Finding the home that’s best for you

To have a fighting chance of finding your dream home, take the time at the beginning of the house hunt to ask yourself some important questions that will assist you and your real estate agent to limit the field and reduce a lot of inefficient effort. 

Setting aside time to understand present market conditions can help you make smart choices and realize the best return on your investment. Ask yourself the tough questions right out of the gate to reduce the field and spare yourself the risk of purchasing a house on a whim that does not suit your long-term goals.

Many housing sectors have set natural patterns that regulate the price of the property derived from the surrounding landscape. Therefore, determining which areas best suit you is an important first step. Are you ready for a country property with the capacity to grow, or does it make more sense to have a smaller home closer to your place of work to cut down on your commute? Defining the area that fits your criteria in the beginning enables you to focus on evaluating the amenities in the desired real estate market. Narrowing the field by location also enables you to set up the next set of criteria based on what the market in that area has to offer.

When you have determined where you would like to live, take the time to evaluate what type of space you will need to make your new home restful and enjoyable. Besides the simple criteria of how many bedrooms and bathrooms you need, consider about how much extra room you are going to need as well. Will you work from home and need a home office? Do you have any equipment that calls for storage? Is it necessary for you to have a guest room?  Do you have children and animals that could benefit from a fenced backyard, or would you prefer a lifestyle that does not involve yard maintenance? The current market may yield a larger house or bigger yard for the same price as a smaller property in a larger city.

Once you have the size and location selected, another element you will encounter is the different conditions of available properties and their effect on the final price. If you are talented at carpentry and will enjoy working on renovation projects, purchasing a distressed home — which are usually quite cheap — allows you to buy for less and conduct repairs as your finances allow. But if your busy life requires that your home time is free from home improvement assignments, it may be better to target more expensive homes that do not require repairs or modifications in the near future.

Naturally, the final price is usually what you can afford, and to ensure you do not find yourself in a situation you later regret, it is crucial to wisely review your finances and to provide those figures freely to your real estate agent to realistically determine the most advantageous way to finance your purchase. Take your time to grasp all the market impacts of current interest rates, find out if you qualify for financial assistance and understand the housing trends that can impact your purchase later on.

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