Essential Tips for First-Time Homebuyers
Property Virgins host Sandra Rinomato shares her expertise on the homebuying process.
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- Don't forget to set aside money for closing costs when budgeting out what you can afford. It's typically 1-1/2 to 2 percent of the purchase price. That goes toward the land transfer tax and pays a lawyer.
- For resale, curb appeal goes a long way. But make sure you don't over improve for the area. Some houses have a cap on them, which means it is only gonna be worth a certain amount no matter what the homeowners do to make improvements.
- Brand-new condos tend to be smaller, sometimes no larger than one bedroom, while older units typically have more square footage.
- When figuring out the price of a property, sometimes it makes more sense to look at the price of a house in terms of monthly payments instead of focusing on that big number.
- Real estate never sleeps. If you're trying to buy a hot property, you have to move quickly, or you could possibly lose it.
- Sometimes people think that by starting really low they'll end up with a better price on a house, but actually it usually works the opposite way.
- You don't necessarily want to buy in a building that has a high percentage of tenants because they don't take care of the property the way they would if they owned.
- If you're going to live in a city, you often have to sacrifice space.
- Before you start renovating a condo, live there for a year to make sure you're doing the right thing.
- Properties in good shape are rare, and they don't stay on the market for long.
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