Today I decided to blog about something that I am very passionate about…..FIRST TIME buyers!
Why? Because a majority of my clients are first time buyers, so I get to work with them a lot! There is one pattern I have noticed amongst first time home buyers…… It is that they want the world, but don’t want to pay for it.
Don’t get me wrong, I was the exact same way when purchasing my first piece of property. Then, when I started looking around at what I could afford, I was given a reality check.
One thing that I usually have to explain to first time buyers (which is sometimes hard for them to swallow,) is that they may need to give up a few items on their dream wishlist in order to get into their first home. Ideally we would all have large walk in closets, homes with renovated kitchens, large yards, garages and something that we wouldn’t have to put any money into….all for under $150,000. Unfortunately, this is not the reality. The average home in the city of Regina is $311,000 & most of these homes need some sort of work put into them to make them your own humble abode!
TOP TIPS FOR FIRST TIME BUYERS:
1) Go get pre-approved. There is no use looking at homes before you know what you can be approved for. If you don’t get preapproved you will likely fall in love with a house, and later realize you don’t have the funds to purchase it. (Big upset!)
2) Start thinking realistically for what you need. Ex: House or Condo? Do you require a large yard for the dogs? Or on the flip side if you despise yard work, then a condo may be suitable for you!
3) Figure out what area works best for you. Location is everything. It is important to realize that every area has a pricetag.
This is determined by many factors (ex: work, school, recreation facilities, drive time, accessibility, amenities). These are major factors that everyone needs to consider when purchasing their first home.
4) Decide what you are willing to give up .(Garage, Yard, Square footage)
No-one likes to sacrifice, but sometimes it is necessary in order to fit into your budget.
5) Don’t try and time the market .This is the biggest piece of advice I can give to anyone who is looking to invest in real estate. What I have been hearing a lot lately is “ Ill wait until the market goes down”. Well I bet we all wish we would have purchased houses in 2008 when most were saying the exact same thing. My best piece of advice is to get into something you can afford off the bat and you wont need to time the market.
Follow these tips and purchasing your first home will be a breeze.If you are interested in buying or selling property, please contact me!
Century21 Dome Realty Inc
4535 Rochdale Blvd.