Buyer Beware!

The 6 Worst Homes for First-Time Buyers

Unfortunately, there isn't a one-size-fits-all formula for first homes (If there were, we'd tell you).  And no, we can't totally destress the process (buying a house is a big deal, after all).  But we can help you avoid the biggest mistakes.  And, as it turns out, some homes just aren't right for the average first-time buyer.  Go ahead and take a look.

You may not have children when you buy your first house.  You may not even be planning on children.  But those plans could change in the next five to ten years, and that tiny two-bedroom historic bungalow you've been eyeing may go from just right to clown-car small.
"If you recently married and plan to start a family, do not buy a two-bedroom home.  Unless you bunk the kids together, you will be moving once the second child comes along," says Melody May, Real Estate Broker, Royal LePage Village.  "Three is generally a good average.  If you end up staying there longer than expected, you can start a family and still be comfortable."

On the flip side, you shouldn't just get the biggest house you can qualify for, either.  Five bedrooms might make sense for you in the future, but if it's just you and your partner now, you probably won't need those other four bedrooms for years.  In the meantime, you'll be carrying a much larger mortgage than you need - or possibly can handle.
"There's almost nothing worse than buying more house than you need and having a reminder come in the mail every month as you scrounge to make payments," Melody says.

You might be tempted to buy an old fixer-upper - after all, you've watched so much HGTV you could give Bob Vila a run for his money - but be careful how much rehab you take on.
"I generally advise people to keep it simple - like kitchens and bath upgrades," says Melody.

"Pools, hot tubs, elaborate landscaping, etc. are great in theory, but all require maintenance," Lejeune says.
If you're not up for the challenge, move along.

In an ideal world, you'll live in your first home for a while, maybe make a few improvements, and sell it for a profit later so you can upgrade to an even more awesome pad.  But that doesn't mean you should look at every home for its investment potential.
Sometimes your tireless home improvements won't mean much to the next buyer.  And sometimes that home simply isn't going to go up in price, no matter what improvements you make.  
"If you make a row home in the worst part of the city into the Taj Mahal, you're never gonna get that money back," Lejeune says.

"I would advise that you pick (a locale) with a strong school district and a fiscally sound municipality," Lejeune says.
Even if you don't plan on having children, or you don't care if a neighbourhood is a little rough around the edges, future buyers might - and that means you may be forced to offer the same discount you got when you bought the house.  And nobody wants their decisions as a first-time buyer to come back and haunt them as a first-time seller.