House buying tips: 4 things to consider when looking for a new home

A home is a big purchase, so it isn’t a decision you should make without careful consideration. If you are thinking of buying a home and are not sure where to start, keep reading.

Here are 4 things to consider when buying a new home.

How much can you afford?

One of the first things you should do is establish how much you can afford to spend on a home. If you already own a property and intend to sell it to fund your new purchase, arrange a property valuation as soon as you can. The equity you are likely to have from your sale plus any savings and mortgage will help you calculate a realistic budget. Do this before you start viewing properties. Finding your dream home then discovering you can’t afford it is not a scenario that you want.

If you aren’t sure how much of a mortgage you can get, speak to an independent financial advisor who will go through it all with you. The base rate is low just now, so (providing you have sufficient income) you should have no trouble finding a suitable mortgage product.

Once you’ve gone through all these, it’s time to get financing, which should not be too hard, but you do need to put in the work. First, you must do as much research as you can to learn more on first home buyers loans and how to secure the best possible deal. Then you’ll have to approach several lenders, get their offers, and finally make a choice. It goes without saying that the more generous your down-payment is, the better it will be for you in terms of mortgage costs.

Check property listings

Whether you are interested in homes for sale in Toronto, Montreal, or Vancouver, it is very likely they will be listed online. Find out which real estate portals are used most regularly in your area and check them every day.

It’s also worth ringing local agents to tell them the type of property you are looking for and how much you are looking to spend. You may get advanced notice of a property going on the market, which could give you early access for viewing and a possible edge over other buyers.

Do the schools have a good reputation?

If you are a parent, you know how important it is that your child gets into a good school, so it’s something you need to research before making an offer on a new home. Ask around to find out about a school’s reputation, or you should be able to find some form of governing body review that should give you some insight into a school’s performance.

Many countries work within a catchment system so, if you find a school you like the sound of, establish whether you need to live within a designated zip code to make your children eligible to attend.  

Is it big enough?

When buying a new home, you need to be realistic about its size. If you live alone, you don’t need to give it too much consideration, but if you intend to have children any time soon or are likely to want friends or family to stay regularly, make sure your new home is big enough.

Buying and selling property is a costly business, so get it right the first time, or you could end up paying double the sets of fees and outlays if you need to move again.