Considerations to Make When Purchasing a Home

Everyone has the dream of having their own home, bringing up a family in the house, designing it to reflect their personality, having a balcony to sip coffee, a backyard to install relaxing swings to spend a late night and so much more. 

Almost all of us have certain expectations about the location where we want our home to be; especially if purchasing a home away from our own country. Proximity to good educational institutions, job opportunities, closeness to nature, diversified population, healthcare facilities, recreational options etc are a few factors that people commonly consider. All these and much more can be found and enjoyed in the province of Canada- Ontario. 

If you have been wondering where to purchase your home; your search is over. Ontario is your best bet with the innumerable opportunities that it offers. 

Purchasing a house, however, is no easy task. You need to take several things into consideration before you make your choice and seal the deal. 

Below are mentioned 8 things to be considered when purchasing a home.

Cost of the house

Cost is the primary concern when it comes to buying a property. The process of buying a house is quite long drawn as it involves looking for a realtor, finding houses on the listing, shortlisting relevant ones, going house hunting, negotiating and so much more.  When you determine a budget for yourself, it allows you to screen the large number of alternatives available at hand, simplifying the home buying process and saving cost and time. Sometimes sellers quote higher than the ongoing price in the market. To identify the appropriate price for a house and negotiate with the seller, you need to be aware of the relevant price for a house. You can get this estimate from your realtor or utilise a home value estimator.

Location and neighbourhood 

Sometimes you might come across a house that perfectly fits your visualised home. Even the price of the house is affordable. In such a scenario, it is imperative that you hold onto your enthusiasm and also look at other factors like location and neighbourhood. Study the vicinity including road conditions, proximity and commute to prime areas, future infrastructure development etc.  Neighborhood plays a great role in lifestyle. Find out whether the location is safe, diverse, accepting and helpful. You don’t want to choose a place where you and your family won’t be safe. 

Commute facilities 

Buying property in prime locations is challenging. So, if you are looking into suburban areas, make sure you evaluate the connectivity and transport options. You should be able to commute to your workplace, educational institution or other prime areas with ease.  

Age of the house and its constituents 

Very frequently due to greater demand and less supply, buyers opt for resale houses. If you are buying an old house, it is important to know its age. You don’t want to be in a situation wherein you spend enormously on buying the house and have to keep incurring additional costs for repairs. 

Sometimes appliances in the house can be a deal maker or breaker. The house might have appliances and equipment that you aren’t inclined to utilise so converse with the seller and take help from your realtor, negotiate the price of the house. 

Sellers’ incentive to sell 

When you go out looking for houses, you’ll come across sellers who are highly motivated to sell and some who are just leisurely trying to sell their property. In the latter case, your chances of negotiation are minimised but if a seller is in a rush to sell due to reasons like job relocation, need to move out of state, or paying two mortgages and wanting to sell and get back to only one payment then you can discuss with your realtor and draft counteroffers to get the best price. 

Resale and rental value of the property 

If you are buying a house for the sake of investment, you need to consider its rental value and resale value. Investments are made for the purpose of deriving profits. Choose a house that has a prime locality and pays good rent so you can get a monthly income. Look for locations that have a growth potential, which will ensure you get a good return on investment when you sell off the house. 

Thoroughly read the documents 

It is vital that you read the documents thoroughly before you seal the deal and make the payments. Read between lines and make sure you are well acquainted with the clause, penalties and implications. Do not overlook the additional costs and keep a keen eye for hidden costs too. 

Home size, the layout of the kitchen, quality of the home, maintenance costs, and laws in the locality are a few other factors to consider. Home is a valuable and exorbitant asset. Most people put in all their life savings to purchase one.  So, make sure you consider all the above-mentioned points before you proceed. Contemplate deeply and don’t make abrupt decisions. Compare the other available properties and find the best fit for you! 

Kevin Darabont
I am a freelance writer who loves to craft, home decor improvement, and active DIYers. I am happy to share my knowledge and experience to the world and learn new things everyday.