Are you in your 20's or 30's looking to buy your first home? In this video we'll
look at how to buy a house when you're young, that's coming right up.
Welcome to Homebuyer's School brought
to you by Brookfield Residential.
Hi everyone I'm Karl Yeh, and welcome to another Homebuyer's School video, a
channel where you get the latest strategies tactics and tips from home
buying experts, and remember if this is your first time on this channel and you
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anything. Today I'm joined by Cory McDonald, community manager with
Brookfield Residential and the question we're gonna answer today is, how do you
buy a house when you're young?
There's a lot of great resources out there to help
inform young buyers it's not impossible, it's--there's a lot of programs in place
to help young buyers but you want to be informed talking to a really good lender,
we'll have a good discussion with them to break down exactly what you're
qualified for but maybe also more importantly what you're comfortable
paying because what you're qualified for can sometimes leave you house poor if
you're not comfortable with--you want to go out to dinner on the weekends or you
want to have enough extra money to have a social life as well and then getting
multiple opinions because each lender might be able to provide a slightly
different program for you as well on top of just the mortgage there's a couple
things that young buyers might be surprised about when purchasing a
brand-new home, there's some additional costs associated with the home that
might--you might not be fully aware of right off the bat. Property taxes that
are that are due on an annual basis would be one, each community is going
to have a slightly different property tax and you'd want to know exactly what that
breaks down to on a month-to-month basis on top of your mortgage payments. As we
discussed earlier there's also either residents association or condo fees with
a multi-family site that you'd be paying for on top of just your mortgage. Again,
this goes towards you either your utilities or insurance and maintenance
on the exterior of the home or general upkeep of the community or the parks in
the area but then you also want to be looking at if it doesn't include
utilities what your water bills is, what your heating bills are gonna cost you
on the month month basis, so having a good discussion with a lender
or with a brand new sales team they'll help break down maybe some of these
additional costs that aren't as easily visible when you're first looking at
just a mortgage payment on a new home.
Now we've covered questions that you
need to ask as a first-time homebuyer above, but is location and community
really top priority for young buyers in your experience or is it more of like--
is it more pricing that would be--that would be the lead factor?
That's a really interesting question
and I have to say that it depends on what the individual
is primarily looking for. There's no such thing as a cookie cutter buyer, each
person has a as a unique idea of what they want or a unique lifestyle they're
trying to fulfill with purchasing a brand new home so for some people a
community would be very vital. They want to have easy access to the downtown
core, they want to be close to specific schools or specific parks for some
people, yes they're very price driven so that might limit the communities that
they're able to go to or maybe being further away from the interior core to
accommodate a lower price point potentially.
Now you--I remember you
talked about making sure you are prepared right because obviously if you
were buying your second or your third or your fourth home you've had that
experience you know, you've gone through the ringer of all the processes
throughout the home for a home buyer right, but as a first first-time home
buyer in addition to research, what are some things that they should also do
like for example, talk to family members, talk to--how about Realtors right? What
are some additional things that young people need to be aware of?
I would agree with both of those. Having those conversations and taking your time
to have those conversations with family members that have purchased homes
before. Have mom and dad have their say and what you should be looking for as a
first-time homebuyer based on their experiences. We love working with
Realtors and I think there is definitely an asset in having their experience come
with you as well to narrow down the search of what you're looking for, the
prices you can afford in specific communities as well so there's plenty of
resources online, so different builder websites or even
you go to third-party surveys such as avid which is a third-party customer
service survey that new homebuyers would fill out so you get an idea of which
homebuyers are happier in which communities, in which with builders, so
getting a sense of where people are happier buying versus maybe they
haven't had the greatest experience.
So going off here your avid comment,
things like Google reviews, Facebook reviews as well you know, just to get a
sense of maybe which communities, which home builders are the best that you--that
would meet your needs obviously.
100 percent. There is a big difference in
different builders so if I was buying a home I'd want to probably go with one
that had a great reputation and a great priority on customer service.
Perfect and remember, as an additional resource watch these videos too. Do you
have anything else to add in terms of helping young homebuyers?
It's completely free to look,
it doesn't cost anything to look through show homes even when you're
looking with the realtor. There's no fees in just looking so it doesn't hurt to
take your time, go explore, come visit some show homes. If you end up buying
that's fantastic, if not there's no harm done either, so come out and have a look.
Perfect well thank you very much Cory, thank you very much to everyone for
joining us, the question I have for you is, are you a young homebuyer and what
experiences and questions do you have in terms of the home buying process? Let us
know in the comment section below.
Thank you very much and we'll catch you next time.
That's another edition of
Homebuyer School. Tune in next time for
more expert tips and tricks, and visit
homebuyersschool.ca to bring you one
step closer to finding your dream home.
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