What To Look For When Buying A Home
Although the home
buying process can be overwhelming at times, the key to a smooth and easy
transaction for most purchasers is education and preparation.
Determining what
you want and need in a home, combined with the knowledge of current housing
market conditions will go a long way in easing your mind, especially if they
are done before you begin your search.
For example, where
would you like to live? Would you
like to be close to the office?
In the downtown core? Or would you prefer to live in a more rural community,
away from the hustle and bustle of city life?
.
What about the
characteristics of the home? How
many bedrooms would you like? Bathrooms?
Do you need a large kitchen? Is a garage important?
How about lot size?
Are you willing to
sacrifice location for size and price?
Finally, are you
prepared to renovate? Or would you prefer a new home in an established
neighbourhood? What about the
condominium lifestyle?
Other
considerations include:
·
Market conditions:
Is it a buyers market? A
sellers market? A balanced
market? How will each market
affect me? Are prices on the rise or on the decline?
Are mortgage rates steady or dropping? What areas are hot with
purchasers?
·
The economic
outlook: Are storm clouds on the
horizon? Will housing prices
decline as a result?
·
Schools:
How are the public schools in the area you are considering?
Are private schools in close proximity as well?
How about amenities such as parks and tennis courts?
Many home buying
guides are available to potential purchasers.
The Internet, for example, has become an extremely useful vehicle for
virtual tours of properties listed for sale, visiting neighbourhoods, choosing
a sales associate, etc. Another
source of information is your local RE/MAX office or financial institution.
Last, but certainly not least, talk to your real estate professional about
what to look for in your new home.
With years of knowledge and experience, your sales associate is an
excellent source of information.