5 Things Clients Wish They Knew Before Their First Home Purchase
Buying your first home is exciting, and a little overwhelming. Between the open houses, paperwork, and financing, it’s easy to get caught up in the process and miss key details that can save you time, money, and stress.
After years of working with first-time buyers, I’ve noticed many clients share the same “I wish I’d known” moments. Here are five of the biggest ones.
1. A Pre-Approval Isn’t a Guarantee
A pre-approval is a great starting point, but it’s not a final approval. The property still needs to meet lender requirements, and your financial situation can’t change before closing.
Tip: Keep your finances steady once you’re pre-approved, avoid new loans, large purchases, or job changes until the mortgage funds.
2. There’s More to Budgeting Than the Down Payment
The down payment isn’t the only expense. Legal fees, inspections, taxes, and moving costs all add up quickly. Ongoing costs like utilities, home insurance, and maintenance can also surprise new homeowners.
Tip: Plan to have 1.5–2% of your purchase price set aside for closing costs and a small buffer for move-in expenses.
3. Credit Health Counts, A Lot
Even strong income can’t outweigh weak credit habits. High balances, late payments, or new credit accounts can impact your approval and your rate.
Tip: Review your credit report early, pay down balances, and hold off on opening new accounts before applying.
4. Don’t Fall for Cosmetic Perfection
It’s easy to fall in love with décor, but what really matters are the structure, layout, and location. Paint colours can change, neighbourhoods can’t.
Tip: Focus on fundamentals like the lot, condition, and resale potential. Bring a trusted inspector and look past the staging.
5. You Might Qualify for More Help Than You Think
Programs like the First Home Savings Account (FHSA), Home Buyers’ Plan, and land transfer tax rebates can lower your costs, yet many buyers don’t take advantage of them.
Tip: Ask your mortgage professional which incentives fit your situation. The right advice can save thousands.
Final Thoughts
Buying your first home is a milestone, and with the right guidance, it doesn’t have to be stressful. A little preparation and good advice make all the difference when it’s finally your turn to get the keys.
If you’re ready to start planning your first purchase, connect with a broker to help you map it out and avoid those “wish I’d known” moments.
