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Best questions to ask when buying a house for the first time - YouTube
Channel: Homebuyer's School
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Are you planning to buy a house, not sure
where to begin? In this video we look at
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questions you need to ask as a
first-time homebuyer when buying your
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first home, that's coming right up.
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Welcome to home buyers school brought
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to you by Brookfield residential.
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Hi everyone I'm Karl Yeh, and welcome to
another
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homebuyer school video, a channel where
you get the latest strategies tactics
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and tips from home buying experts and
remember if this is your first time on
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this channel and you want to get these
strategies from the experts, make sure to
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hit the subscribe button below, hit the
little notification bell so you don't
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miss anything. So today I'm joined by
Cory McDonald community manager with
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Brookfield Residential and the topic
we're gonna discuss is, what are the
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questions I should ask when buying my
first home? So Cory what are some of the
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questions that I need to ask as a first-time
homebuyer, so I'm well prepared?
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Yeah and being prepared is
probably the best thing you can do.
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There's a lot of resources out there in
order to get as much knowledge when
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buying your first home. The biggest thing
to consider would be what type of home
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are you looking for that best suits your
needs, part of that goes into what style
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of home you're looking for. Is it a
multi-family home? Is it a single-family
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residence? Are you restricted from
mobility so you need the bungalow style
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of home? There also goes into the details
of how the home is built so depending on
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where you're building in Canada, there's
a different standard specifications or
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different prerequisites for how a home
needs to be built in different areas,
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different province to province and even
sometimes city to city,
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so especially specifications can change
where you're looking to buy.
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So let's before we actually look at the
home models is it also important to look
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at--some questions that you ask is
location, what are some location type
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questions that would consider?
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And that would be dependent
on the individual, what part of the city
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are you working in, what lifestyle do you
want this home to accommodate, are you
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active? Do you want to be near parks? Do
you have a family you want to be closer
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to schools? Do you want to have easy
access in and out of the downtown core
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for work or travel around the city or
access to the mountains for your weekend
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getaways? And a lot of these would play
into the style or the location that
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you're looking
to buy your home in.
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So we--there are
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obviously questions that you would ask
are your lifestyle questions, family--how
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many people are probably living inside
the home right, as well and I guess maybe
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the the stage of life that you're
in right? So it would be definitely
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questions you're gonna ask are
definitely different when you're just
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starting off your career versus someone
who is maybe downsizing?
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A great question
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I like to ask people that are coming
into the home for the first time looking
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is ,what pain points are you currently
moving away from? Because that'll
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actually say a lot of what they're
looking for if you're in a place that's
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too small or your family's growing and
you only have one bathroom, the pain
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points might be that there's not enough
space for each person within the home so
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it's not necessarily how many people are
in the home, it's what kind of lifestyle
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is this new place going to better
accommodate.
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And well let's go back to
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like location, I was more thinking about
community, what kind of questions would
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you have about the community and where
you'd live in, right?
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A big part of the
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community sometimes now would be the
homeowners association or the residents
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association fees that you would pay on a
yearly basis to help accommodate, maybe
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there's a lake in the community and
you're paying for the upkeep of that, if
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there's parks or schools in the community
or rec centres, that can change
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the amount of cost that's associated
with those HOA or ROA fees, sometimes
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it's maybe just general upkeep of the
street cleaning and decorative seasonal
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items that you're paying for so asking
about if there are residents or
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homeowners association fees and what
that exactly includes. Another question to
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ask would also be the history of those
HOA fees just because from the initial
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conception there might have been new
programs introduced or a change in how
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those are operated so sometimes HOA fees
might be at a different cost when the
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community first starts to where it
eventually grows to.
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And obviously this
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is all looking at if you're buying a
duplex or a single-family home but there
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are condo fees to also think about if
you're obviously pushing a condo?
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Which would be separate from
condo fees if you're looking at a condo,
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an apartment or a townhome as well, so
they would be a little bit different.
