Location essential for first-time buyers - MoneySense

Location essential for first-time buyers

Asking price means little in face of great surroundings.


It really is about location, location, location; a recent Bank of Montreal survey found that 63% of future first-time homeowners would be willing to offer more for a property based on its surroundings.

Of this 63%, men are more likely than their companions to surpass a home’s asking price, and are much more likely to get caught up in a bidding war. On the other side of the spectrum, 44% of women said they feel overwhelmed by the decisions involved in the home buying process.

Experts are urging first-time buyers to think through their choices, and to reduce stress by getting pre-approved.