5 Factors to Consider When Buying a House

Published on 16 December 2021 in Blog Home Buying Tips Tips by Jenn Chamberlain

Last updated on May 6th, 2024 at 11:41 am

Buying a home is one achievement in life that many of us strive for. It’s an exciting process when you’re house hunting to find your dream property. But before you get swept up in the excitement and place an offer, it’s imperative to stop and think about what you really need and want in your dream home, and how it will impact your lifestyle. After all, it’s a big investment, and it’ll be the place where you live for the foreseeable future. So how can you determine if a property is right for you and your family? Here are some of the key factors to consider when buying a house.

Your Monthly Expenses

The most important factor to be crystal clear on before house hunting is your budget. Specifically, you should understand all of the expenses that will be required when purchasing a home, including monthly expenses beyond just the sale price and mortgage. Things like your utility bills, property taxes, insurance premiums, and maintenance needs are just a few examples. Additionally, if you’re planning to purchase a fixer-upper, make sure to factor in the extra costs that will be needed to renovate. The bottom line is understanding the complete scope of what your long-term monthly expenses will look like is crucial so you can avoid placing too much strain on your finances.

Location and Commute Times

Are you willing to commute to work or the city? If so, what’s the maximum timeframe that you’re willing to endure? Will you or your family need public transit nearby? Commute times and proximity to transit can be very important factors for many who rely on taking the train to work or for those who want to be able to hop in their car and reach the office in the least amount of time possible. It all comes down to what you prioritize, so make sure to think about the route you’d have to take, what the local traffic is like and what you’re willing to compromise.

The Neighbourhood and Vicinity

When you move into a home, you’re also moving into a new neighbourhood, which is why it’s a good idea to choose an area that you enjoy. Do you want an urban location where you can walk to local coffee shops and stores? Maybe you’re eager to find something in the country so you can enjoy a slower pace, avoid noisy neighbours and embrace an easier lifestyle. Whatever your preference is, think carefully about what you want in a location, and do some research to learn about different neighbourhoods that could be a good potential fit. Your real estate agent can also help you find the perfect place that will have the vibe that will suit your lifestyle.

Size

Are you searching for a 2-bedroom, 3-bedroom, or a house with a large backyard? Do you prefer something smaller and compact that’s cozy and easy to maintain? If you plan to expand your family in the near future or have your parents eventually move in with you, take these all into consideration so you can land in a home that you can comfortably grow in.

Maintenance and Work Involved

No property will be perfect or have every single thing you want. But one of the most important ways to land in a home that you will love is to be honest with yourself right from the get-go. If you’re not a fan of high-maintenance properties and don’t intend on maintaining the landscape, avoid properties that will require it. If you don’t want to endure lots of renovations, steer clear of older homes too. Get all the advice and assistance you need during your home purchasing process with Steve and Jenn. Our award-winning team will be glad to help you find your dream home in Ottawa. By Jenn Chamberlain