Every homebuyer worries whether the home they’re purchasing will be a good deal. If you’re currently searching for the perfect home in this market, there are four keys you should know to make a smart home purchase:
1. Price. To determine what you can afford, talk to your real estate professional (call the TimSold Real Estate Team!) and local lender (TimSold Mortgages). If you don’t already have a relationship with a lender in your area, your agent can refer you to a reputable one they trust. When you know exactly how much home you can afford, it will be a lot easier to shop for homes within your price range.
2. Features. Square footage and the number of beds, bathrooms, and living areas are a matter of comfort and convenience. You may want an extra bedroom for guests or a second suite for parents. Think about every activity involved in your daily lifestyle; how your next home can accommodate these activities is important. This should become your “must-have” list, and it will help you look at homes more objectively.
3. Location. Some areas will always be more expensive than others, and well-kept neighbourhoods tend to maintain higher home values. Homes that offer close proximity to retail stores, schools, and recreation centres tend to sell for more than those without as much infrastructure. What is the best home you can find in your desired area? If all the homes in that area are out of reach, consider compromises such as buying a smaller home or one that needs a little work done in a neighbourhood you can actually afford.
4. Condition. What is the state of the property? Does it have curb appeal? Has it recently been updated, or does it need to undergo remodeling? Carefully consider any deferred maintenance, like a roof that’ll need replacing in a couple of years. Think about design and functionality: Is the kitchen too small? Could you afford to remodel it? The one advantage to buying a home in need of updates is that it will cost less than other homes in that same neighbourhood; if location matters the most, making a small compromise on condition could be the correct call.
Hope this guide was helpful, and please do not hesitate to contact me at 647.930.1888 or firstname.lastname@example.org to discuss the purchase or sale of your home, investment advice or if you would just like more information.