Shopping for a home should be an enjoyable, exciting experience. Here are a few pointers to get you started:
- Use experienced, full time agents, like Grant & Steve, who know current market conditions and property values.
- Make a list of all the features you want in your new home such as the number of bedrooms, bathrooms, style of home, attached or detached garage, size, etc.
- Keep in mind proximity to family, work, schools, shopping, recreation facilities, parks, library, church, hospitals and accessibility to major roads and public transportation.
- Look in the price range that fits your financial circumstances and you're comfortable with; be sure you can afford your new home! Your monthly housing costs should not be more than 32% of your gross monthly income and your entire monthly debt load (which includes other debts such as car loans and credit card payments) should not be more than 40% of your gross monthly income. Also calculate your other monthly living expenses such as utilities, food, clothing, transportation, personals and childcare to ensure you can afford your mortgage payments too.
- Obtain a pre-approval from your lender or financial institution of your choice. This will guarantee your mortgage rate and help you determine the price range you should be looking in. It will also put you in a position of strength when writing an offer.
- If buying a new or existing condo, look beyond style and amenities and investigate whether the construction is of good quality. You can ask for a copy of the Board minutes to determine what kind of problems the condominium has had in the past and the expenses. Remember to factor in those condo fees!
- Determine the availability of public services such as garbage pickup, postal delivery, sidewalks, sewers and lighting; assess the noise and air pollution around the home.
- If you are considering a district which is new and under construction, Investigate future development plans for surrounding areas.
