Buying a Home Soon? Complete These 5 Steps First

Canadians considering the purchase of a home in the near future should gear up for an exciting and rewarding time in their lives. Before signing a contract on a home, a few steps should be completed to make the entire home buying process run more smoothly.

Learn How Much You Can Afford

Many potential home buyers consider the price of their home without thinking about the other expenses involved in homeownership. Other primary expenses involved in owning a home in Canada include property taxes, renovations as needed, heating and routine maintenance, and these costs can vary from markets like North Calgary and other areas in Canada. Meeting with a mortgage lender or a broker can help a potential homeowner realize how much of a home they can afford over the long term.

Create a Home-Buying "Wants And Needs" List

Ease the buying process by determining what is really needed in the home versus what features are desired but not necessary. Bringing in such a list, along with a pre-approval indicating how much can be spent, to a qualified real estate professional helps them immensely. They can quickly guide you to potential homes within the budget while considering what you want and need.

Essentials like access to roadways, a good roof, water and perhaps a certain number of bedrooms, a kitchen, and a bath are most important. Buyers should give hard consideration to extras such as a pool or detached garage that may extend the budget too far. Ways to approach what should go on the musts versus wants list should begin with:

• Envisioning the ideal home, its size, its location, and what would make it truly special.
• Now, can you afford all of those things?
• Determining what can be sacrificed.
• Deciding if certain luxuries like granite countertops, hardwood floors, and landscaping add value.

Every homebuyer has those features that are most important to them when looking for a home. A household with children may be interested in the schools, parks and other all-ages amenities that a neighbourhood offers. Others might prefer a home in a walkable neighbourhood or one that is only a short commute to and from work. Other considerations could include a home's special features like a swimming pool or a fireplace, whether the home is in the city or a more rural area, and the square footage.

Types of Homes Available

Buying a home in Canada means an array of different types. Not every neighbourhood will feature all types though many will have a mix. A single-family residence is one of the most common types of homes. It can also be more expensive than others—both in terms of money and time—as the homeowner is solely responsible for all maintenance and repairs. A condo is a popular choice for those who desire homeownership but don't want to be responsible for the outside maintenance. Instead, each condo owner pays a separate fee for the repairs and maintenance needed for the common and outside areas.

Other housing options include townhomes in which two homes are attached in a building; in addition to sharing a wall, the home's residents might also share parking. A duplex or triplex is often the result of a previously single-family dwelling being reconfigured into separate living spaces.

Buy or Build

Buying a home that is already built offers advantages in that a homeowner can move in more quickly. Choosing to build a home means the home buyer can include those features, colours and other amenities they like best. Having a home built often means a significant wait between the closing of the property and the homeowner's move-in date.

Do a Credit Check

Getting pre-approved for a mortgage of a particular amount provides a home buyer with solid footing for choice properties. Before meeting with a mortgage broker or financial expert, though, it's good to do a credit check. This alerts the homebuyer to any potential issues that might crop up when it comes time to apply for the loan.

Completing the five steps above gives consumers the information they need to help them find the ideal home. Knowing these items helps focus the search for the right home, saving time and money.