Essential Tips for First-Time Homebuyers

Property Virgins host Sandra Rinomato shares her expertise on the homebuying process.

Real estate expert Sandra Rinomato, host of Property Virgins.

Don't forget to set aside money for closing costs when budgeting out what you can afford. It's typically 1-1/2 to 2 percent of the purchase price. That goes toward the land transfer tax and pays a lawyer.
For resale, curb appeal goes a long way. But make sure you don't over improve for the area. Some houses have a cap on them, which means it is only gonna be worth a certain amount no matter what the homeowners do to make improvements.
Brand-new condos tend to be smaller, sometimes no larger than one bedroom, while older units typically have more square footage.
When figuring out the price of a property, sometimes it makes more sense to look at the price of a house in terms of monthly payments instead of focusing on that big number.
Real estate never sleeps. If you're trying to buy a hot property, you have to move quickly, or you could possibly lose it.
Sometimes people think that by starting really low they'll end up with a better price on a house, but actually it usually works the opposite way.
You don't necessarily want to buy in a building that has a high percentage of tenants because they don't take care of the property the way they would if they owned.
If you're going to live in a city, you often have to sacrifice space.
Before you start renovating a condo, live there for a year to make sure you're doing the right thing.
Properties in good shape are rare, and they don't stay on the market for long.