It can seem like there are so many things to think about when it comes to purchasing your first property. Part of this is because everybody wants to give advice to first-time buyers, whether it’s a well-meaning colleague or an older relative who’s been in your shoes, albeit thirty years ago. Some advice can be questionable, there’s no doubt about it. Other pieces of advice, however, will always stand the test of time. For example:
Don’t get emotional. Admittedly, this advice is easier in theory than in practice. After all, a home is a place to put down roots and to grow. Keeping your emotions out of the home search and negotiation processes, however, will make it easy in the long run. Falling in love with a home might mean you end up spending over budget, or on a home that doesn’t really meet your needs.
Explore opportunities other people won’t. Breaking into the real estate market for the first time can take a bit of a different strategy sometimes. But whether you’re a first-time purchaser or a savvy investor, one thing is certain: sometimes there’s value in opportunities that other buyers overlook. For example, listings without photos can draw less potential buyers, while homes in up-and-coming neighbourhoods can end up being hidden gems. The bottom line is, sometimes it pays to think outside the box.
Don’t let failure discourage you. It can be hard to keep up the house-hunting journey when you feel like you’re losing out in bidding wars, not finding what you want or see your friends and colleagues snapping up their dream homes with what seems like apparent ease. The right home for you, however, will be worth the wait and it’s not worth cutting corners or going into unreasonable debt for. Each scenario that doesn’t work out is an opportunity for you to learn more and figure out what you are (and aren’t) willing to compromise on.