There are many things you can change about a home. Need more space? Is the kitchen outdated? Does the place “need work?” These can all be fixed with a renovation. One thing you can’t change, is the location. That’s why it’s so important to do your research and choose a location that not only fits your needs now, but in the future as well. In this article, we’ll guide you through five steps to help you choose the best location to buy a home.

Choosing the Best Location to Buy a Home

When shopping for a home, it can be easy to get blinded by the dazzle of a home’s features, like a brand-new kitchen or the pool in the backyard. However, it is critical to take time to think about where you would like to live, before you can dive deeper into the type of home you would like to live in.

According to a new survey by REMAX Canada, four in five Canadians said they would recommend their neighbourhood as a great place to live. That tells us that this is on Canadians’ radar, and they’ve done their research.

Furthermore, three-quarters of Canadians said they have made compromises to live where they do—highlighting an important reality that, sometimes, compromises have to be made to attain some of the must-haves on your list or criteria. With that said, 57 per cent of Canadians said despite their compromises, they love their neighbourhoods and agree that their lifestyle aligns with the neighbourhood they live in.

Let’s explore some lifestyle factors and how they may influence your choice of location.

Step 1: Urban versus Suburban

There are pros and cons to living in both, but one important factor is the cost of living in each location. If you prefer to live in the city, look at all your options to see what your budget will get you in the city, versus what it will get you in the suburbs. After weighing both options, the question remains, urban or suburban?

Step 2: Explore the Neighbourhood

Depending on if you are a young professional, are raising a young family, or are downsizing, you are likely looking for a likeminded community and neighbourhood where you will fit in. While conducting online research is a great place to start, nothing is better than first hand experience. These tips will help you choose the perfect neighbourhood.

Step 3: Research Proximity to Work and School

Commute times have gotten longer in Canada’s biggest cities, and the time spent getting to and from work is a deciding factor for many, when choosing where to work. Well, the same applies when choosing where to live. When choosing the best neighbourhood to buy a home, take some time to research the proximity to work, schools and other places you frequent on a regular basis. With that being said, jobs can come and go for a variety of reasons, so while the location of your workplace should factor into your decision on the best neighbourhood to buy a home, it shouldn’t be the only factor.

Step 4: Think About Family & Friends

Finding the right location means considering the distance to family and friends, and how long it will take you to get to them. If a change in location will mean you are further away from the people closest to you, you should consider if it is still the right option for you.

Step 5: Look Into Crime Rates

One of the main reasons your house feels like home is because as soon as you walk through the door, you feel safe. Getting a good understanding of what happens in the neighbourhood you are considering moving to can easily be done by conducting research on the crime rates in that area, compared to the other areas you are considering.

Although you may just be starting your home search, researching locations is one of the most important first steps. Your REMAX agent is a great resource for information on the many neighbourhoods within your city. Once you’ve decided on a general area, you can zero in and start the search for your new home!

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Source: https://blog.remax.ca/choosing-best-neighbourhood-to-buy-a-home/

Buying a house is a big deal for many of us. Owning a home is the ultimate symbol of personal success. It’s the reward for years of hard work, smart planning, and sticking to your financial goals. It means finally having a space that’s all yours—a place where you can kick back, grow, and make countless memories. But the thrill of chasing homeownership comes with its share of surprises, from the rollercoaster of market prices to figuring out loans and sifting through a mountain of paperwork. We hope to make your journey smoother by sharing common mistakes made by first-time buyers. We will provide key insights and practical tips so you can avoid pitfalls and make better-informed decisions.

Not Getting Pre-Approved for a Mortgage

Getting pre-approved does a couple of big things for you: it gives you a clear picture of what you can afford and makes sellers take you seriously. Imagine falling head over heels for a house only to find out it’s way out of your budget. Talk about heartbreak! Worse yet, stretching beyond your means can lead to a tough financial situation down the line. Sellers are more inclined to consider your offer seriously if they know you have financial backing.

Your credit score is a key factor lenders consider. Ensure it’s in good shape, as higher scores can secure you more favourable loan terms. If your score needs improvement, take steps to bolster it by paying down debts and correcting any errors on your credit report. Don’t settle for the first lender you meet. Compare rates and terms from multiple lenders to find the best deal. Each lender may offer different rates and fees, so shopping around can save you money in the long run.

Overlooking Additional Costs

A common oversight among first-time buyers is focusing solely on the down payment and monthly mortgage payments, neglecting the myriad of additional costs that come with homeownership. Closing costs, which can range from 2% to 5% of the home’s purchase price, property taxes, homeowners association fees, home insurance, and ongoing maintenance costs, can significantly impact your overall budget. By keeping these in mind, you’ll steer clear of financial surprises down the road so you can enjoy your new home without the stress of unanticipated bills.

Neglecting the Need for a Home Inspection

Skipping a home inspection to save a bit of time or money might seem like a shortcut, but it’s a risky move that can end up costing you more than you bargained for. A thorough inspection can reveal all sorts of hidden problems, from structural issues that compromise the house’s safety to outdated electrical systems that need a complete overhaul or even plumbing nightmares waiting to happen. A comprehensive home inspection can also highlight issues with the land itself, such as drainage problems that could lead to basement flooding or foundational shifts. These are concerns that not only affect your wallet but also your home’s livability. Uncovering these problems before you close the deal gives you a powerful negotiating tool. You can ask the seller to handle the repairs or to lower the price to cover the costs you’ll have to shoulder.

Letting Emotions Drive the Decision

Letting your heart rule over your head when you find a property you love is tempting, but you should keep your emotions in check to make a wise investment. Before making an offer, take a step back and consider the practical aspects. One useful strategy is to bring along a friend or family member during viewings—someone who can offer a fresh perspective and highlight things you might overlook when you’re smitten with a property. Make a list of non-negotiables for your new home to keep your priorities straight, so you don’t compromise on essential features for the sake of emotional attachment. Before you make an offer, research the local market thoroughly to understand the value of homes in the area. This will help you make an informed offer that’s in line with current market conditions, preventing overpayment.

Failing to Consider Future Needs

First-time homebuyers often get caught up in what they need right now without thinking much about what life might look like in the next 5 to 10 years. Big life changes, like adding to your family, switching jobs, or even just changing up how you want to live, can impact how well your home fits your life. Picking a place that meets your needs today and down the road can save you from the hassle and expense of moving or remodelling later on. When you’re looking for your home, it’s wise to think about the location, how big it is, the layout, and whether there’s room to grow or change things up. Keeping an eye on the future while you choose your home can help make sure it’s a good fit for the long haul.

Steer clear of the common hurdles in the home-buying process with RE/MAX, Canada’s leading real estate organization with unrivalled market share in nearly every region. Start your path to homeownership with our guidance, ensuring no detail is overlooked. Reach out to a REMAX agent today.

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Source: https://blog.remax.ca/avoid-these-common-mistakes-made-by-first-time-home-buyers-2/