Take a minute and think about what your dream home would be look like.
Now, take into consideration your pre-approval amount.
Let’s face it; very few people can afford their dream home as their first. Chances are you’ll have to make some sacrifices, but before you start your search it’s very important to consider the areas you’re prepared to sacrifice on. Here’s a checklist of some basic things you’ll want to consider when coming up with your list for your ideal, yet realistic new home.
1. Home Considerations – Are you looking for a home? Condo? Or apartment? Do you want a yard? Balcony? How many appliances do you want? Which ones? Would you want a fixer-upper? How many rooms? How many bathrooms?
2. Life Considerations – Do you plan on living in this area for a long period of time? Are you planning on having kids? Do you have or will you want pets? Would you want to rent out extra rooms?
3. Make a List of Your Current Activities, especially the common ones gym, movies, supermarket, tailors, Starbucks etc. having a list of the places you’ll want to have near your new home is an asset to have when consider buying.
4. Consider Transportation – how far away is your work, where is the nearest transit station, highway, subway, airport etc.
5. Consider Safety – check out the local crime rate (which is usually available from local police stations), ask locals about crime, and also determine where the nearest hospital, medi-centre, fire department and police stations are.
6. Take Re-Sell Value into Account – you can obtain local economic development information about your area to determine if land values are rising or falling.
7. Explore Local Schooling Options – take some time to investigate the local school district, inquire about class sizes, test scores, extra curricular activities available etc.
8. Explore Your Community – take some time to walk around your new potential community, talk with locals and get a sense of the area on foot.