Buying your first home is an exciting milestone. But many first‑time buyers look back and say, “I wish I had known this earlier.” If you’re planning to step into the housing market here in Nanaimo (or along Vancouver Island), it helps to go in with more clarity and fewer surprises. Here are some of the key things first‑time buyers wish they knew sooner.
For example, you might qualify for a mortgage based on your down payment, but if your monthly budget doesn’t comfortably cover taxes, insurance, and upkeep, the reality can feel tight. Working with someone local (who knows Nanaimo’s cost structures) helps avoid that squeeze.
Also, one of the biggest regrets: buyers bought at or near the top of what they could afford, rather than what they were comfortable with. Factoring for potential interest‑rate hikes, unexpected repairs or life changes is wise.
Getting advice on debt‑to‑income, avoiding large new purchases before closing, and being stable financially makes a difference, especially when local lenders assess your file.
In Nanaimo, you’ll want to consider things like access to amenities, walkability, future development in the area, proximity to nature or water, but also how maintainable the home is (yard size, age of house, etc.).
Using these early can give you a financial edge. Many buyers wish they had set them up sooner.
Especially in older homes or homes with large lots, you’ll want to know what you’re taking on.
I always encourage first‑time buyers to ask questions, ask for explanations and trust someone they feel comfortable with.
If you’d like to talk through your particular situation, neighbourhoods you’re looking at in Nanaimo or what your budget realistically allows, I’d be happy to help.
Let’s turn what you wish you knew into what you know now.
1. It’s more than just the down payment
Many first‑time buyers focus solely on the down payment and forget the extra costs. In Canada, you’ll also need to budget for closing costs (legal fees, title insurance, land‑transfer tax or property transfer tax, inspection fees) and ongoing expenses like utilities, taxes, strata (if applicable), maintenance.For example, you might qualify for a mortgage based on your down payment, but if your monthly budget doesn’t comfortably cover taxes, insurance, and upkeep, the reality can feel tight. Working with someone local (who knows Nanaimo’s cost structures) helps avoid that squeeze.
2. Mortgage pre‑approval and your real budget matter
Getting pre‑approved for a mortgage gives you a realistic view of what you can afford. It sets parameters for house‑hunting and prevents falling in love with properties that are out of reach.Also, one of the biggest regrets: buyers bought at or near the top of what they could afford, rather than what they were comfortable with. Factoring for potential interest‑rate hikes, unexpected repairs or life changes is wise.
3. Your credit and debt situation affects everything
Your credit score and existing debt load affect the terms you get. Some first‑time buyers didn’t realise they needed to clean up or monitor their credit well ahead of time.Getting advice on debt‑to‑income, avoiding large new purchases before closing, and being stable financially makes a difference, especially when local lenders assess your file.
4. Neighbourhood and future suitability matter
It’s easy to get caught up in the house, the layout, finishes, etc. What sometimes surprises buyers later is how the neighbourhood fits their lifestyle, commute, resale potential, and future needs.In Nanaimo, you’ll want to consider things like access to amenities, walkability, future development in the area, proximity to nature or water, but also how maintainable the home is (yard size, age of house, etc.).
5. Government programs & help are available — you have to know how to use them
There are real supports for first‑time buyers in BC/Canada: e.g., the First Home Savings Account (FHSA), the Home Buyers’ Plan (HBP), the First‑Time Home Buyers’ Tax Credit (HBTC).Using these early can give you a financial edge. Many buyers wish they had set them up sooner.
6. Condition, repair costs and readiness matter
Even if you love a property, if you haven’t factored in likely repairs, maintenance, or upgrades, it can catch you off guard. A good inspection and a realistic estimate of ongoing costs is key.Especially in older homes or homes with large lots, you’ll want to know what you’re taking on.
7. Working with the right team makes all the difference
Many first‑time buyers underestimated how many specialists were involved: mortgage broker, real‑estate agent, home inspector, lawyer. Having trusted professionals, particularly someone local who understands Nanaimo’s market, will smooth the journey and avoid costly mistakes.I always encourage first‑time buyers to ask questions, ask for explanations and trust someone they feel comfortable with.
Final Thoughts
If you’re a first‑time buyer, take your time, prepare ahead, and go in with your eyes open. Knowing these things sooner could mean less stress, better choices and a home you’re truly proud of.If you’d like to talk through your particular situation, neighbourhoods you’re looking at in Nanaimo or what your budget realistically allows, I’d be happy to help.
Let’s turn what you wish you knew into what you know now.