While buying your first home marks an exciting new chapter in your life, it does come with a few new responsibilities too. Thankfully, with the right planning and preparation, you can be ready for anything homeownership throws your way.
Here are 7 tips for first-time buyers to help you transition into your new home.
1. Be Prepared For Maintenance
While the idea of having a space all your own is exciting, keeping your home in good shape (both inside and outside) is a big responsibility. If you’re used to living in a condo or rental property, the different maintenance duties that come with homeownership may be a bit of an adjustment. However, if you tend to shy away from larger maintenance tasks, you can always hire a local handyman.
There’s also a bit more that goes into taking care of your outdoor space than simply mowing the lawn. In the winter months, you’ll be on the hook for shovelling your driveway and walkway. If you plan to go away on vacation, you may need to coordinate with a friend or family member who can take care of this for you. After you’ve settled in, double-check local bylaws to ensure you know what your responsibilities are for outdoor care.
2. Budget For Property Taxes
While you’ll no longer be on the hook for pricey condo fees, there are some routine costs of homeownership in addition to mortgage payments that you’ll need to budget for. One of, if not the most expensive of these is property taxes. Luckily, estimating your property taxes is fairly easy. The city’s handy Property Tax Calculator can give you a good estimate of how much you’ll owe at the next deadline.
Looking for more helpful information about homeownership? Check out these posts from my blog.
- Home Renovations That Bring Great Returns
- 10 Ways to Reduce Your Home’s Monthly Carrying Costs
- Real Estate Vows to Make Before You Get Married
3. Take Advantage of Buyer Incentives
In Canada, there are a handful of great incentives for first-time homebuyers. These perks, like the First-Time Home Buyers’ Tax Credit, GST/HST New Housing Rebate, and Home Buyer’s Amount are all easy ways to maximize your tax return. If you’re not sure which programs apply to you, ask your financial advisor or real estate agent. As industry professionals, they’ve helped lots of first-time buyers and can point you in the right direction.
4. Don’t Forget Garbage Day
Forgetting garbage and recycling days is a common growing pain for many first-time homeowners. In addition to being outright unpleasant, having a backup of garbage or recycling on your property can attract raccoons, rats and other pests. If you’re a forgetful person, I recommend downloading the TOwaste app. Not only does the app let you see the full collection schedule at your fingertips, but you can also set reminder notifications to ensure you never miss a garbage day again.
5. Get to Know Your Neighbours
Having a great relationship with your neighbours is a big part of enjoying your experience as a homeowner. You never know when you’ll need that extra cup of sugar, so building a positive neighbourly relationship early can go a long way.
Unlike an apartment or condo, living in a home typically means fewer casual run-ins with your neighbours, so you may need to be proactive in breaking the ice. Make an effort to introduce yourself sooner rather than later.
Thinking about buying your first home? These blog posts may have the tips and tricks you’re looking for.
- Everything You Need to Know About Building a Custom Home in South Etobicoke
- A Beginner’s Guide to Conditional On Sale
6. Plan Renovations or Upgrades Carefully
Your home is a blank canvas. And while it’s exciting to finally have the opportunity to make the space your own without seeking approval from a landlord or condo board, it’s important to not get carried away. Home upgrades require careful planning and budgeting. Undertaking several projects at once can not only disrupt the flow of your home but also make it more difficult to budget for what you need.
7. Get Home Insurance
Finally, don’t forget to protect your investment with homeowners insurance. As a renter, you may have had to buy tenant’s insurance. Although they are similar, home insurance is typically far more in-depth with coverage and variables. You can expect to budget more for this than you would for renter’s or tenant’s insurance.
Ready to begin your journey of homeownership? I can help. Call or text me at 647-239-7587 or send me an email at melissa@southetobicoke.com to get started.
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