Are you a first time home buyer and need some advice before buying? What are some key things to look for? In this episode, we discuss four key tips from a home sales professional that you must consider before buying your first home. We also have a bonus tip if you are looking to buy a new home.
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Hi everyone and welcome to another edition of Homebuyer's School.
Today I'm joined by Bridgette Beaulieu, Area Manager with Brookfield Residential.
The topic we're gonna discuss [00:00:30] today is:
What are some top tips and advice for first time home buyers?
Bridgette, what are your tips for first time home buyers?
- Know your budget
- Know your lifestyle, know what home is going to fit that.
- Re-saleability is extremely important: It's your first home, you're not going to live in this forever, maybe three, five years.
- Know the builder and know the land developer, because the amenities that they provide are going to directly impact the value of your home. [00:01:00] They're also going to affect how much you enjoy your life as you live in the home.
1. Know your budget
Karl Yeh: Great. Well let's take it from the top then. How about budget? What are some tips from a budget perspective?
Bridgette Beaulieu: Talk to your lender, that's absolutely the first step.
You need to know what you have to work with.
I would say find a trusted professional, a broker, a bank, whichever one you choose, and just to sit and really speak [00:01:30] with them and just to understand where you are financially, and what you have to work with.
Karl Yeh: Okay. That could any bank or any mortgage broker, right?
Well trust a professional, we do have ... Just with the way the mortgage rules have changed, it is good to seek advice from reputable sources, of course.
2. Know your lifestyle
Well, how about the second one? When we talk about lifestyle, what [00:02:00] are your tips on lifestyle or knowing your lifestyle when you're buying a home?
Well everyone knows their lifestyle, you live your lifestyle.
If you love to jog, perhaps don't look in a highly urbanized area without any trails, without any amenities like that.
Just know yourself and that where you go to live is going to [00:02:30] meet your needs.
Another example would be if you have a dog and you'll probably wanna find a place that's close to a dog park, right?
Yeah. You can just walk there versus putting them in your car, driving there, coming back full of mud.
Karl Yeh: Yeah, that's right, that's right, that's right. We talked about budget, we talked about lifestyle, now we wanna talk about resalability, right?
What are the tips for first time home buyers you have for [00:03:00] reselling your house?
Purchase a home that will appeal to the largest demographic when it comes time to sell.
And example of this is if you're kind of on the fence, you're not sure, "Do I want two beds, do I want three beds," you're not exactly sure, perhaps going with the three bed would be a good choice, because when you go to resale this will appeal to more groups.
What are your thoughts about renovation?
For example, if I wanted to renovate a three bedroom and turn it into [00:03:30] two bedroom, expand one bedroom into a bigger bedroom, or change the way the kitchen looks. What are your thoughts about renovations?
Bridgette Beaulieu: I don't believe it's a good idea to renovate a brand new home.
Karl Yeh: Okay.
You're buying new, so that large type of renovation shouldn't be a necessity, if you've purchased the home that's right for you.
Karl Yeh: Yeah, a brand new, yeah.
The other thing to consider with that is that renovations can void certain parts of warranties, and [00:04:00] you want to maintain that warranty, because it will transfer with the home.
Karl Yeh: That's right, okay.
When you do go to sell your house, you wanna have as much of that transfer with the home as you can, it's a benefit to your new home buyer.
Yeah. If you've done all these renovations you've kind of voided the warranty and it's something that you can't really offer to someone who wants to buy it.
Bridgette Beaulieu: Exactly.
4. Research the developer and home builder
Okay, great. I think the last one though, that you mentioned, was be able to research the developer and the home builder. [00:04:30] Let's take a look at the developer first.
Why is that an important thing to know, who the developer of your property is?
Because that will determine the community that you live in.
It will determine amenities, park spaces, how well they're build, how well they are maintained. All of those things affect the value of your home.
If a developer [00:05:00] is very functional, they just want to get as many homes as they can on a street, versus someone that cares about green space, cares about amenities, cares about the social spaces that are outside of your home, all of those things come into play.
Karl Yeh: Okay.
Why would you want to research the builder?
You want to ensure you have a well built home. You want to ensure that after you buy your home, [00:05:30] if anything does come up they're there. That they will take care of you.
Karl Yeh: Okay.
SUPER SECRET BONUS TIP: Look at the roof lines
The other thing too is when you approach a show home, look at the roof lines before you even go though the door.
The pitches, architectural aspects that does show ... They understand the value of your home, they understand what retains value, and if they put this much effort into these aspects, on [00:06:00] the outside of your home, that also speaks to what they'll do inside your home.
It also speaks to the care that they take in their work and how they approach what they do.
So it's more of like the real fine details, especially looking at the fine details of what's included in your house?
Bridgette Beaulieu: Exactly, exactly.
Karl Yeh: Right, awesome.
Bridgette Beaulieu: They understand what they do.
Karl Yeh: When you talk about roof lines, how do you know, I guess, if it's good or not?
[00:06:30] Well, it appeals to the eye, and then there are different slopes and pitches that are not difficult to build, and then they can come [out of 00:06:41] much tighter incline.
This takes a lot more effort, it takes a lot more work. It looks a lot nicer, and then you can also fit multiple pitches, different architectural aspects.
I know I've gone down the street sometimes and I've been able to count, [00:07:00] every fourth house has the same roof.
Karl Yeh: Oh, okay.
Every third house has this door. But then if you're going down a street where it's all blended, it's all different and everything looks a bit more unique ...
Karl Yeh: Yes, yes.
Bridgette: That's what I mean.
Okay. When you're walking down the street and you see kind of a cookie cutter approach versus what you were talking about steeper.
I guess, pitches that tells you that the builder is [00:07:30] more ... Is really into the details, right? Is to understand ... Really focus on the details of the home, right?
Yes. And that they understand value, that's really important. They don't just want to build this home, get it out and go on to the next.
Karl Yeh: Okay. Well thank you very much everyone for joining us and we'll catch you next time.
Some of our other videos that you may be interested in watching related to buying your first home.
Let us know if you have additional home buying questions that we can answer by submitting them in the comments section below.
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About Bridgette Beaulieu:
Bridgette graduated from Simon Fraser University with a Bachelor's of Arts, majoring in Anthropology. She has been working with Brookfield Residential with a focus on customer care for the past 12 years. As an Area Manager, she has sold over 300 homes.
"People fascinate me; I love working and interacting with them. It brings me a great deal of joy to know I help improve people’s lives."