July 5, 2023 | Buying

The Do’s & Don’ts of House Hunting

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Searching for your perfect property can be an overwhelming and daunting task, be sure to follow these do’s and don’ts while on the hunt. As always, our team is here to provide you with support and guidance from start to finish.

Don’t:

Overlook Your Budget
Before looking at properties, buyers should have a clear idea of what they can afford and stick to it.

Skip the Approval Process
Getting pre-approved for a mortgage can help buyers understand what they can afford and this can be more appealing to the sellers.

Focus Too Much on Aesthetics
While it’s important to find a home that suits your style and taste, buyers should not overlook important factors such as location, size, and potential for growth.

Forget to Consider the Future
Buying a home is a long-term commitment, and buyers should consider how their needs may change in the future and how the home may accommodate those changes.

Forget to Get a Home Inspection
Before buying a home, buyers should have it inspected by a professional inspector to identify any potential issues with the property.

Ignore Red Flags
Unpleasant odour? Water stains? If something seems too good to be true, it may be worth investigating further before making an offer.

Do:

Get Pre-Approved
You’ll want to make sure to get this process started ASAP for financing purposes.

Research Your Target Neighbourhood
Consider your commute, the age of the neighbourhood (mature versus up-and-coming), walk score to shops and amenities, and the options for school districts.

Determine Timeframe for Moving
Knowing your timeframe can help you narrow down your search for a new home. If you have a flexible timeframe, you can afford to wait for the perfect home to become available. If you’re on a tight schedule, you may need to compromise on certain factors such as location or size. More time also means more time for budgeting and packing up belongings.

Establish a Budget
You will be able to prioritize your needs and have a clear roadmap for your expenses, which can help you feel more in control of the process. You can also identify areas where you may be able to cut costs.

Factor in all Costs of Homeownership
Buyers should be aware of the additional costs associated with homeownership, such as property taxes, insurance, and maintenance costs.

Figure Out Your Wants & Needs
Take note of your requirements in a home. Consider your lifestyle and hobbies, family (and future family) size, and your aspirations. For example, if you love to cook, a large kitchen may be a priority. If you work from home, perhaps a designated office space may be essential.

Determine Your Deal-Breakers
Once you have a list of wants and needs, prioritize the items based on their importance to you. Consider which features are non-negotiable and which are more flexible. For example, if you prefer a quiet setting, you might want to avoid properties that back onto a highway or high-traffic streets.