| Oct 21, 2020
Believe it or not, I actually talk more clients out of buying houses than I talk into buying them. That’s because finding the right home should never be a matter of convincing on my part, or settling on theirs. As a real estate professional, my job is to uncover great home-ownership opportunities for my clients in their unique circumstances, and to steer them clear of what could be a bad buy and a costly mistake. Here are three things you should never compromise on when house hunting.
Price
Sometimes, temptation can get the best of us and a house can seem like the one, except for one thing – and in this competitive marketplace, usually that “one thing” is the price. Unfortunately, price is where some home buyers get themselves into trouble if they don’t do their homework first. Before you start house hunting, know your budget. Get pre-approved for a mortgage, which lets you know how much a lender is willing to finance. This is your absolute upper limit. It’s also a good idea to crunch the numbers to make sure you can afford the mortgage payments while maintaining your current (or desired) lifestyle.
Location
I’ve said it before and I’ll say it again – location is everything, dictating everything from the price of the home to your lifestyle while you live these. It will also impact the future value of your investment, so it pays off to do some research on the location and development plans for the area. Consider your daily routine. How far is too far to drive to and from work everyday, if you are required to commute to an office? Do you have kids, and are there schools and recreational facilities nearby? Are there grocery stores, banks and other essential services nearby? Are you family and friends nearby? Beyond the home itself, the neighbourhood around you also has to be a good fit.
The House
Yes, the house itself is really important, too. If you’re ready, willing and able to renovate it, then you have some flexibility in the type of home purchased and the price. (Just think of the potential of a fixer-upper in a prime neighbourhood!) However, if you’re looking for a move-in-ready home then you need to nail your wants and needs on the first try. How many bedrooms and bathrooms do you need to accommodate everyone comfortably? Do you require a home office, or easy access to the highway in order to get to your place of work? Do you need in-law suite, or a separate rental unit for tenants? Your wants are also important (as long as they work within your budget) so be sure to factor those into your decision as well.
When all is said and done, the right house won’t leave you full of questions, doubts and eventual regrets. It may take another week or month for it to hit the market, but when it does, it’s yours. I’ll know it and most importantly, you’ll know it too.