Choosing a home to purchase is not a decision to be taken lightly. Looking at potential homes can be stressful and exciting, but it’s important not to get swept up by all these emotions.
A home is one of the biggest investments you will ever make, so you want to make the right decision that will set you up for success for years to come. This is why it’s essential to have a good grasp of what you want in your new home before you start looking.
The perfect home looks different for everyone, so it’s critical that you and your family can identify what your ideal home looks like with your family so you can be on the same page. There are so many options on the market all the time, so it’s important to narrow down what exactly you are looking for.
What are your dealbreakers? What are some features you are willing to compromise? These are the decisions you want to make to help you find the perfect home for you and your family.
Figure Out Your Budget
Getting pre-approved for a mortgage is a pivotal step that will help give you an idea of what you can afford in the area you’re looking in. Once you have a budget, you will be able to better narrow your search and identify the types of homes and neighbourhoods that will make the most sense for you.
Find a Specialized Local Professional
If you have already identified the area or region you want to look in, be sure to work with a professional who has specialized experience in the neighbourhood. A local agent will have a better idea of what your budget can get you in the neighbourhood, neighbourhood trends and more.
For example, if you are looking for a home in Whitby or Ajax, the Shawn Lepp Group real estate agents in Whitby have specialized knowledge of the Durham Region market to help you make an educated choice.
List Your Must Haves and Nice to Haves
Making a list of the features you’re looking for is an essential step in finding the right house for you. Split the list into separate sections for what you absolutely need, what you would like to have, and those that aren’t as important.
As you look at different houses with different features, it’s essential to go back to your list and remind yourself of the features you must have and the ones you’re more willing to compromise on.
Get it Inspected
You may find a house that is perfect in every way, on the surface at least. That’s why it’s essential to get the home inspected to make sure that the perfection holds true as you dig deeper. Have an inspector come through to check everything over and give you an unbiased opinion. The couple hundred dollars this will cost you is well-spent to keep you from buying a money pit.
Concentrate on the Bones
Imagine finding a home in the perfect location, but it’s not very clean, the paint isn’t fresh, or you hate the carpet. While there are big-ticket repairs that could be dealbreakers, if a house has minor deficiencies that can be more easily and affordably repaired and remedied over time, don’t let these temporary easy fixes stop you from choosing an otherwise perfect home. Concentrate on the bones of the house that you can’t change – everything else is cosmetic and can be adjusted easily.
Picture Living There
When we come across a home that’s well-staged and shown in the best light, it’s easy to get swept up in the idyllic picture-perfect ambiance. Take a moment to picture what it would be like to live there and go about your day-to-day routines.
Most homes are far from perfect, so staying flexible is good. Following these tips will help you find a house that’s as perfect as can be for you and your family to make into a home.
TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.
The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.
The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.
CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.
However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.
Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.
This report by The Canadian Press was first published Sept. 17,2024.
OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.
On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.
CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”
The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.
The number of newly listed properties was up 1.1 per cent month-over-month.
This report by The Canadian Press was first published Sept. 16, 2024.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
