Having a place of your own is on every person’s wish list. People make a lot of effort trying to search the right property, break their bank and start the move over. It puts a huge amount of physical and mental strain on people while going for the home of their choice, all this with their life-long savings.
While the prospect of owning a home sounds massively exciting, it is not as easy as one would think. One must do a rigorous search for each locality before taking the most important financial decision of your life.
When you decide to buy a house, you must take into consideration the things that will affect your state of finances, currently and in future, as well as your lifestyle.
You will have to choose from a wide variety of homes. Many people in Canada research online before choosing from 1, 2 or 3 bedroom houses at Reunion Crossing condos, while others choose from apartments, townhomes, bungalows or mansions to suit their styles.
Before you make your choice, you need to consider these important factors in quest for your dream home:
Location and neighbourhood: Location is perhaps the most important thing to keep in mind while buying a new home, more critical than your finances. A house in a great location will serve you well even if the real market fluctuates in the future and remain a profitable investment at all times. Location is the one thing about your property that cannot be altered.
It is recommended to find a home near your workplace so that you can save on your travelling time and vehicular costs. You must check out the neighbourhood if it’s family friendly or not. Look for amenities such as parks, community centres, pet friendly recreational areas, etc. Ask yourself if the area has greenery around it and it is liveable?
One of the ways you can decide on your choice of locality is when you visit the neighbourhood at different times of day and night. If it permits you, go ahead and enquire from neighbours in the area about the facilities the neighbourhood has to offer. For those planning for kids, schools and colleges should be a major determining factor in the locality of your choice. A house near a school or college is expected to be rented early and for a longer duration.
Security and Crime: Another important thing to keep in mind while selecting your area of residence is to examine the crime rate in the area. You can get this data while checking the reported criminal activities in the neighbourhood. You wouldn’t want to be living in an area which is notorious for illegal activities and it will be difficult to find quality renters to live there. Inspect what security features and benefits the house owners get in the area?
Finances: After you’ve decided your location, you need to figure out whether you can afford it. Accordingly, you will prepare your budget and the type of house you’re looking for. Start by checking out the real estate market – have the prices gone up or down? What are the ownership costs? What are policies there for homeowners’ insurance and mortgage? Do you have a pending unpaid loan which may go against getting your instalments approved? An honest answer to these questions will solve a major chunk of your home buying puzzle.
Infrastructure: Now what do you want inside your prospective home? Beware of clever realtors who tend to stage the property at its best while you’re viewing it. You must check the scope of its maintenance and repairs before you sign the purchase documents. Calculate the in-house expenses you’ll have to cough up in renovations as they may further increase the price of the house.
How many bedrooms and bathrooms are enough for your family? Is the kitchen size up to your requirement? Do the appliances add value to the whole establishment? Is there a garage space for your vehicle or a porch to play with your pet? If you’re looking for a smaller property, then here’s a checklist for you to consider.
Future Prospects: Do not necessarily buy the house for what you are today. Look at it from the point where you might be five-ten years down the line. Consider your long-term plans. How long would you be staying in your current workplace? Would you be getting married? Having children? Since this is going to be the longest financial commitment you make, you might as well cover all bases by examining each determining factor. Get a lawyer to help you put all your mortgage, titling, agreements and other related documentation in order. Always helps when things are in writing.
Think deep about all these considering factors before your deal. It’s imperative that you choose the right property so that you get the best return out of your well-earned investment.