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Top 5 First-Time Ucluelet Homebuyer Mistakes

Starfish The Gray Team Ucluelet Real Estate

Every Ucluelet homeowner was once a first-time Ucluelet homebuyer.  We've outlined below the top five first-time homebuyer mistakes that we've seen. We have walked our clients and our own selves through the home-buying process thousands of times, so if you are searching for your first Ucluelet home, you can rest assured that we and our 20+ years of experience have your back when it comes to finding the perfect West Coast home for you and your family.

The Top 5 First-Time Ucluelet Homebuyer Mistakes

#1 - Falling in Love with a House

There is likely an image that you hold in your mind of what the perfect Ucluelet home would be for you; bright, spacious, beautiful. We want you to find exactly what you're looking for, and because we care for the happiness of our clients, we want to be sure that not only is the aesthetic of the home what you are looking for, but also we want to ensure that the home will be a long-time love ... not just a fling.

Even if a home you see gives you and your family those "happy feelings," we suggest that you prepare a list of all the important elements that you require so that you won't be swept away on a sea of emotion only to find out later that there is something substantial lacking.

Think about your current needs and the needs which may arise as time goes on: which neighbourhood will suit you and your family? Does the home have enough space incase your family grows? Is there any place to store new toys you may want in the future?  These are just some of the things to think about when making a list of what you want in your perfect Ucluelet home.

#2 - Skipping the Home Inspection

The best way to prevent your dream home from becoming a nightmare is to have the home inspected by a professional before the deal is made. It may be tempting to forgo the Home Inspection Claus on your offer, especially if there are others who are also interested in buying the home. But without a doubt, you will be better served in the long run if you take prudent steps now to ensure that all aspects of your Ucluelet home are up to snuff.

It's true, a seller may accept the offer of someone who didn't add the Home Inspection Claus to their offer simply because it makes it easier and faster for the seller to close the deal. If your offer should be rejected for such a reason, take heart knowing that the seller might have been eager to sell to someone who didn't want to look into all the nooks and crannies because perhaps there was an issue somewhere in the home.

You may never know if that is the case, however rest assured that the right home for you and your family will present itself when the time is right, and you will have peace of mind knowing that the structure and integrity of your new Ucluelet home is solid.

#3 - Not Budgeting for Your Mortgage Payments

There's plenty to consider when you make a move, as you already know. One thing that many first-time homeowners overlook is the fact that you're not only responsible for the monthly mortgage payments, property taxes and home insurance, but you are also responsible for the up-keep and maintenance of your new home.

It is wise to be sure that you have arranged for payments that are not only within your budget, but will also allow for some savings too. If you get into the habit of setting a little extra on the side every month when you make your mortgage payment, you will be creating a nest egg from which you can draw, should the unforeseen happen.

Many homeowners have to learn this the hard way, but if you start out of the gate with a plan to cover more than just your minimum payments, you will be farther ahead when it comes time to replace or repair any possible issues that may arise.

#4 - Forgetting Hidden Costs of Home-Buying

Remember that we are here to help you through the entire process of buying your first Ucluelet home, so we want to be sure that all of your bases are covered to prevent any undue stress. There are fees which, if not foreseen, can wreak havoc on the happy feelings you'll have when approaching your move-in-day.

Mortgage lenders may require an Appraisal and/or a Land Survey in order to qualify for financing. These are both at your expense.

Buyers also have to pay a Property Transfer tax on their new home – also known as a Land Transfer tax in many places. It varies by province but currently here in BC, it is one per cent on the first $200,000 and two per cent on the balance.

BC currently offers an exemption for first-time buyers paying $475,000 or less for their home, and a proportionate exemption for properties purchased for less than $500,000 but more than $475,000. There is no exemption on properties purchased for more than $500,000.

As well there will also be fees associated with moving itself. Trucks, movers, packing materials ... set aside several hundred dollars for this as well.  Being prepared for both the expected and unexpected costs of home ownership gives you the confidence to buy your first home, with no scary surprises.

#5 - Not Considering Your Home's Resale Value

So you've found a home you love, the inspection went well, the finances all work but there's still one last thing to consider: Will this home have a good resale value? One day you will have to move, and when that happens you want to be sure that there will be someone else on the market looking for what your house has to offer.

When buying your new Ucluelet home, try to imagine what it could be worth in 20+ years. Will the house need major work if you should decide to sell at that time? Are you willing and able to do the up-keep necessary to ensure your home at least maintains its value?

If you have questions about any of these first-time homebuyer challenges, please feel free to contact us!

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