Four Things to Look Out For When Buying a New Home

Buying a new home is one of the biggest moments of your life — it’s exciting but can also be extremely stressful. It’s more of a long-term commitment than renting, and while you might not plan on staying there forever, you’re going to be there for at least a few years, and selling your house will take some time. So it’s important to think carefully about buying a house and make sure it’s the right fit for you. We take a look at four things to look out for when buying a new home.

Find out what you can afford 

The first thing to be clear about when you’re looking to buy a new home is exactly what you can afford. Most of us need to take out a mortgage to buy a property and finding out how much you can borrow will help you to decide which areas and properties that you look at. 

If you’re unsure where to start then it’s a good idea to get in touch with a local mortgage professional. For example, if you’re looking to buy in Brantford, you can find a Brantford mortgage broker with a site like Breezeful. This lets you choose from a plethora of local brokers, giving you the benefit of local knowledge at competitive prices.

Indeed, by getting in touch with someone that’s local you’ll be able to meet up and get clear answers to any questions you may have and they can give you an insight into rates and how much you can borrow from different lenders.  It's also important to consider all the additional costs associated with buying a new home and include them in your budgeting. You’ll have to cover legal fees, surveys, removal costs, and any taxes. If you’re thinking of clearing out your old furniture or moving too far to take it with you, then use MaxSold for an easy to use online auction service.

Consider the location 

Once you know what you can afford the next step is pinning down the right location for your new home. Some of the key things to consider when choosing your location include your morning commute, access to public transportation, and the local schools. 

Most of us don’t want to spend several hours commuting each morning, but there’s often a fine balance between an easy commute but being able to get away from your work at the end of the day and living in a suitable area. If you don’t drive, consider buses and trains, or even cycle path networks or walking routes to your office. 

If you have a family or are thinking of starting one, then schools are also an important part of deciding where to buy a new home. When you’ve narrowed down your search to a few areas take a look around the nearby schools. But also be aware that being close to a good school may impact house prices.  When you’re thinking of moving somewhere completely new, it’s also a good idea to visit the area you’re thinking of moving to. Spend some time there during the day and at night, explore the area, and speak to other people that live there. You can also do some research online, for example, if you’re thinking of moving to Vancouver then the Moving 2 Canada Destination Guides covers all the questions you might have.

Look for potential instead of perfect

Because buying a new home is such a long-term commitment you really need to think about the future. A two-bedroom house might be fine for now, but think about what space you might need in two or three years’ time. 

Instead of pushing your budget for your dream house in the perfect location for right now, look out for properties that might be a little bit further away or need some renovating but have a lot more space and potential for the future. 

Problems with the house 

You’ve found out how much you can borrow, decided on an area, and found the right house — but what are some of the problems you need to look out for in your potential new home? 

There are a few things you can probably spot for yourself that should set alarm bells ringing such as damp, mold, faulty guttering, and rotten wood. These can all cost a lot to fix, and might be signs of more persistent problems with the house. Identifying these early on can help you negotiate on the price, or save you from wasting time trying to buy a problem house. 

You should also make sure to get a home inspection before you complete the purchase. This will give you a clear idea of the condition of the house and an estimate of how much repairs and maintenance will be. Use the Canadian Association of Home and Property Inspectors to find a local, reliable, and trustworthy home inspector. 

By looking out for these things when you buy a new home you should be able to find the perfect place in the right location with real potential for the future.

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