A human brain is bombarded with 11 million pieces of information but we can handle only 40 at a time. A checklist navigates us to the world without being inundated and overwhelmed. We often make a checklist for our day to day tasks but the best thing about a checklist is, it can be used for much bigger tasks as well such as buying a house.
As you search for a new house, make sure to keep this convenient house buying checklist by your side. It not only helps to make a clear decision on the aspect of buying a new house but also helps to eliminate the hidden costs of buying a new house.
Budgeting your house
The smart way to start your home buying process is by budgeting. Embark your home hunting with a firm understanding of the price range you will be able to afford. Make a list with your current savings, income, the mortgage you are planning to apply for, immediate and future financial requirements and the likes to arrive at a budget for your new house. Make sure to include other additional costs that you ought to spend on such as home inspection cost, legal fees and land transfer taxes etc.
Know your Mortgage options
In Canada, there are a lot of mortgage options available that vary based on the place and the down payment. Generally, if your down payment is equal to or more than 20% of the home purchase price, you may qualify for a ‘conventional’ mortgage, which doesn’t require you to purchase mortgage insurance separately. If you’re a first time home buyer then this piece of advice to you, large mortgages are more profitable for lenders and a larger down payment can lower your mortgage payments and potentially avoid paying additional costs such as mortgage insurance.
Immediacy to the Essentials
List down your everyday essentials and make sure the new house you are looking for is nearby to such essential services. If you take a bus or train to work, make sure the public transportation facilities are nearby to your potential house. If you have little champs, you will want to know if there are any schools and parks nearby. If the elderly are going to stay in the new house, make sure hospitals and other health facilities are nearby. Even if the essential services are not nearby, it is important to know whether they are easily accessible by road.
Size of the house
All of us need a good, spacious house, there is no doubt about that. But one should also consider the functionality of the different rooms and spaces. For example, if you have younger children, you need the bedrooms to be closer rather than one in each floor. If you are planning to add another car in the near future, you have to make sure there is enough parking space. If you are a minimalist, you might not need a big attic, so you have to see whether you can convert that space into something else. Therefore while looking for a house, make a detailed list of your functional requirements to decide the size of the house.
The structural integrity of the building
Always the outer beauty attracts eyes but reality relies on the inside. Is that building you’re looking at structurally stable? If it rains, will the roof leak, or worse, collapse? What’s the age of the building? If you’re serious about moving into a new home, make sure to get a professional to check the house’s structure before signing on the dotted line.
Find a reliable Realtor You Can Trust
Whether you’re browsing online listings or attending open houses, it’s in your best interest to find a trusted real estate agent. They do far more than scout out prospective homes. They help you with everything from information about the market regarding appropriate pricing to a financial upfront where to look for a mortgage and what pre-approval amount to request for a particular purchase offer. You definitely need a comprehensive list of realtors to choose the right one.
We at SkillRealty help people with our highly skilled realtors to make our beloved clients take a wise decision and it’s cumulative to become a right investment in future please dial us at 416-675-6300 to make an appointment with us and we will be working for you round the clock to help you get a lovely home of your dream.
