So, you’ve finally decided to put down some roots, take the plunge and buy a house of your very own, or maybe you’re ready for a change of pace and are relocating somewhere new. Before making this big decision, be sure to ask your realtor, as well as yourself, these questions. There are many factors that you might not have considered yet, and your realtor can give you some great insight before you decide to open your chequebook.
- What can I afford?
Before you make any decisions, it’s a good idea to meet with a mortgage representative. It’s the most important step in the initial buying process as it will give you a roadmap, and help you determine what type of home you can really afford.
- What neighbourhood/area do I want?
This applies heavily if you plan on renting out the property. Is the home you have your heart set on close to shopping, transit, parks, etc.? If you’re planning on living in the home, ask yourself if the location fits into your lifestyle.
- What are my 3 non-negotiables?
You should make a list of things that you consider non-negotiable when looking to buy your dream house. Things such as price, minimum size of the property, how many bedrooms and bathrooms are needed, as well as the area in which the property is situated are often factors that fall into this category.
- Would I want to live in this type of home and neighbourhood for the foreseeable future?
Is the property big enough for you and your family to grow into over time? If you have pets, is there enough space or a yard for them?
- Do I want a fixer upper?
If you’re looking to invest in a property that has great potential, think about whether you have the time and the budget to make it happen. Would you be able to complete any home improvement projects yourself, or would you need to hire a contractor?
- Is a condo a good option for me?
If you’re unsure about whether a house will meet your lifestyle needs, you may want to consider a condo. While there are different costs associated with owning a condo versus a home, it may be more beneficial for you in the long run. A realtor can help you weigh the pros and cons.
For any questions like these that you might have, feel free to get in touch with Jacob today!