House Hunting 101: Top 5 things to look for when buying a home

For most Canadians, buying a home will likely be the biggest investment of their lives. It can also be one of the most important – and most exciting – decisions most of us will ever make.

That’s why it’s essential to figure out exactly what you want or need in a home before you begin your house hunt, so you can keep yourself from getting carried away by the excitement, and make sure you make the best possible decision for yourself, your family, and your financial well-being.

Whether you’re a first-time buyer or you’re in the market for your tenth property, here is our checklist of five key things to consider when buying a home.

Tip #1: Asking price

The asking price is probably the first thing most buyers will look at when deciding whether or not a home is right for them.

Having a clear and firm budget in mind that includes the property taxes, closing costs and other upfront expenses will not only let you narrow down your property search. It can also help you make sure the home you choose is an investment you and your family can comfortably afford.

Tip #2: Location

There’s a reason “location, location, location” has become a truism in the real estate business.

For one thing, a property’s location will greatly influence its long-term value and the price you can expect to ask for when it comes time to sell your home. But the neighbourhood you choose will also have a big impact on your daily quality of life for as long as you call your new property home.

So before you decide anything, ask yourself: what kind of neighbourhood do you want to live in? What kind of neighbours would you like to have? Is your new home close to your work, schools, city services, public transit, and any other amenities that are important to you? And will it meet your needs not only right now, but for the next five, 10 or 20 years?

Tip #3: Square footage

There’s nothing worse than falling in love with a place, only to find out after you’ve moved in that it’s just too small (or too large) to meet your family’s needs. The price per square foot is also a key factor in deciding whether or not a property’s asking price is fair, and seeing how it compares to other comparable recent sales in the area.

If you aren’t sure how many square feet you need, compare the properties you’re looking at to the size of your current home, or ask your REALTOR® for advice.

Tip #4: Structural condition

It’s easy to get swept off your feet by a property with great curb appeal, a cozy feeling, or cool features or architectural details that instantly make you feel at home. But a costly or unexpected repair can just as quickly put a real damper on both your enthusiasm and your monthly budget.

Hiring a professional home inspector to carry out a detailed inspection of any property you’re seriously considering is a great way to find out what condition the property is in, or at least let you know in advance how much money it might take to cover any costly renovations or repairs that your new home might require.

Tip #5: Features and amenities

How many bedrooms and bathrooms does the property have? Does it include any extras like a pool, double garage, fireplace or big back yard?

What direction does it face, and how close are the neighbours’ houses? Is it open concept, or does it have a more formal or compartmentalized layout? Is there a lot of natural light? How about storage space? What kind of flooring does the home have? How do you feel about the current state of the kitchen, bathrooms, and light fixtures?

Whatever features are important to you, make sure the property you’re looking at either has them already, or find out what it might cost to have them added, upgraded or installed after you move in.

Find out more

Do you have any other questions about what else you should consider when buying or selling a home? Contact us to schedule your free consultation today!