Before buying a home, it’s important to know your specific needs in terms of location, dimensions, number of rooms and budget parameters.
For most people, buying real estate property is often the most significant investment of their life. To make the right choice, the key is to narrow your research and target the most suitable properties -- which starts with determining your ideal location and type of dwelling, within your specific budget parameters.
City center or subdued suburb?
This question may seem simple to answer, but it deserves close scrutiny. Did you fall head over heels in love with a home you’ve seen? Wait! It’s important to take the time to consider which amenities you’ll require in close proximity: public transportation? schools? retail outlets? community services? -- to name just a few…
Does your lifestyle depend on where you live? Do you prefer the hushed tranquility of
a quiet community … or the pulsing beat of a vibrant downtown? And last but not least, would your current choice of a home lend itself to the realization of your most heartfelt future plans?
An expansive house or … a compact condo or … something in between?
First off, it’s important to decide which type of dwelling would be most suitable: a condo, a detached or semi-detached house, a loft, a duplex or triplex? Do you favour a turn-key property … a brand-new construction … or a customizable fixer-upper?
Next, consider the number of rooms you’d like and which of these are absolutely essential – for example, a home office or a laundry room. Think also of the lot size in terms of its future landscaping potential – such as the possibility of eventually adding a spa, a deck or a potting shed.
Now what about financial considerations?
A realistic budget is of paramount importance, taking into account all your current expenses in the context of your lifestyle. This will determine the residual income at your disposal to cover the mortgage, heating, municipal taxes, maintenance and repairs. But a word of warning regarding renovation plans: the longer the list, the steeper the cost!
Finally, it’s important to consider your eligibility for a mortgage loan. Your broker can help you determine the limits of your purchasing power by arranging for a preapproved mortgage.
Once you have the answers to the above questions, you’re ready to start your focused research!