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Condo fees would be specific to that
where the condo is or where the
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townhomes are so the general upkeep of
the insurance and maintenance on the
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exterior of the home again, general
upkeep of any of the parks or the
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pathways, the green spaces, snow and ice
removal for that location separately, so
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if you're buying a multi-family home in
a new community you would have condo
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fees and then you would have your
homeowners association fees separate.
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And just remember we do have a video on
condo fees above so if you want to check
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that out. So Cory we're talking about
condo fees and HOA fees, and so condo
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fees is in the building that you're in
and HOA fees is in the community you're
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in right?
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That's correct there'd be two
separate things so when you're looking
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at a community that has a residents
association or a homeowners association
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that's an annual fee that goes towards
general upkeep of the street cleaning,
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maintenance of any parks or green spaces
within that entire community or in some
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communities, they'll have a community
centre or a lake that you would have
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access to and so that annual fee goes
towards the staffing, the maintenance
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for those amenities when you're looking
at a separate condo fee and say an
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apartment or a townhome, those monthly
fees are paying towards insurance and
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maintenance on the exterior, sometimes
it's going towards the utilities used
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within those condos, snow and ice
removal for those specifically so it
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would be different than say a single
family home or sometimes a duplex
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that would not have those condo fees but
they would still be a part of the
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community so they would still have a
homeowner's association or residents
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association fee.
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Well sticking with the
fees, let's go back and look at the
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questions that somebody would ask in
terms of pricing, what are some key
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questions that we'd have or some
homebuyers would have about the price
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of a home?
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Great question because there's a
lot that goes into buying a new home
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that sometimes can be considered I
guess sneaky that a lot of people don't
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think of when you're talking to your broker,
your lender there's obviousl the
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mortgage payments and the down payment
that you'd be concerned about, on top of
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that you would also want to know within
community what the property taxes are
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on an annual basis because that is a fee
that you would have to take into
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consideration on an annual or on a
monthly basis as well, general cost of
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utilities would be something you'd have
to look at purchasing on top of your
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mortgage fees as well because you want
to have running water, you want to have
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electricity you don't want to be living
by candlelight the entire time so
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there's sometimes those little things
you'd have to also consider when buying
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a brand-new home.
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well you'd probably
also want to consider furnishing too so
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even if you're buying a resale home or
an older home, are there thoughts of
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probably upgrading some of your
furniture, are you just gonna move
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everything that you haven't? Sure there's
some things that you probably want to
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get rid of, buy new right?
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Some people consider moving
into a new place a form
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of exercising some demons as far as the
lawn furniture that you're keeping in
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your living room, it's a great
opportunity to maybe get rid of some of
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your older pieces and upgrade your new
home depending on what your lifestyle is
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going to be so taking the consideration
when you're buying a new home what space
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you're gonna be using in each room so if
you have to get a new bedroom set or if
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you're getting new bedroom--
more bedrooms in your new home, being
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able to furnish those as well.
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So we looked at purchase questions,
location,
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community questions, fees that you might
have to pay for, anything else to add?
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Again, when looking for a new home it's
entirely based on your lifestyle and
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what this new home is gonna bring to you,
the lifestyle that you're trying to
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achieve, so making sure you're making
decisions based on what you want out of
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your life in the next three to five
years to make sure that that's
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filling that role.
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Perfect, well thank you
very much for joining us, and the
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question I have for you is, what
questions do you have for first-time
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homebuyers that maybe we didn't
cover? So if you can let us know in the
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comment section below. Thank you very
much for joining us and we'll catch you
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next time.
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That's another edition of
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Homebuyer's School, tune in next time for
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more expert tips and tricks and visit
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homebuyersschool.ca to bring you one
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step closer to finding your dream home.
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As with everything, it would be great if
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you like and share our videos, also
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please let us know if you have any home
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buying questions you want us to answer.
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