How to find the right place to purchase your first home

Posted Feb 16, 2012 By EMC News

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(See hard copy for photo.)

(See hard copy for photo.)

EMC Business - Location, location, location. That adage has stood the test of time and any realtor will tell clients that where they buy their home can be as important as how big it is, what it looks like and how much it costs.

One of the many valuable services a realtor provides is helping homebuyers find the right neighbourhood for them by working with them to develop a list of "needs" and "wants" and helping them try to match those up with the homebuying budget.

CREATE A CHECKLIST

It's a good idea to write down everything one can think of that one needs and wants for a new neighbourhood. Obviously budget will play a large role in determining where one ends up buying.

For example, one's money will buy a lot more house in the country than it will in the city. But other things like the style of home, desired features and amenities will also factor in.

Here are some of the questions you will need to ask yourself to make your search easier.

1. What type of home are you looking for? If you want a larger home, you may need to look at the suburbs as opposed to the city. Or if you want a big property with room to move around, you may need to consider a rural community. Or if you prefer the urban lifestyle, perhaps a downtown condominium is more to your taste.

2. Do you need to be close to your workplace or are you willing to commute?

3. What is your main mode of transportation?Do you need easy access to public transportation or would you like to be able to walk to the corner store?

4. Do you need to be close to a major hospital, school or place of worship?

5. What activities are you involved in? Do you want the quieter lifestyle of a rural setting or do you prefer the action of a larger city?

This exercise will help the homeowners zero in on the neighbourhoods they might like to live in and eliminate the ones that don't meet their criteria.

VISIT THE POSSIBILITIES

Once the checklist is complete, people can begin visiting possible neighbourhoods that make the cut. Just be sure to always keep affordability in mind so as not to get carried away and overextended financially.

Sometimes, affording a first home can be a real challenge. But, a realtor will have tips and advice on how to afford it and can help locate "starter homes" or even a "handyman special" in a desired neighbourhood. This type of home could be more economical if one is willing to put in some elbow grease to fix it up.

A realtor will also have ideas to help one save a downpayment and obtain financing.

When the right neighbourhood is located, spend some time there to get a "feel" for it. Be sure to visit at different times to see what traffic is like and how quiet or noisy it is at times.

Check out the properties to see how well (or not so well) kept they are. Usually when the majority of homes are tidy and kept up it's a good sign that there is a sense of pride and community among the neighbours.

If one still likes it there after an investigation, it's time to have a realtor show available properties. They have access to vast amounts of property information and can provide a comparison of selling prices in the area.

A realtor will take all the information provided to them and develop a "short list" of homes in the neighbourhood that best match needs, wants and budget.

NEEDS VS. WANTS

To help develop location priorities, the Ontario Real Estate Association and local realtors offer the following checklist.

Identify each preference with an "N" or a "W" for needs and wants, and add others that are important:

- nearby facilities,

- quiet street,

- shopping within walking distance or short drive,

- parks or playgrounds,

- golf course nearby,

- skating rinks,

- restaurants,

- theatres,

- community centre,

- public swimming pool/tennis courts,

- public library,

- places of worship,

- services,

- police/fire department,

- day care,

- snow removal,

- hospital/Medical (doctors, dentists etc.),

- transportation,

- close to work,

- near major highway,

- near public transportation,

- schools,

- school-operated transportation available.

The Ontario Real Estate Association also has a free book called How to Buy Your Home that contains more helpful tips and advice about buying your first home. To obtain your copy call 1-800-563-HOME.

This article is provided by local realtors and the Ontario Real Estate Association for the benefit of consumers in the real estate market.