“Buying the right house means you’ve found your home – the place where you want to live”
Finding the right neighbourhood is the first consideration when searching for a home. Often, once the area is selected, many of our clients will ask us ‘How will I know when I see the right home?’ Our answer is usually ‘you should know when you first walk in the door.’ Home buyers tend end up choosing one of the first properties they see. Start your search: View Kelowna Real Estate Listings.
Understanding the Process of Buying a House
Once you’ve decided to buy a house it makes sense that you understand what the process entails. Ideally you should start by working on a priority list.
Factors that need your attention include:
Location: Possibly the most important factor to consider. When looking into location your research should bring forth information on:
- Crime rate
- Noise Levels
- General upkeep of properties in the neighbourhood
- Future development plans
- Zoning and the availability of basic facilities and amenities.
Square foot area and lot size: Planning ahead of time is definitely advised when you’re buying a home because this is not something one does very often. If you think one bedroom is enough for now, think about three to four years down the road when you might add to the family or have the in-laws move in. Determine your need for multiple bathrooms, a big kitchen, outdoor play area, garage, basement etc. at the very onset.
New home versus a fixer-upper: While a new home would be more expensive than a comparable fixer-upper, a well-built new home would also keep the maintenance costs low for some time to come. A fixer-upper, on the other hand, could require extensive work and money, and if you aren’t sure of what you’re up against, it may want to be avoided.
However, if you are handy, fixer-uppers are often the best buys. If you are looking in an older neighbourhood, your only option may be a home that needs repairs – in exchange, you might gain in lot size and proximity to amenities.
The cost of renovations must be considered and you will have to determine if the cost of the home will be worth the purchase price plus the final cost of renovations once they are complete.
A home to live in or to invest: If you are looking for a home to live in, you mainly have to consider aspects like location, square footage and the amenities you require. If you are buying a home from an investment perspective, you would have to consider how rentable the property is as well as its probable appreciation. When searching for an investment property you need to be careful to avoid developing an emotional connection to the home.
Know the Difference between Your Needs and Wants
Establishing the difference between what you actually need and what you desire is very important in buying a home and will save you considerable strife (and money).
The inability to separate your needs from your wants will result in time wasted looking at properties that are not right for you or, in the worst case scenario, you could buy something that is really not a good fit.
In a conversation with a newly retired couple, they expressed the life-long desire to own a home with a pool in the back yard. We arranged to view 5 properties with pools and by the time we reached the third one, both husband and wife had learned enough about the cost and responsibilities that the pool was moved off the list of things they needed to have.
It is a good idea to go carefully through the exercise of establishing wants and needs.