First Time Buy

Buying your first new condo or house can be simultaneously exciting and terrifying. It's the last major step toward being the "settled" grown-up our parents all want us to become. It's a place of your own, a home that's all yours. At the same time, it's also a major financial undertaking that involves markets, lawyers, inspections, banks, loans and a private mortgage.

Many first time home buyers find taking out a mortgage to be one of the most stressful aspects of buying their home or condo. This does not need to be the case as there are professionals with expertise in the mortgage lending business who can help. Depending on the property you are looking at and in what capacity there are personal mortgage specialists as well as commercial mortgage lenders so that along with their help will leave you more confident that you have made the right choice.

If this is your first time buying a retail space for your business or company you will want to enlist the help of an agent familiar with local office space for lease and he or she will know the areas that will suit your needs and find a space within your budget if it exists.

It's important, when looking for that first home, to maintain a balanced attitude between these two extremes or your last major step into the adult world could be your first step into major trouble. To help you stay grounded, it helps to follow these few simple rules:

Many in the market for their first condominium purchase are relocating to Toronto The condo lifestyle appeals to many professionals, young couples and new families. The lure of city life with all the hustle and bustle and proximity to the amenities is intriguing to many. With the high price tag on real estate, a condo or loft listing is the most affordable option for first time buyers taking on mortgages.

Hire a realtor. No matter how savvy you think you are or how much money you think you can save by going it alone, hiring a realtor is worth it. Realtors have access to thousands of listings you may not find searching the internet and the local newspapers on your own. They know what to look for in a house and what to avoid, whether a price is reasonable or not, how to get homes inspected, and how to interpret the results of those inspections. Realtors are well versed in making offers, negotiating, closing sales, and all the accompanying municipal, provincial, and federal rules, regulations, and paperwork accompanying the transfer of ownership of a dwelling. So as much as you'd like to prove to everyone that you don't need any help, realtors really do save you time and even expense, especially if you do it wrong on your own and end up paying a fine.

Buy Within Your Budget. This cannot be stressed enough. The trend, especially among today's young first-home buyers, is to expect everything their parents and older relatives have. The reality is that when you're just starting out you must start at the bottom. Your parents and relatives only have what they have because they have been working hard and trading up slowly since they were your age. While it is possible for you to buy a first home comparable to what your parents have, unless you've recently won the lottery such a move would require extreme borrowing. It is important to remember that loans are not free money. They must be paid back, with interest. Therefore the debt you incur buying outside your means will only accumulate as you struggle to heat, decorate and maintain your overlarge home, affecting your life and means forever. It is especially important to stay within your budget if you are buying a home that will need repairs or redecorating. You will want to leave funds for interior decorating and new furniture. There are many new trends and designs that are very popular with today's homeowners. One very popular trend is using vinyl words on walls to express your creativity.

Buy the Home You Need, Not the Home You Think You Should Have. While somewhat a continuation of rule #2, this rule also means that you should not buy a home because it would impress your friends, make your co-workers jealous, or meet your parents' expectations for you. It also does not mean that even though you think you deserve a mansion with all the trimmings because you are awesome, it doesn't necessarily follow that you ought to buy one. Your home should be within a reasonable commuting distance from your workplace, have features you like and will use, be located in a neighbourhood you feel comfortable in, and most importantly, be affordable.