Purchasing a home is an emotional decision and an intense process for many buyers. First-time buyers, in particular, sometimes lose sight of the most critical things as they sort through properties and weigh out their options. It’s extremely important to work with a REALTOR who understands your objectives and can help you make the right choices so you end up with a home that you are happy with for years to come. Here are four of the biggest regrets that many first-time buyers experience:
Waiting too long to get into the market - Although most people have noticed the consistently upward trend in the GTA real estate market, there are still a few cautious buyers who have hung back, waiting for a slow down or price correction. Unfortunately, for first-time buyers, that just hasn’t happened. Waiting to buy a home might be advisable if you are working on building a large down payment, but keep in mind that prices continue to climb 7-8% per year according to TREB.
Not budgeting for maintenance and repair costs - A TD First Time Buyers Report revealed that nearly 30% of first-time home owners wished they remembered to set some money aside for unexpected expenses. Many home owners prioritize cosmetic upgrades first because the investment has the biggest visual impact. Having a new kitchen is great, but if the furnace goes, you need to be prepared to pay for an immediate replacement.
Buying a home too far from work - Living outside the city might get you a larger home for less money, but is it worth the additional travel time and transportation costs? Sometimes, first-time buyers pay too much attention to the actual home itself, and forget to consider how the location will affect their lifestyle on a daily basis.
Not buying the right home - Buying a home is an essential step into the next phase of your life. Price always plays an important factor in the decision-making, but buying a less expensive home isn’t always the best financial decision. In most cases, you will be better off purchasing a home that will suit your needs for a longer period of time, as opposed to an entry level home that you will grow out of in 2-3 years. Consider your short- and long-term goals when you start your search for the perfect home.