4 Tips for First-Time Home Buyers

Published on 28 November 2016 in Blog Ottawa Ottawa Real Estate Ottawa Real Estate Market Report by Jenn Chamberlain

Last updated on May 10th, 2024 at 01:48 pm

As the real estate laws change and mortgage approval is more difficult to obtain, first-time home buyers may become discouraged because they can’t afford their dream home. Dreams of granite countertops, walk-in closets, and spa-like bathrooms may need to be put to rest, at least temporarily, as affordability becomes a problem. For the first-time home buyers who want to get themselves established as homeowners, the housing market may look different then they might have hoped, but that doesn’t mean that all hope is lost. Here are some tips for those who are considering buying their first home in the near future.

Location Flexibility

Since location is a huge part of your homeownership it is something that few tend to want to waver on. But there is always room to maneuver, even ever so slightly. Take different neighbourhoods in Ottawa for example. You will pay a premium in taxes to live in Westboro because it is a highly desired community. However if you travel slightly to the south towards the Carlington area, you are still close to Westboro but do not have all of the price tags associated with living directly in Westboro. If you are willing to move a few minutes commute away from your desired neighborhood, you may be able to save a bit of money. You are more likely to find a “starter home” like a cute bungalow in just around the corner from your dream neighbourhood.

Luxury flexibility

When you are house hunting, don’t get hung up on the type of flooring or the fixtures in the kitchen. When you are buying your first house you may need to close your eyes to some aesthetic problems in order to see the full potential of a house. It’s cheaper to buy a house and fix it up over time then to buy a house that is already done with high-end furnishings. Yes there will be a certain amount of work involved on your end, but to save a significant portion off the purchase price of your dream home it could very well be worth it. Plus, you will be able to make changes at your own pace which is a little easier on the budget.

Patience

Maintaining patience while house hunting might be a difficult thing to keep in check. If you get discouraged because you are yet to find a house that you want to call home, don’t settle for something that you don’t feel is quite right for you. There is a difference between buying a fixer-upper and buying a house that you don’t feel you could ever call home. Wait for the perfect house to cross your path.

Work with Professionals

Having an experienced real estate agent on your side is the first step to finding your perfect home. With knowledge of Ottawa and plenty of real estate experience, Results Realty can lead you to your perfect home with ease. Follow these tips for first-time home buyers, and you can find that diamond in the rough and begin your new life as a proud homeowner.