First time home buyers: five mistakes to avoid

Almost every real estate agent will tell you that you shouldn't decide to buy a property until you've visited at least three. Even if the first one seems perfect and meets all your criteria, it's important to compare.

Seeing multiple properties allows you to objectively identify the strengths and weaknesses of your "favorite" one. This comparison will either confirm your choice or encourage you to be cautious—maybe even change your mind!

Our advice? Include at least one property in your list that you wouldn’t seriously consider buying. This will act as a reference and help sharpen your critical thinking. It can also show if your criteria might evolve.

Additionally, always bring a friend or relative with you when visiting properties. An outside perspective can help you make better decisions and spot things you might overlook in an apartment or house.

This is arguably the biggest mistake many first-time homebuyers make: a property should be visited more than once.

• The first visit helps you get acquainted with the place. You can explore each room, understand the layout, and assess its strengths and weaknesses. This visit should trigger (or not) the desire to seriously consider it as a potential purchase.
• The second visit should be at a different time, on a different day of the week, to get a new perspective—like visiting on a weekend or in the evening. During this visit, pay attention to any work that needs to be done, what you don’t like about the décor, and the overall organization of the space. This is also the time to picture yourself living there.
• The third visit is more practical. It’s all about confirming your feelings for the property. Consider factors like energy consumption, any additional charges or fees, renovation potential, and associated costs. It’s also the time to picture how your furniture would fit in, and—of course—start negotiating the price!

An apartment can seem perfect and check all your boxes, but still turn out to be a nightmare when it comes to daily life. Before making an offer, take time to study the environment of the property:

• Who are the neighbors? Are they families with children, seniors, couples, or students? The answer will help you figure out if your lifestyle aligns with the people in the building or neighborhood.
• Where are the public transport and main roads? Your first property should be accessible, both for you and for anyone who might visit you.
• What are the major projects in the neighborhood? Visit the local town hall to learn about any upcoming projects or developments around the property. The urban planning department can show you future construction plans.
• What is the condition of the condominium? If applicable, check if any major work is needed, such as refurbishing common areas or restoring the building’s façade.

There are many costs involved when signing the final deed of sale: notary fees, moving expenses, buying new furniture, and more. And even after that, it’s not (really) over—your new life will bring additional expenses, such as paying condominium fees if you’re buying an apartment. You’ll also want to build up an emergency savings fund to cover unexpected costs (like replacing a washing machine or fixing a broken window).

Before making an offer, get out your calculator. Make sure the planned purchase — and the monthly mortgage payments that come with it—leave you with enough to live comfortably, so you don’t wake up every morning worrying about your bank account.

On average, first-time buyers keep a property for about seven years before reselling it. That’s why it’s important to think about the resale potential of your future home, even before you own it. Ask yourself the following questions:

• Will I be able to resell it for at least the same price?
• Does it have any defects that will need to be fixed before putting it back on the market?
• Can it appeal to a wide range of buyers, or is it a "unique" property with limited appeal?

Here’s a tip: Find out how long the property has been on the market. If it’s been sitting for seven months without a buyer, consider that it might take you that long to sell it in the future. Is that a timeline you're willing to accept?