Buying your first home is an exciting milestone, but it can also be overwhelming if you don’t know what to expect. Many first-time buyers make common mistakes that can cost them time, money, and unnecessary stress. The good news? These mistakes are avoidable!

Here are the top pitfalls to watch out for—and how to make sure you’re setting yourself up for success.

1. Not Getting Pre-Approved Before House Hunting

Many buyers start shopping for homes without first knowing how much they can afford. Getting pre-approved for a mortgage helps you:
✅ Know your budget
✅ Show sellers you’re serious
✅ Avoid disappointment if you fall in love with a home that’s out of reach

How to avoid it: Connect with a mortgage specialist early in the process. At our Home Buyers Event on March 13th, we’ll have Brendan MacPherson from Castle Mortgages sharing insider tips on mortgage approvals and financing options.

2. Not Understanding Closing Costs

It’s not just about the down payment! Many buyers forget to budget for closing costs, which typically range from 1.5% to 3.5% of the home’s purchase price. These include legal fees, land transfer taxes, home inspections, and more.

3. Skipping The Home Inspection

In a competitive market, some buyers are tempted to waive the home inspection to make their offer more appealing. But this can lead to expensive surprises down the road. A home inspection helps you uncover potential issues with the property before you buy.

How to avoid it: We’ll have Adam Clement, a professional home inspector from A Unique Task, at our Home Buyers Event to share what to look for in a home inspection and why it’s so important.

4. Making Emotional Decisions

Buying a home is exciting, but emotions can sometimes cloud judgment. Falling in love with a house and stretching your budget can lead to financial strain. It’s important to stay practical and stick to your budget.

How to avoid it: We’ll walk you through how to set realistic expectations and make smart decisions when buying your first home.

Join Us on March 13th for Our Free Home Buyers Event!

If you’re thinking about buying your first home, don’t do it alone! Our Home Buyers Event is designed to give you the knowledge and confidence to make informed decisions.

📍 When: March 13, 2025
📍 Where: Bronx Park Community Center
📍 Featuring: Mortgage specialists, financial experts, home inspectors, and The Penner Team

🎟 Free to attend! Plus, enjoy food from Cottage Bakery & win prizes!

👉 Reserve your spot today! https://www.eventbrite.ca/e/1244053159489?aff=oddtdtcreator

The start of a new year is the perfect time for reflection and setting goals—especially if homeownership is one of your top priorities. Whether you’re planning to buy your first home this year or just beginning the journey, making a few homebuyer resolutions can help you stay on track and make the process smoother. Here are five resolutions that will set you up for success in your home buying journey in 2025.

1. Improve Your Credit Score

Your credit score plays a major role in securing a mortgage and getting a competitive interest rate. A higher score can save you thousands over the life of your loan. Take the time this year to review your credit report, identify areas for improvement, and make a plan to boost your score. This might include paying down credit card balances, disputing any errors on your report, or setting up automatic payments to avoid late fees.

2. Establish a Realistic Budget

Before you start browsing homes, it’s essential to establish a clear budget. A budget doesn’t just include your down payment—it should cover monthly mortgage payments, property taxes, home insurance, utilities, and maintenance costs. Take a close look at your income and expenses, and use a mortgage calculator to estimate how much you can afford to borrow. Aim to set a budget that leaves room for savings and unexpected expenses, ensuring that you don’t stretch yourself too thin financially.

3. Save for a Down Payment (and Beyond)

While many first-time buyers focus on saving for the down payment, there are other costs to consider when purchasing a home. Closing costs, inspection fees, and moving expenses can add up quickly. Make a resolution to save consistently for these costs throughout the year. Even if you’re starting with a smaller down payment, consider looking into first-time homebuyer programs or government-backed loans that can help with down payment requirements.

