First-Time Home Buyer? Avoid These Mistakes


Getting ready to purchase a home for the first time?

Make sure you avoid these costly and annoying mistakes.

1. Always know your credit score

You’ve got loans, accounts, bills, credit cards and more. And you do your best to pay them on time.

A credit rating is a full record of your credit history and current financial status (like a balance statement comparing income to expenses).

The better your credit rating is, the more likely you’ll get approved for a mortgage.

If you have a low credit score, you can improve it by:

  • Always paying your bills on time
  • Paying your bills in full by the due date
  • Don’t go over your credit card limit
  • Cancel any cards you don’t need (lenders will ask why you’ve applied for so many)


 2. Not considering the costs of home ownership

Buying a brand new house from DeSozio Homes is terrific.

It’s also just the start of home ownership.

Besides the house itself, you’ll be responsible for ongoing expenses like:

  • Property taxes
  • Insurance
  • Regular home maintenance
  • Emergency repairs
  • Water usage

As a first-time home buyer, make sure you account for these factors when budgeting for your new home.

3. Neglecting the closing costs

Closing costs for new homes in Hamilton can vary, but add an extra 1.5% to 2.5% to your purchase price to cover things like:

  • Legal fees
  • Home inspection costs (if applicable)
  • Land transfer tax
  • Property insurance
  • Setting up utilities (cable, Internet, hydro, etc.)
  • Moving costs

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4. Not making – and sticking to – a payment schedule

It’s always best to pay down your mortgage as soon as possible because it’ll save you interest costs.

If you opt for a long amortization (a fixed payment schedule), your payments will be shorter but made over a longer period of time.

A good bet is to use a short amortization period (paying every other week instead of monthly) or even boost your payment by a small amount. Every little bit helps.

Whatever you decide to do, make sure it’s a plan that works for your needs.


 5. Make sure you research your home builder

Every new home builder has a story to tell and a gallery to showcase.

As stunning and as beautiful as the model homes are, be certain to do your homework and research things like:


  • Their reputation
  • Association memberships and accreditations
  • Available features and upgrades (if applicable)
  • Reviews

And if you’re able to, see if you can actually speak with customers to get first-hand knowledge of their experience with the new home builder.

6. Not really considering the neighbourhood

The house is great. The price is right.

But if:

  • You aren’t enthralled with the neighbours
  • The commute is too hard to manage
  • There aren’t enough amenities nearby
  • You’re surrounded by industry noise

You’ll be unhappy…no matter how amazing the house is.

Spend some time in the actual area before making an offer. Visit the local shops. Take a walk. Drive around.

Picture yourself living there and being part of the community before it actually happens.

Buy the right home for you in the right way

The team at DeSozio Homes wants to make your home buying experience perfect and pleasurable.

No matter what questions or concerns you have, we’ll make sure to answer them fully and honestly until your satisfied.

Contact us with your questions or to schedule a tour of our model homes.



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