First Time Buyers

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Think about your needs both now and in the future. Here are some things to consider:

• Size requirements. What size is right for you? How many bedrooms do you need, do you want a basement suite that you can rent out, do you require a two car garage?
• Special features. Do you want air conditioning, storage or hobby space, a fireplace, a swimming pool, green features?
• Lifestyles and stages. What stage of your life are you in now? What stage will you be at in 5 years?

Try to buy a home that meets most of your needs for the next 5 to 10 years.

Which Location Is Right for Me?

Location is an ultimate decision maker when searching for a home. Usually it helps to decide where you want to live prior to searching for homes. Some questions to ask before settling on a location are:

• Whether you can afford a home in that location (I.e. Downtown vs. Burnaby).
• Whether you want to live in a city, a town or in the countryside.
• Where you work, how easy it will be to get there and the commuting costs.
• Where your children will attend school and how they will get there.
• Whether you need a safe walking area or recreational facilities such as a park nearby.
• How close you would like to be to family and friends.

New Home, Previously Owned or Build Your Own?

When thinking about the kind of home you want, the first thing you should consider is whether you want a previously owned home (often called a resale) or a new home. Here are some characteristics that may help you decide:

New Home

• Modern design.
• Personalized choices.
• Up-to-date with the latest codes/standards.
• Decreased maintenance costs.
• Builder warranty.
• Neighbourhood amenities.
• Taxes such the Harmonized Sales Tax (HST) will apply. However, you may qualify for a rebate of part of the amount. For more information about the HST New Housing Rebate program.
• Extra costs. You may have to pay extra if you want to add additional finishing features. Make sure you know exactly what's included in the price of your home.

Resale Home

• You can see what you are buying.
• Landscaping is usually done and fencing installed.
• No GST/HST.
• Possible redecorating and renovations.

Deciding on the Type of Home to Buy

When searching for a home to buy, you must also look at the type of home that suits your needs. You have many options and the ultimate decision maker may be affordability. Listed below are examples of the types of homes offered:

• Single-family Detached.
• Duplex.
• Townhouse.
• Link or Carriage Home.
• Condominium.