What to Consider When Getting Ready to Purchase Your First Home
If you’re thinking about becoming a first time home buyer, there are many things to consider. We’ve listed some tips below to help you gain a better understanding of what your home should look like.
If you’re thinking about becoming a first time home buyer, there are many things to consider. Sometimes when you visit a home, you fall in love with one aspect and get caught up in that one aspect without recognizing how it will fit with your lifestyle in the present and future, that’s why it’s so important to have a strong understanding of what you’re looking for in a home before you start looking. We’ve listed some tips below to help you gain a better understanding of what your home should look like.
1. Know your budget. You can talk to your bank about finding out how much house you can afford and what works best with your income. Your maximum budget will be the first indicator of what options you have and your realtor will likely want to know what your maximum budget is before setting out to look for a home. Our talented design team will also help you along the way in choosing selections that are beautiful, on trend and on budget.
2. Condominium or a freehold house? Choose what’s best for you. Many home owners prefer the freedom that a condominium offers in terms of maintenance and up-keep. However, there will be fees involved and all of that will factor into your budget. You may decide that you are open to both options but you will have a cap on the amount of maintenance fees you are willing to pay. Keep in mind also that the amount of maintenance fees you pay into over the course of a year can work out to a little more in mortgage payments on a house. At Reid’s Heritage Homes, we have a wide variety of both product types including both condominiums and freeholds.
3. Choose your neighbourhood. You want to select a neighbourhood that suits your lifestyle and the way you envision your lifestyle down the road. Take a look at the amenities and ask yourself the following questions; are there parks? Are there walking trails? Access to essentials like grocery stores and drug stores? Is public transit a priority and if so, is there feasible access to it? How many parking spaces will you require? When reviewing these options, think about the present but also think long term and ask yourself what you may require of your neighbourhood 5 years down the road. Our land development team is always thinking of how the community will someday come to life, and as such make plans for parks, common areas and trails where possible. We are proud to have built some wonderful communities over the years in Kitchener-Waterloo, Guelph, Cambridge and many other cities.
4. Don’t necessarily buy for your present lifestyle. Think long term, your home will be one of the biggest purchases of your lifetime and you’ll likely be there for a while. When selecting the best fit for you, ask yourself where you might be in 5 years and if this home will work for you then. For example, do you want to get married? Have children? Buy a second vehicle? Will you still be at your current job? All of these things may vary over time and they may affect the decision you make on where you live. By choosing a home that can accommodate your future plans, you will eliminate future headaches and allow yourself more time to enjoy your home.
5. Do your research. Start to think about what kinds of layouts work well for your lifestyle. Ask yourself the following questions; do you need a home office? Do you want open concept space? How many bedrooms will you need? Do you require a finished basement? Do you need a large yard? How much are you willing to spend on renovations and upgrades? Many new builds these days offer ample flex space that you can use for a home office, workout room or rec room. Our homes are always thoughtfully designed with your needs in mind, allowing for ample flex space, basement storage and open concept areas for entertaining.
The article above is provided for informational purposes only, and should not be relied upon as legal or professional advice. Reid's Heritage Group of Companies does not take responsibility for the information and opinions presented. E. & O. E. May 2021.