Buying Your First Home? Here’s What You Need To Consider!
By Mike Holmes
Making the jump from renting to owning is a big deal. Not only is owning your home a great investment, it also comes with a sense of personal pride. With housing prices at a premium, it’s so important to make sure that you’re not only ready to own, but can afford the costs associated with owning a home.
I’ve been a contractor for almost 40 years, and I always talk about the 4 Phases Of Homeownership:
- Buy It Right
- Protect It Right
- Own It Right
- Sell It Right
Let’s talk about how to Buy It Right. Are you ready to take the plunge into homeownership but don’t know where to start? If Omega Homes in Ottawa is your builder, rest assured that they have MY seal of approval.
Here are some of my tips as you consider buying a new home:
Look Into Financial Support Programs
The housing market is tough – and getting your foot in the door can feel impossible. You don’t necessarily need to do it alone. Look into both federal and provincial programs that support first time buyers. You may be able to offset closing costs, some of your down payment, land transfer fees, and more.
Get A Home Inspection
The market may still be hot in some of the big cities. But with the rebates available to you as a first time homeowner, there’s not much of an excuse to skip on the home inspection. Why do you need one? You wouldn’t buy a used car without a test drive, would you? Doing a walkthrough with a home inspector can help you take a closer look at the state of the home. They can answer your questions and point out some deficiencies that a first-time buyer might not know to look for.
The builders in my Holmes Approved Homes program invite my Mike Holmes inspectors during various stages of construction, to ensure any deficiencies in the building process are addressed right away. This means PEACE OF MIND for the homeowner and QUALITY BEHIND THE WALLS.
Don’t Bite Off More Than You Can Chew
Listen, I’m not going to pretend renovations are cheap. Just because you have a tool box and a YouTube tutorial, doesn’t mean you’re capable of handling your own projects to save a few bucks. Even the most handy people have their limits. While there are some jobs you may be capable of doing, don’t over extend yourself.
Know where your limits are and spend the money to bring an expert in where needed. At the end of the day, if you have to redo your own shoddy work, it will probably cost you more in the long run. Projects that are more cosmetic, like painting, are a good place to test your DIY skills, because if you do slip up, you’ll only have to live with some cosmetic deficiencies. To me, that’s not the end of the world.
RELATED: 8 DIY Jobs Every Homeowner Should Do
Buying your first home should be an exciting process, and I’m not here to take away from that. I just want to make sure you’re able to afford your home BEFORE you have to call me in to come fix an issue you didn’t account for. Happy house hunting.
About Holmes Approved Homes
Mike Holmes created The Holmes Approved Homes program to give homebuyers a home that’s built right the first time – a house built with trust, integrity and a commitment to Make It Right®. All Holmes Approved Homes go through unbiased, 3rd party inspections in both Canada and the United States.
Read Next: Buying A Home and Buying It Right