What To Look For When Buying Your First Home in Ontario
August 10, 2017 | Posted by: Richard Allatt
Becoming a first time homebuyer in Ontario is an exciting time in an individual's life. You may already have a family that needs more than simply being a good structure to protect against them against the elements. In addition, making sure your first home is a good investment can also secure your financial position in the future. Home seekers should consider a number of important points when looking for their first home:
A Fairly Priced Home
Finding the right home at the right price is every homebuyer's dream. You may have to do a significant amount of searching to find that perfect residence. Knowing how much you can afford and how big a mortgage is available to you at a good rate is an important part of this process. Many homebuyers find that pre-qualification for a loan can help to refine their search criteria. Ask your rental agent about how pre-qualification can help you.
Enough Room For Growth
Experts note that people are staying in their first home longer than they did in previous eras. This trend is a result of less mobility for jobs and higher home prices. When house hunting, you should choose a home that can serve your family for 10 years. If you plan to expand your family, take your need for extra space into account, so that you are not forced to move into a bigger home at a bad time in the real estate market.
Updates in Key Areas
A home that has been updated in key areas is a good option for buyers. These homes will not require updating, which will increase your costs significantly in coming years. Bathrooms, kitchens and family areas should reflect today's trends, with easy-care materials and convenient storage space.
Roof and Gutters in Good Condition
New roofing can be a considerable expense for a new homeowner. You should ensure that the roof and gutters on your chosen property are in good condition. Find out how old they are and whether they have been recently repaired. Take a look at the gutter system to see if it has been maintained properly. Visual inspection can often tell you whether the current owner has kept up the property or let it fall into disrepair. A home inspector can examine the roof and other major systems of the residence to alert you to possible problems.
Features That Are Inexpensive To Maintain
A home may look beautiful but be expensive to maintain to keep that high level of desirability. Features such as a swimming pool, may be intriguing, but will require regular and seasonal maintenance. A glass-enclosed room may have impact, but it will require ongoing care to keep it looking clean and clear. Similarly, landscaping that is impressive may require expensive monthly upkeep. Keep these additional costs in mind when assessing the property.
Close To Good Schools
If you already have children, you are likely to look for a home in an area that has a reputation for good schools. Even if you don't have children, these areas offer considerable benefit when you are ready to resell the home. These areas tend to remain stable, regardless of real estate market trends. Homebuyers can choose from a number of areas known for academic excellence that will ensure that the property holds its resale value in the future.
Close To Convenient Transportation Routes
A residence that is in a good location, close to popular transportation routes, can maintain its value over time. It will be a desirable property to a new owner when you are ready to resell.
An updated home that is in good repair, easy to maintain and fairly priced, as well as close to good schools and convenient transportation routes, can ensure that your first home purchase suits your needs and advances your financial goals. Paying attention to these features will also give your home greater resale value.