skip to Main Content
5 Details First Time Home Buyers Need To Know

5 Details First Time Home Buyers Need to Know

The 5 Details

When buying your first home, whether it is going to be a detached home in Dartmouth or a condo right downtown, you want to be sure to pay attention to these details!

Buying Too Much House

This is one of the biggest details and for good reason. Most home buyers like to purchase for as much as they can, but this, in turn, can make them “house poor”. This simply put is: the home buyers payments on their mortgage are too high that they are stretched thin, and are not able to enjoy other luxuries of life due to the high cost of the mortgage payment.

Closing Costs

It’s not enough to have only 5% down payment when you are purchasing you will want to have an extra 1.5-2% to cover the closing costs. During the transaction, the lender will verify you have 1.5% of the purchase price in cold hard cash. This would cover the costs of the lawyer, land transfer tax, title insurance, property taxes for a portion of the year, Form B (if applicable) and utilities. All of these costs will be drawn up by the lawyer or notaries office and finalized on the date of purchase.

Buying Based on Looks

There may be a home you drive by and you think it would be the perfect dream home from the outside, but what about when you go in? There are many homes that can look aesthetically pleasing, but is it functional for your families needs? Is the layout an open concept? Does the house need some costly upgrades? If you buy based on looks you can miss the true value of taking the time to find the dream home which will check off your must-haves list.

Skipping the Home Inspection

There might not be a monster under the bed, but there could be in the walls! Having a home inspector review your home is always worth the money. Home inspectors will do a full review of the houses mechanics, foundation, structure, insulation, and even the roof. These reports can provide clear insight into any issues the home might have. There could be nothing worse than moving into a new home to only find out you need to spend thousands to fix the furnace or repair that leaky pipe you didn’t know about.

Not Shopping for a Mortgage

Worst. Mistake. Ever. With free unbiased advice from a mortgage professional, why wouldn’t you shop around? The banks will only ever offer you their line up of current bank rates, whereas an unbiased mortgage professional will work on your behalf to ensure you have the least costly mortgage. Mortgage professionals do this by shopping around to multiple lenders for the best rate or best terms and conditions.

When you are going to start the search for your first home, reach out to an unbiased mortgage broker who will work for you and your family. Give us a call, your mortgage options are only a call away.

1. The “Holiday Cheer Giveaway” (the “Contest”) runs from 08:00:00 a.m. AST on December 1st, 2020 (the “Contest Starting Date”) to 5:00:00 p.m. AST on December 11th, 2020 (the “Contest Completion Date”). The Contest will have one (1) grand prize draw for a cash prize of $2,200.

2. Submitting this form implies consent to subscribe to our emails and mobile phone alerts. Subscribers may opt-out at any time.

3. SMS message and data rates may apply. Text HELP to 68411 for help, text STOP to 68411 to end. By opting in, I authorize the seller to deliver messages using an automatic telephone dialling system and I understand that I am not required to opt-in as a condition of entering the Contest.

4. Participants will receive one (1) contest entry for signing up for email and/or mobile phone updates. This is limited to one entry per person through the online sign-up form.

5. Participants may have the opportunity to earn additional entries and any details will be announced from time to time if available.

6. Participants must be 18 years of age at the time of contest entry and reside in Nova Scotia, Canada.

7. By entering this Contest, all entrants consent and agree to the use of their name, address, likeness and photo for any advertising, publicity and marketing purposes by the Sponsor, without compensation.

8. By entering, all eligible participants agree to abide by the rules and conditions outlined above.

Subscribe to our newsletter

Sign up here to get the latest news and updates from Clinton Wilkins Mortgage Team.

You can unsubscribe at any time.

Normally you can find this at retail stores across Halifax and Dartmouth, but we wanted to make it even easier for you to get a copy.

The entire guide is available online to view or download, and to make sure you’re staying safe at home, you can now request a print copy by mail, free of charge, anywhere in Nova Scotia!