First Time Home Buyer? A Few Things You Need to Know - Part 1

First Time Home Buyer? A Few Things You Need to Know - Part 1

If you are a first-time home buyer you may find yourself in an unknown territory. From my experience working with first-time buyers and being in that situation myself at one time, being indecisive is a common trait. It takes time to decide between a condo apartment and townhouse, if there is a short fall in down payment what alternatives are available to make up the required down payment. Having knowledge of incentives and rebates that are available to first time buyers is a big benefit and can be the deciding factors in the type of home you buy. 

 

A freehold house is best for someone who:

  • is comfortable with handiwork and maintenance
  • is able to afford upkeep and any emergency repairs
  • wants privacy
  • wants control over design

A condo apartment is best for those who:

  • don’t want the responsibility of maintenance and repairs
  • wants access to amenities such as a gym and kids play area
  • wants a living space that will be move-in ready, without the need for upgrades
  • doesn’t mind living in a large community

Advantages of Living in a Condo Suite

  1. Less repairs and maintenance
  2. Most of the building amenities are available almost round the clock
  3. 24 hour security, giving peace of mind

Advantages of Living in a House

  1. Having some land- You can do much more in your backyard like build a deck, do some gardening and host backyard parties
  2. More Freedom- A house affords owners a lot of freedom and independence when it comes to implementing their own ideas about design and style. 
  3. Room to Grow- As your family grows; you can also grow your house. If it is a detached house, you can add an extra room. You can’t do that with a condo apartment.

In the next part, we will look at some of the government rebates and incentives that are available for first time home buyers.

If you are looking to buy your first home, I will be happy to help you. Call me at 647-834-9928 or send me an email to sukhinvasara@gmail.com

Popular Posts

Powered by RWARDZ