4. Get Pre-Approved for a Mortgage Early

One of the most important steps in the home buying process is getting pre-approved for a mortgage. A pre-approval letter shows sellers that you’re a serious buyer and gives you a clear picture of how much you can afford to borrow. This is the time to meet with a mortgage lender, review your financials, and get pre-approved for a loan. Having this step done early will help you act quickly when you find your dream home, giving you a competitive edge in today’s market.

5. Start Researching Neighbourhoods Now

When it comes to buying your first home, location is just as important as the property itself. In the new year, make it a point to research different neighbourhoods that match your lifestyle and budget. Consider factors such as commute time, schools, walkability, crime rates, and future development. Researching neighbourhoods early will help you identify the areas that best suit your needs and give you a better understanding of where you’d like to live.

Bonus Resolution: Stay Informed and Work with an Expert

The home buying process can be complex, especially if you’re a first-time buyer. Stay informed by reading blogs, attending webinars, and speaking with a trusted real estate agent who can guide you through every step. Having an experienced professional by your side can make a world of difference, from navigating contracts to negotiating a fair price.

Conclusion

As you make resolutions for the new year, consider how these homebuyer goals can help you achieve your dream of homeownership. By focusing on your credit, budgeting, saving for a down payment, getting pre-approved early, and researching neighbourhoods, you’ll be well on your way to finding your perfect home in 2025. The earlier you start preparing, the easier it will be to make this year the one you finally become a homeowner.

As the crisp fall air settles in, it’s a good time to start preparing your home for the cold winter months ahead. Proactive maintenance not only helps prevent costly repairs but also ensures your home remains cozy and energy-efficient throughout the season. Here’s a guide to key fall home maintenance tasks to complete before winter hits:

1. Clean and Inspect Gutters

Falling leaves can clog your gutters, leading to water damage or ice dams when the temperature drops. Make sure your gutters and downspouts are free from debris to allow proper drainage. While you’re up there, check for any loose or damaged sections that might need repair before the first snowfall.

2. Check Your Roof

Your roof is your first line of defense against winter weather. Inspect it for missing or damaged shingles, cracks, or leaks. If you’re not comfortable doing this yourself, hiring a professional is a wise investment. Catching small problems now can prevent major headaches once snow and ice arrive.

3. Seal Windows and Doors

Drafty windows and doors can significantly increase heating costs. Check for gaps or leaks around the edges and use weatherstripping or caulk to seal them. A well-sealed home will keep the warmth inside and the cold outside, saving you money on energy bills and keeping your home more comfortable.

4. Service Your Heating System

Before you crank up the heat, it’s essential to have your furnace or heating system serviced. Replace the air filters, check the thermostat, and make sure everything is running efficiently. If you rely on a fireplace or wood stove, now is the time to have your chimney cleaned and inspected to ensure safe operation.

5. Winterize Your Plumbing

Freezing temperatures can wreak havoc on your plumbing. Insulate any exposed pipes in unheated areas like basements, garages, or crawl spaces. Don’t forget to shut off and drain exterior faucets and hoses to prevent them from freezing and bursting during winter.

6. Check Your Insulation

Good insulation is crucial for keeping your home warm in the winter. Check the insulation in your attic, walls, and crawl spaces. Adding insulation where needed can improve your home’s energy efficiency and reduce heating costs.

7. Test Smoke and Carbon Monoxide Detectors

As we rely more on heating during the winter, the risk of fire and carbon monoxide exposure increases. Test your smoke alarms and carbon monoxide detectors to ensure they are functioning properly. Replace the batteries if needed.

8. Trim Trees and Prepare the Yard

Heavy snow and ice can cause tree branches to break, which can be dangerous for your home and family. Trim any branches that are too close to your house, and remove dead or weak limbs. Also, rake the leaves, clean out flower beds, and store patio furniture to protect it from winter weather.

9. Check Your Sump Pump

If your home has a sump pump, now is the time to check it to ensure it’s functioning properly. A working sump pump can help prevent basement flooding, especially with increased rainfall during fall and snowmelt in early spring.

