What does your future lifestyle hold?
How many bedrooms will you one day require? Your preschoolers will be teens some day. Are you planning to stay in your home that long? Perhaps your teens are ready to move out on their own. What will you do with all the extra space? When you're thinking about accommodating your family's needs, think of things like parking. How many cars will require space? You'll also want to consider proximity to - and the reputation of - schools in the area.
How is your work situation? These days people tend to change jobs frequently, and sometimes the best way to get a promotion is to move to another company. If you might be transferred, will you be able to sell your home quickly? Keeping work in mind, how long do you want to spend commuting? Do you drive or depend on public transportation?
As you can see, you will want to give some thought to how long you are going to stay in your home. It may be difficult to answer these questions before you've even found your home, but if it's your first home, give some thought to the resale value when it's time to upgrade. On the other hand, if you're planning to stay in your home for a long time, consider your future needs and purchase a home that will accommodate them.
Location, Style & Cost
Your selected location. Are you set on a specific area'
Downtown' The suburbs? A rural setting?
Your preferred type of home. Detached? Semi? Duplex? High-rise? Link? Townhouse? New or resale?
Your income. After all, it's not just a mortgage you have to take into account. There are property taxes, utilities, and in some cases condo or strata fees. As a general rule of thumb, your monthly home-carrying cost should not be more than 30-35% of your income.
Market conditions. Is it a buyer's, seller's or balanced market?
There are also additional costs to keep in mind. It is a good idea to work out exactly what you want and what you can afford before you begin the search. Be specific! After all, you don't want to suddenly come to the realization that your dream house has come with a nightmare of bills and expenses. Stick to looking at houses in your price range. The more you've thought about it, the better your RE/MAX agent can meet your needs.
Why is location important?
Of course, the first step in deciding on a new home is your lifestyle at present and how your lifestyle will change over the next few years. Are you an active person? If so, a location with a nearby recreational facility would be ideal. Are you a nature lover? Then perhaps an area with parks and walking trails would suit you. Think about yourself and your family and decide what you enjoy doing and what type of lifestyle you would enjoy in your new home.
Your ideal home may not be ideal anymore if it is downwind from a garbage dump, or if your home is right next to a freeway overpass. Think about the view. Will you like what you see every time you look out the window? Selecting where you want to live is as important as selecting what type of dwelling you would like to live in.
Consider how far your selected neighbor hood is from where you work, how far you're willing to commute and your lifestyle. You'll also think about schools if you have, or are planning to have, children. And what about medical facilities, places of worship public transportation and recreation?
If you're contemplating the move to an unfamiliar neighborhood, take the time to go exploring. Walk around, drive around, and get a feel for the distance to the nearest convenience store, the commute. Make some notes. Take the neighborhoods tour at different times of day and contact the local municipal office to find out what future developments are planned.
You'll also want to check zoning by-laws and fire codes, especially if you plan to rent the basement or conduct a business in your new home. In-law suites, student housing, basement apartments and duplexes all have very specific code requirements.
Types and styles of homes
High-rise Condominium: A multi-storey residential building
Townhouse: Several single-family units joined by common walls
Semi-detached: Two single family homes attached by one common wall
Duplex: Two units, one above the other, detached from neighboring homes
Single-Family Detached: One unit on its own lot, designed to house one family
What can I afford?
There are two types of costs in buying a home - the initial amount you will need for your purchase and the ongoing costs of paying back your mortgage along with monthly operating costs. The largest one-time cost is the down payment, which usually represents 5-10% of the total price of the property.
Typical one-time expenses:
Mortgage application and appraisal fee
Property inspection (optional) due at time of inspection
Legal fees, due at time of closing
Property survey (sometimes provided by seller), due at the time of closing
Land transfer, deed tax or property purchase tax, due at the time of closing (in Quebec, within 3 months of signing)
Mortgage interest adjustments (if applicable) due at time of closing
Home and property insurance, at closing and ongoing
Moving expenses, due on the date of move
PST on high ratio mortgages
Realty Tax Holdback
Typical Monthly Expenses
Maintenance (this could be condominium fees, or allocated maintenance fees)
Property and content insurance
So, if you are thinking of selling and buying a homes this year, should you buy or sell first? I've had many clients purchase before they sell. I just want you to have all the information so you can make the best decision for yourself and your family. You may read more about buying or selling first here
Read about what happened in real estate last month.
I wish you much success, good health and happiness today and always!
Mississauga MLS Real Estate Properties & MLS.CA Homes for Sale | All Pages including Mississauga Real Estate Blog all maintained by email@example.com Copyright © A. Mark Argentino, P.Eng., Broker, RE/MAX Realty Specialists Inc., Brokerage, Mississauga, Ontario, Canada L5M 7A1 (905) 828-3434 Google First created - Tuesday, July 16th, 1996 at 3:48:41 PM - Last Update of this website: Monday, January 15, 2018 8:24 PM
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