimbursement or other substantial savings

It’s important to store receipts for home improvement items.  The receipt will protect you in case a purchase turns out wrong, or is flawed in some way.  These receipts also increase the value of your home because they are your proof for your investments.  Say you have your roof rebuilt and then decide you’ll want to sell your home.  What was once a $250,000 home can turn into a $300,000 home.  This will dramatically increase your own ROI just by adding energy efficiency and curb appeal.

Tip 4:  Watch your spending on home improvements and interior decorating:  They can mount up to sizable debt fast

Costs can add up fast, there is no doubt about it.  Plan a budget for any home improvements and/or decorating and understand the difference between the two of these.  Installing a sidewalk is going to be a better initial investment than planting an Apple tree.  While both are great for value, you have to decide what is going to give you a better ROI initially, then go from there.

Tip 5:  Make certain you have a trustworthy inspector on your first time home before proceeding

Once it comes down to a home inspection and walkthrough, make certain you have a home inspector you feel comfortable with and who you have no doubt–is honest.  From ensuring there are no fire hazards in the home, to checking stability of the foundation of the dwelling; you need to be prepared for what might happen.  Most walkthroughs end on a positive note, but just understanding how it all works is important!  You don’t want to find out you’ve ended up with a bad investment when it’s too late!

first-time-home-buyers-alberta-canada