Are you looking for your first home? What an exciting project! At Planiprêt, we have your best interests at heart. That's why we want to warn you about the most common mistakes made by our clients.

Not thinking about your needs

It is essential to list the indispensable criteria for buying your home and those that are interesting but not essential. Here are some elements to consider:

• Cities and neighborhoods: Choose a location that matches your lifestyle and daily needs.
• Type of property: Single-family home, condo, plex... each type has its advantages and disadvantages.
• Necessary space: Think about the size of the kitchen, the number of bedrooms, the presence of a shed, etc.
• To renovate or turnkey: Determine if you are ready to undertake renovations or if you prefer a move-in ready home.
• Proximity to services: Public transportation, schools, hospitals... the proximity of these services can greatly facilitate your daily life.
• Pool, spa: These elements can add comfort but also maintenance costs.
• Size of the lot: A large lot can offer more outdoor space but also requires more maintenance.

Not knowing your financial situation

It is crucial to acquire a home that fits your budget and allows you to maintain a margin to face life's setbacks, such as job loss or illness. To know your borrowing capacity, consult a mortgage broker who can give you accurate information and valuable advice.

Ignoring the services of a real estate broker

Choose your real estate broker carefully, as they will become your best ally. Ask for recommendations from your friends or colleagues, then take the time to discuss with potential candidates. A good broker will help you find THE house that meets your needs, accompany you during each visit, and fill out the purchase offer forms for you. A skilled negotiator, they will help you get your home at the best price.

Falling for a crush

You have fallen in love with a century-old house and make an offer to buy it on the spot without inspection? Beware: appearances can be deceiving. Unlike a novice, the building inspector will immediately see potential problems, such as water infiltration in the basement, a non-compliant electrical box, or plumbing that needs to be redone.

Neglecting the costs associated with the purchase

Paying for your home at the best price and getting a good interest rate is important. But you also need to plan for several expenses surrounding the purchase of a home:

• Inspection fees
• Mortgage insurance and the tax on this insurance premium
• Municipal and school taxes
• Transfer tax (the famous Welcome tax)
• Notary fees, which you will also choose carefully
• Connection fees to the electrical network and telecommunications services
• Moving costs
• Essential and urgent renovations
• Furnishing (furniture, paint, decoration...)
• Home insurance

Finally, if you should remember only one thing from this article, it is this: surround yourself with experts who will work together with you to achieve your dream. Mortgage broker, real estate broker, building inspector, and notary are there to help you.

To get help and advice tailored to your situation, don't hesitate to contact a Planiprêt mortgage broker. Our experts are here to support you in every step of your real estate project.

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