60% of Homebuyers Wish They Made Bigger Downpayment

Source: National Post Staff

Regrets, we’ve had a few: A 2012 TD Canada Trust first-time homebuyers report has found Canadian homebuyers admit to making rookie mistakes when they bought their first home.

If they could do it again, many say they would do things differently. The report notes 60% of people would make a bigger down payment; 60% would be more thorough when budgeting and 55% would buy a home sooner.

It also reveals many first-time buyers admit they overlooked some of the additional costs of home ownership: 29% say they didn’t budget for ongoing costs such as maintenance and utilities, 13% overlooked some of the one-time fees associated with buying a home, such as inspection fees and land transfer costs, and 6% didn’t budget for anything beyond the down payment and monthly mortgage payment.

If you fell into any of those pitfalls when buying or selling a home, you should probably Talk To Tan and find out why!

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