When looking for your dream home, focusing your search by defining your goals is a good way to narrow the field. There are four areas you should consider when creating your personal checklist:
• Financial Concerns
When purchasing a home, lifestyle must be considered. For example, if you have pets, do they have requirements? The most obvious consideration might be a large yard for a dog. However, if you have cats who enjoy lounging in the sun, you may want to consider a home with large windows with southern exposure. Will stairs be an issue for any member of your family? How much parking will you need? In the Toronto area, snow is a normal part of life. How do you feel about clearing off the car? Do you require a garage or covered parking? Would you prefer a shorter driveway so you have less shoveling? Perhaps an association would work better for you. Finally, consider a neighborhood’s walkability score.
How many bedrooms do you need? How many bedrooms do you want? Is a guest room a bonus or a must? Only you know your lifestyle. How often do you plan on having guests? How many bathrooms do you need? Are you looking for a rehabilitation project, or do you want a turn key property? Again, there is no right answer, however, by knowing what you want, you can help your real estate agent focus their work.
Understand the pre-approval process for mortgages in Canada. A word of caution, just because you are pre-approved for a certain amount does not mean this is necessarily how much you will be comfortable spending. Each month, you will be responsible for the mortgage payment, insurance, and taxes. In addition to getting preapproval for your mortgage, consider whether you have a budget for renovations. Do you want to invest in new furniture? How big of an emergency fund do you plan to have?
Some things which might be considered include schools in the area, ready access to parks, whether there is public transportation, and whether you wish to live in a rural, suburban, or urban area. However, you may also consider things such as, can you sleep near the railroad tracks, with a steady schedule of trains traveling during the night.
If You are in the Market for a New Home
If you are in the market for a new home, contact the Hallmark ReMax Group. Let us put our considerable experience to work for you. We’d love to meet with you to discuss your real estate needs.