10. Reverse Ceiling Fans

Many ceiling fans have a reverse setting, which helps circulate warm air during the winter months. By running your fans in a clockwise direction, you push warm air down, helping your heating system work more efficiently.

Taking the time to tackle these fall maintenance tasks will give you peace of mind knowing that your home is ready for whatever winter throws at it. If you’re unsure about any of these tasks or need professional help, don’t hesitate to reach out to a trusted contractor. A little effort now can save you from significant problems down the road. Stay warm and safe this winter!

When selling your home in Winnipeg, it’s essential to have a clear understanding of the closing costs involved. Many sellers focus on the sale price and the excitement of moving forward, but knowing the financial responsibilities at closing can help you avoid any surprises.

Below is a breakdown of the common closing costs for sellers in Winnipeg, so you can budget effectively and prepare for a smooth transaction.

1. Real Estate Commission

The biggest cost for most sellers is the real estate commission, which is typically paid to both the listing and buyer's agents. In Winnipeg, commission rates generally range between 4% and 6% of the final sale price. This percentage is usually split between the buyer’s and seller’s agents, making it a necessary expense in exchange for professional guidance and marketing expertise.

Having an experienced agent helps to ensure your home sells quickly and for the best price, making this cost an investment in a smooth and profitable transaction.

2. Legal Fees

When selling a property, you’ll need to hire a real estate lawyer to handle the legal aspects of the sale. They will draft the necessary documents, manage the title transfer, and ensure that everything is in compliance with provincial regulations. Legal fees in Winnipeg typically range from $900 to $1,500, depending on the complexity of the sale.

3. Mortgage Discharge Fees

If you still have a mortgage on the property, you’ll need to discharge it when you sell your home. This involves paying off the remaining balance of your mortgage and any applicable fees. Mortgage discharge fees usually fall between $250 to $500. However, if you are discharging your mortgage early, you may also face penalties, especially if you have a fixed-term mortgage.

It's important to check with your lender to understand any potential penalties for paying off your mortgage before the end of the term.

4. Title Insurance (Optional)

Though not always required, some sellers choose to purchase title insurance. Title insurance protects both the seller and the buyer from potential disputes over property ownership that may arise after the sale. The cost for title insurance typically ranges from $200 to $400.

5. Property Taxes

Property taxes in Winnipeg are typically paid in advance for the year, and as a seller, you’ll need to settle any unpaid taxes up to the closing date. If you’ve overpaid your taxes, you may receive a credit back from the buyer, but if you’re behind, those amounts will be deducted from your sale proceeds.

It’s important to factor this into your closing costs to ensure there are no surprises when it’s time to settle the balance.

6. Home Preparation and Repairs (Optional)

While not a mandatory closing cost, many sellers choose to invest in minor home repairs, deep cleaning, or even staging services to make their home more appealing to potential buyers. These costs can vary widely, depending on the condition of your home and the level of preparation you opt for. However, investing in the right improvements can often lead to a quicker sale and potentially higher offers.

7. Condo or HOA Fees (If Applicable)

If your property is a condo or is governed by a Homeowners’ Association (HOA), you’ll need to ensure all outstanding fees are paid up to date. You may also need to pay a fee to obtain any status certificates or documentation required for the sale. These costs vary, so it’s important to check with your condo board or HOA to confirm the exact amounts.

8. Adjustments

In some cases, sellers may need to make adjustments for pre-paid or unpaid expenses such as utilities, property taxes, or condo fees. These adjustments are usually prorated, meaning the buyer will compensate you for any pre-paid amounts after the closing date, or you’ll reimburse the buyer for any unpaid portions.

Conclusion: Budgeting for Closing Costs

When selling your home in Winnipeg, it’s wise to set aside around 5-7% of the sale price for closing costs. By understanding the expenses involved—such as real estate commissions, legal fees, and mortgage discharge fees—you can be better prepared to navigate the closing process smoothly.

With a well-prepared budget and the guidance of a skilled real estate agent, you’ll be ready to move forward with confidence, ensuring a successful home sale.