Home Buying: 6 Things That Are Often Overlooked
Buying a home is a complex process and many things must be considered in a short period of time. Here are six important elements that many buyers either underestimate or fail to evaluate before closing the deal.
1. Travelling to work
If you’re buying a home in a new neighbourhood or city, have you assessed how much time it will take you to get to work each morning? Many buyers realize after closing the transaction that they have underestimated this aspect. There is no miracle formula here – the most reliable way to know the time between your future home and your workplace is to travel this route during rush hour.
2. The neighbourhood at night
Some neighbourhoods that are quiet during the day can take on a whole different feel at night. Sometimes it's the influx of revelers that changes the dynamic. Other times, a lack of lighting can make the area feel not as safe as during the day. Avoid unpleasant surprises by taking the time to visit your future neighbourhood at different times of the day.
3. The declaration of co-ownership
It is essential that you pay particular attention to a condominium’s declaration of co-ownership as its purpose is to establish the rules that govern cohabitation in the building, as well as its administration. It is this document that stipulates the purpose of the building, the distribution of common costs between the co-owners, the definition of private and common areas, etc. Thinking of renting your condo on a short-term basis? The declaration of co-ownership will tell you whether or not you are allowed to do so.
4. Bedroom / bathroom ratio
Are you sure that the property you’re interested in has enough bathrooms for the number of occupants? Not having enough bathrooms could lead to traffic jams on weekday mornings! Most experts agree that a three-bedroom home should have at least two full bathrooms.
5. Resale value
Too often, buyers forget that they will one day have to sell the property they are about to buy. According to Mortgage Professionals Canada, Canadians buy an average of nearly five homes in their lifetime. So it's wise to always keep in mind its resale value. While you may not be bothered by the railway tracks that run right behind your backyard, they may be a factor for potential buyers when the time comes to sell.
6. Space for your future needs
Even though you may need to move one day, the fact remains that your current needs could change faster than expected. For example, will your future property allow you to set up a home office if the opportunity to work from home arises? Without buying a house that is too big for your needs or your budget, make sure that your new home will allow you to adapt to some of life’s unexpected situations.
By following these tips, you will maximize the chances of making a successful home purchase. Don’t forget to discuss all of these elements with your real estate broker, who will help guide you to the property that best suits your needs.