What Does the House Buying Process Entail in Canada?
People tend to make decisions about home buying before they consider the most important questions involved. If they see something they like, many people are inclined to simply act on their first impression, rather than taking everything into consideration. And this can lead to an unhappy living experience.
One of the most important things that buyers tend to overlook is doing a thorough inspection of the house when it is first viewed. When people pay exorbitant amounts of money on a fancy house, they often assume that it will be in good shape simply because of the price tag. But many times, they soon come to realize that new house windows are required, new insulation, possibly even a new roof. And the costs can really add up.
What you should do, in advance of viewing a new home, is make a checklist for yourself of things to look for. With each viewing, you should sit down afterwards and see how the house fares in terms of the items on your list. If there is anything lacking, remember that you will have to pay for it eventually.
Let’s now think about what might go into such a checklist. Going about this systematically will help you keep everything in perspective and ultimately make a rational decision about what you want to buy.
Factors to Consider
Your Budget
If you are fortunate enough to have a large budget for your new home, this will afford you a number of luxuries. First of all, obviously you will be able to get a bigger house with a greater number of amenities. You’ll also have more leeway in terms of the neighborhood you want to live in.
There are also other things you should take into consideration, including the fact that Canadian realtors tend to underestimate the value of homes for sale in an effort to get a greater number of bids. The more people that are interested, they assume, the more people will try to outdo one another to get the house they want.
In addition to the cost of the house itself, you will have to budget for furniture, appliances, etc. And the bigger your house is, the more you’ll be spending on these things! There can be maintenance fees for coops and other types of residential fees, as well.
The Neighborhood
One of the main things you want to take into consideration when deciding on the neighborhood you want to live in is how close you will need to be to places of convenience. This includes shops, dry cleaners, etc, and also neighborhood schools. If you plan on driving to the places you need, this will be less of a concern. Otherwise, learning the ins and outs of the public transportation system is critical.
Among the other things you should think about are the following:
- You’ll want to investigate the safety level of any potential neighborhood you might move into. Find out if there have been crimes committed there. Of course, no neighborhood has a perfect safety record, but nonetheless you don’t want to end up being surprised in the end. And even if your new neighborhood does have a good reputation, you should look into installing a security system for your new house.
- You’ll want to think carefully about the amount of time it will take you to get to the places you need to go. Even if you have a car, make sure the rush hour in your city isn’t so great that you’ll spend half your day getting to work. And if there is a functioning transportation system, will it get you home if you have to work late hours? All these questions should be taken into consideration.
- Even if you move out to the suburbs and will have distance between you and your neighbors, you want those neighbors to be people that are trustworthy, will be nice to your kids, etc. And there should be an adequate number of facilities within reach that you will enjoy your time there,
Ask your real estate agent about these things. He or she should be familiar with the neighborhood and should be able to give you the information you need.
House Specifics
Once you’ve figured out what kind of neighborhood you want to live in, you should start thinking about the house itself. You can even make two categories for yourself: “essential” and “desirable.”
If you don’t have a huge budget, you should be prepared to
If your budget is pretty tight, you should expect to make some compromises in search of an ideal family nest. However, it doesn’t mean you need to refuse to have the things that are crucial for you.
Some of the things that you should keep in mind are the following:
- Size and type of the house. In Canada, you can choose between detached houses and townhomes/condos. All of them offer different amounts of space and amenities
- Floor plan. Whether you’re an individual or you have a family, it’s essential to find a place that will be convenient for everyone. You should think carefully about the amount of space that you will need, including recreation areas, etc.
Conclusion
Buying a home is a major undertaking. Taking the time to think carefully about where you want to live, what type of house you want, and the features that you and your family will need is essential. If you take the time to do it right,
A hasty decision in the house-buying process can become a nightmare for you and your family. The Canadian house-buying market can be tricky, that’s why you must make a list of all factors to consider before making a final decision.
