Buyers

Taking the fear out of buying your next home

Whether you are stepping into the market for the first time, relocating from another city or moving up the ladder, buying a new home can be stressful. As with other important decisions in life, preparedness is the key to a smooth transaction.

What can you afford? Consider what you have saved as a downpayment. If you have put away for RRSP(s), you may qualify to use them for a downpayment. A good mortgage broker can help you know if you will qualify for a mortgage and, if so, what you can reasonably afford to pay for a home. Knowing that number takes a huge pressure off and makes the search for your next home a fun one. I can refer you to several good mortgage brokers in the city who can help you to take that first step.

Decide what would make for a perfect house. Before you even look at the first home, sit down and make a list of all you would want from your new home. How many bathrooms do you need; is a garage important; do you need a fenced yard for the dog? Could little ones fall down steep stairs or do seniors need to think about single-level living? Think about the orientation of the house and the importance of light and privacy. Reflect on your lifestyle and sort priorities. Remember that no home will fit your wish list perfectly. There is always some compromise. I can fine-tune your online search so that you will be notified of those new listings that meet your criteria immediately and sometimes before they hit the public market.

Location, Location, Location. Deciding where you want to live may be the single most important factor in choosing a home. Location significantly influences value, so make sure that you do your due diligence. Take a drive through the areas you are considering. Take that drive during the day and again in the evening to get a feel for the neighbourhood. Consider the proximity to schools and shopping. How close is it to your employment? Contact the city about proposed changes in land use. What about noise? Location affects your day-to-day living and is one of the most significant influences on value.

For further information on buying a home, the Canada Mortgage and Housing Corporation has an insightful section “Homebuying Step by Step” on their website. Already have a house and a price in mind?

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