In May 2016, I bought my first house.
I was:
- 24 years old
- Recently single
- Shopping in one of Canada’s hottest housing markets (Hamilton, ON)
- Unaware of so much information
Of course, buying my first house was a HUGE learning experience. I didn’t know anything about the housing market, mortgages, house maintenance/structures, home insurance, bills, taxes, lawyers, or loan institutions (I thought there were only banks!)
I knew that:
- I needed to find a place to live
- I had enough money for a large down-payment
- I wanted to live downtown
- I wanted little year-round maintenance
- I wanted large bedrooms
- I wanted 2 bathrooms
- I wanted lots of natural lighting
Shortly after purchasing the house, my repertoire of information expanded 10-fold. I now know I should have:
- negotiated for a better rate using my excellent credit and financial history
- looked closely at the electrical and plumbing
- budgeted more for repairs and minor renovations
- prepared for mice and bugs
- talked to neighbours about the street noise
I also should have been reading articles from the Financial Consumer Agency of Canada. Although, in retrospect, I don’t think I would have understood the information as well as I do now.
