Which Home is Right for You?

Now that you have taken a long hard look at your finances, your next step is to think about the home that you would like to buy. What are your Needs? Consider your needs NOW and in the FUTURE. Think about what your needs are right now and what you expect your life to be like over the next 10 years. Are you planning a bigger family? Do you anticipate having pets and really need a backyard? Do you need a home office? Do you have teenagers who will be moving away soon? Are you close to retirement? Do you have an older relative who might come to live with you? Try to find a home that meets your current needs but one that will also grow with you over the next 10 years.

Considering the Features of a Home

After you have considered your current and future needs, consider features of a home that you feel you need before you would make an offer. Download our Home Features Checklist Worksheet (PDF) to help you in deciding which features are absolute musts. Which features are high on your list and which are low?

Next Decision? What Location would you like to live in?

This is a very important decision. It will impact which schools your kids go to and how long it takes you to drive to work as well as many other things in your life. You don’t want to choose the right house in the wrong location. Just because a house has all the features you are looking for, doesn’t mean it is the best house for you. Decide if you want to live in the city or in the country. What is the commuting cost to go to work? Where will the children go to school and how will they get there? Is there a park nearby? How close are you to family and friends?

Do you want a Brand New Home or Pre-owned Home?

If you want a brand new home, are you considering buying it from a builder or having a contractor build it for you? If you are considering buying a pre-owned or resale home, what things do you need to consider?

New Home – what you need to consider

  1. Up-to-date design that reflects the latest trends, materials and features.
  2. A builder may allow you to choose certain features such as the style of the siding, flooring, cabinets and plumbing and electrical fixtures.
  3. You may have to pay extra for certain features such as fireplaces, trees, sod or a paved driveway. Or you may have to opt going without these things until you can afford them later.
  4. Make sure you know exactly what is included in the price of your home.
  5. HST is applicable on New Housing purchases; however First-Time Home Buyers may be eligible for a HST Rebate and an Income Tax Credit. See my articles on "Help for First Time Home Buyers”. For more information, visit the Canada Revenue Agency website.
  6. A new home will have low maintenance costs because everything is new.
  7. Builders are required to provide a warranty with all new construction. Be sure to check all the conditions of the warranty to make sure that you are covered in case something major goes wrong with the house.
  8. Check to see if the neighborhood amenities are complete and how long before they are completed. For example, schools, shopping malls and other services may not be completed for years.

Building Your Own Home – what you need to consider

  1. If you prefer the flexibility and challenge of building our own home, expect to invest a lot of time and energy.
  2. Of course, on the plus side, you get to make all the decisions – size, design, location, quality of material, whether or not it will be energy-efficient. If you have the time and energy to take this route, you will get a home that will meet more of your personal tastes.

Resale Home

  1. If you buy a home that is older and is already built, you have a clear idea of what the neighborhood is like. You can visit the schools, local shopping areas, libraries, etc to get a feel for the neighborhood.
  2. Finished older homes may have swimming pools, fireplaces, finished basements and extras like fenced in back yards and landscaping. If you do not have the time or energy to add these features to a newly constructed home, an older resale home may be the best bet for you.
  3. You don`t have to pay HST on resale homes
  4. If the house is dated, you may want to upgrade certain features like countertops, window treatments, etc. Or maybe the home needs to be extensively renovated. Take a good look at the home and make sure that you know what you are getting into. Does it need a new roof? New windows and doors? Are these things I can budget for later and can live with now?
  5. What type of home should you buy? Can you see yourself living in a detached single-family home? A townhome or condominium? Or a Duplex? Would you like a two-storey or a bungalow? There are many styles of houses. Consider which ones would best suit your lifestyle and needs.

What’s Next? Next you need to choose a team of experienced professionals that can help you buy the home of your dreams. You will need:

  1. A Real Estate Agent
  2. Lender or Mortgage Broker
  3. Lawyer
  4. Insurance Broker
  5. Home Inspector
  6. Appraiser – if required by your lender
  7. Land Surveyer – if required
FIND YOUR PERFECT HOME TODAY!
Contact us and let the professional and experienced agents at The Golfi Team help you find homes for sale in Hamilton or the surrounding area. Or, feel free to explore the site for more information about the fantastic communities we serve
CONTACT THE GOLFI TEAM FOR A STRESS-FREE HOME BUYING EXPERIENCE!