The past 3 weeks have been quite hectic for me. I am currently finishing up the sale of my house and I am also buying my next house (this is the third change already). While we were coordinating the 2 transactions, I remembered that all this seemed to be quite complex when I bought my first house. I remembered all the “little mistakes” we had made and what we learned from them. I’ve gathered a few first time home buyer tips to help you make the right purchase the very first time (I put my first house back on the market only 6 months after buying it!).

First Time Home Buyer Tips List:

#1 Know what you are looking for in a first home

Write down a list of what you really want, what is nice to have and what you don’t really mind having in your first home. This is how you will be able to set priorities and buy the right house to suit your needs. Think about the number of rooms, the neighbourhood, equipment such as a garage or a pool, etc.

#2 Know the amount of mortgage you can afford for your first home

Go see your banker and get a pre-approved mortgage. Then, go back home and see if the mortgage payment fits your budget. Pre-approved mortgage amounts are usually pretty aggressive and don’t leave you with much budget space. Be careful.

#3 Consider extra expenses incurred by your first home

If you are a first time home buyer, this also means that you will become a first time lawnmower buyer . There are several tools and equipment required to take care of your property. These costs add up quickly.

#4 Look at the market on the internet

By shopping around on many housing websites, you will be in a better position to know what you are looking for as your first home and the right price to pay for it.

#5 Compare properties with facts, not with emotions

While comparing properties on the internet, forget about your emotions and compare them with stats such as the lot size, the living space of the house, equipment and extras included, etc.

#6 Forget about the furniture and decor, you are only buying the house

This is a major mistake experienced by several first time home buyers. Forget about the nice leather couch or the amazing vase in the hall, they are not yours! Concentrate on the size of the rooms and their orientation. This is what you are buying!

#7 Think long term for your first house

Another great first time home buyer tip would be to consider your future projects when buying your property. For example, if you planning for a family eventually, you are better off buying a property near a school and with enough bedrooms on the same floor.

#8 Don’t worry about “losing the house”, negotiate!

We become suckers when it comes to negotiating the “house of our dreams”. A piece of simple advice; the seller is just as afraid to lose his buyer as you are to lose the house! Don’t be afraid to negotiate, worst comes to worst, you will end-up with a “no” but you will still be able to buy the property.

#9 Consider resale potential upfront

When you buy a property, think about how hard or how easy it will be to resell it one day later for the same price. You may like it, it doesn’t mean that you will have to live in it for the rest of your life!

#10 Have your house inspected

I am not a big fan of house inspectors in the sense that you probably won’t find any major problems. However, the inspector will be able to tell you more about the property and how to maintain it to a higher level of standard.

#11 Consider other indirect costs before buying your first home

Lawyer, moving expenses, buying new furniture, equipment, painting, etc. All these things, and perhaps more, will cost you more  once you set foot in your house!

#12 Consider what can be improved and what can’t

There are tons of things that can be changed and improved in a house. Some others, can’t be changed. If you have a factory in your backyard or your neighbour is an industrial park, good luck with this one! However, you can move walls around to make a room bigger.

#13 Don’t buy your first house thinking you can renovate it all

While you must consider what can be improved in your house, let’s be realistic; you don’t have an unlimited budget and many expenses are just waiting for the minute when you put the key in your front door.

#14 Don’t buy all new stuff when you move

It is very tempting to “start a whole new life” when you buy your first house. However, consider this tip with great caution since buying everything new will surely make your new house awesome, but your credit card bill will be awesomely high as well

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