Top Things to Consider when buying a house

For most people, buying a house can be one of the most important decisions of your life. However, having a strong understanding of the buying process makes this process easier. Here are the top things to consider when buying a house. 

1. Budget

The most important factor to consider before buying a home is your budget. It is essential to take into consideration your income, and monthly expenses- both fixed and variable to understand your affordability. When you finally decide on how much you’re comfortable with spending towards a mortgage, speaking with a mortgage agent or a financial advisor will help understand how you should proceed. It might also be beneficial to get your mortgage pre-approved so that when you find a home you like, you’re all set to make an offer. 

2. Location

When it comes to house hunting, location plays a major role. While all other aspects of a home can be changed, the location is something that will always stay the same. It is a good idea to consider the proximity of the house to all the amenities that are important to you ranging from grocery stores, hospitals and walk-in clinics, parks and recreational facilities as well as your workplace.

3. House Size or House Type 

With a variety of options available to choose from be it a condo, townhouse, semi-detached or detached, it’s important to take into consideration the type of home that fits your needs. Things to keep in mind include a minimum and maximum square footage, the number of bedrooms and bathrooms, and whether you need a backyard for your kids to play in or a walk-out basement that you could potentially rent out in the future, this is definitely something you really need to assess.

4. Quality of Schools

Sometimes, the quality of schools is a dealbreaker for homebuyers with kids, or those who are about to start a family. Ideally, every parent aims to send their children to highly-rated schools in the district. 

5. Preconstruction Home or Resale Home

When thinking about purchasing a property, a question that might come up is whether to buy a pre-construction or a resale home. There are pros and cons to both. 

Resale Homes
Resale Property Advantages:

• Move in sooner

• Tangible

• Smaller Deposit

• No GST Payment

• More Affordable

Resale Property Disadvantages:

• No Option for Customization

• Property Transfer Tax Exemption Lower Threshold

Pre-construction Homes

Pre-construction Advantages:

• Possibility of customization 

• Deposit due over a period of time

• More time to save for the down payment

Pre-construction Disadvantages:

• Not built yet

• Higher Deposit Rates

• Have to pay GST

• The risk of interest rates hiking

 If you keep these specific factors of home buying, your house hunting will be more successful, and you could end up with the home of your dreams.