7 Things To Consider Before Buying A New Home

11 June 2015

Buying a new home is a huge commitment and an important investment for you and your family, so you can’t afford to make mistakes when it comes to taking the leap. Are you worried about making the wrong decision? It’s perfectly natural to feel a little unsure when you’re kicking off the home buying process, so to help dispel any uncertainties, I’ve put together a list of the 7 biggest things that you should keep in mind before you buy your next home.

Can You Afford A New Home?

This may seem like a no-brainer, but folks don’t always consider the massive financial impact of purchasing a home. Real estate is probably the biggest purchase that you’ll ever make, so you need to be sure that your finances are sorted out before you pull the trigger. Get pre-approved for your mortgage and figure out your price range ahead of time. Be aware of all the hidden costs like property taxes and maintenance fees that will affect your bottom line or else you might be biting off more than you can chew.

Do You Like The Location?

So you’ve figured out your budget, now it’s time to get out there and find something that you like. There’s an old real estate adage that spring to mind in this situation: “location, location, location”! Let’s face it, when it comes to finding a home: location is everything. A beautiful home in the middle of nowhere will lose its novelty fast when you realize you’re disconnected from all the people, places, and resources that you love.

Research neighbourhoods ahead of time and figure out which ones have everything that you’re looking for! Whether it’s schools, museums, restaurants, nightlife, or proximity to your office, figure out your priorities and stick to them.

Does It Fit Your Future?

While your potential new home might be perfect for you and your partner, will it be able to accommodate a growing family? Maybe the location is great for getting your toddler to preschool, but what about 10 years down the line when they enter high school? It’s important to not just think about which home fits you best right now, but instead you need to look at which home will fit you best 10, 20 years down the line.

Will The Property Value Increase?

Above all, real estate is an investment in your future. Make sure that you’re purchasing a piece of property which will give you an appropriate return on your investment. Consider looking for a home in an up-and-coming neighbourhood which will skyrocket in value in the near future or think about purchasing a fixer-upper that will sell for way more once it gets a little TLC.

Do You Have The Help You Need?

From getting an experienced real estate broker, to proper home inspections, and even a reliable moving crew, buying a new home is a lot more complicated than just sticking your stuff in some cardboard boxes. It’s impossible to buy a new home on your own, so make sure that you’re surrounding yourselves with professionals that you can trust to get you the best home for your family with the least amount of headaches.

Are There Any Problems With The Property?

Even though it may seem like your dream home, it can easily turn into a nightmare if you don’t do the proper checks ahead of time. Get a thorough home inspection and account for any potential problems and repairs that you may need to do in the future. Better safe than sorry is a rule to live by.

Are You Sure?

Again, buying a property is a big deal. It’s not just a big financial transaction – it means creating a new future for you and your family. Before you buy a new home, you need to be absolutely certain that it’s the right purchase for you. The right real estate agent will make this choice easy for you in an enjoyable, low-pressure environment.

Are you looking for a new home in Toronto? Have any more questions about how you can make the process easier? I’m always down to talk real estate! Contact me and we’ll figure this thing out together.