For the majority of homebuyers, finding the right property to buy is often the most difficult step of the home buying process, more difficult than saving for a down payment or getting a mortgage. Before you start you search, consider these four important factors. The average buyer visited or considering 10 homes before buying.
-How much house can I afford? Knowing what you can afford will help you narrow your search to homes within your budget. Make a list of expenses you’ll have when you become a homeowner, including strata fees, property taxes and private mortgage insurance. Factor in costs associated with continued upkeep and maintenance. The Canada mortgage and housing corporation (CMHC) offers mortgage affordability calculator to estimate the maximum mortgage you can afford. The big banks tend to be more conservative in their lending limits, however mortgage brokers also have access the full mortgage market including private lenders.
-What type of home do you want? What features make up the ideal home for you and your family? How many bedrooms and bathrooms should it have, do you want a pool? Conversely what features would eliminate a home from your list of prospects? Knowing what you want and what you don’t want and don’t need will help you focus your search of the homes that fit your needs.
-Location, location, location! Choosing the right location is more than whether you want to live in the city, in the suburbs or away form it all in a rural area. Your neighbourhood matters. Whether you want a house in a great school district or one that’s convenient to health facilities, defining the qualities of you idea neighbourhood will help you narrow you search area.
-What’s you lifestyle? Single homebuyers may have different needs than married buyers with children, and all these groups have different needs than retirees looking to downsize. Perhaps you want your children to grow up near cultural amenities only found in urban areas. Your current stage of life, as well as your desired lifestyle, often influences the types of areas and neighbourhoods that appeal to you. Once you determine your priorities, you can focus your home search to match your desires.
Are you ready to start your home search? Let’s discuss it! Once you’ve defined what the right home looks like to you, pop into the office and we’ll discuss your options. Finding the right home can be difficult, but we’ll give you the scoop on what to expect during the process. With an experienced professional by your side, you’re sure to make the right decision.