Finding a Home
Prepare for your search - what you need and what you want
Are you ready to start searching for your first home? You can start by searching REALTOR.ca.
A REALTOR® can help you search through the houses on the market, but you can narrow the search by considering these steps:
What is Your Budget
How much down payment for a home have you saved? Have you looked into using your RRSP(s) for a down payment? What can you afford? Have you done some preliminary research with various banks? I highly recommend getting a pre-approval from either a bank or a mortgage broker. You can get a an idea of how lenders qualify someone for a mortgage by clicking HERE (Note: interest rates have dropped significantly since that was written).
Make a list
Make a list of what you need versus what you want in a home. Do you need 2 or more bathrooms? Is a garage a need or a want? Is a house or a condo more your style? Do you want a fireplace? Is location close to schools or work a must? Once you have your list, review it and decide what is most important. Decide what is a “musts” and what you are willing to give up.
Location (location, location)
Deciding where you want to live likley is the single most important factor in choosing a home. The location affects you every day and is one of the most significant influences on value. Your location may be limited by the price you can afford. Even so, be sure you consider such things as:
- Distance to work, schools, shopping, and entertainment.
- Distance to transportaion, friends and your life(style).
- Proposed changes in land use such as commercial shopping centres and new roads, and potential problems such as noise from a nearby airport or roadway.
- The surrounding neighbourhood.
Type of home and lot
A single-family detached home is attractive to because it may provide more living space and have a yard that may be missing with other types of housing. Typically a house permits you greater freedom for remodeling, expanding, painting, and altering the home. On the other hand, a condominium may offer a more maintenance-free lifestyle.
Size and style
Consider size and style. Bungalow, or a two storey? Modern or Victorian? Maybe you won't know what you want or like until you see it. Whatever the case, your REALTOR® will listen to your preferences and help find the right home for you.
For further information, the Canada Mortgage and Housing Corporation has a section “Homebuying Step by Step” on their website.
The Canadian Real Estate Association has a homebuyers' roadmap to help you through the proccess of buying a home.
Or, for more information, give me a call at (403) 253-7326.