Buying a dream home is a task of prioritization
Monday Oct 21st, 2019Share
Hunting and acquiring a dream home can be a very daunting task. Buyers are more prudent and diligent in searching for an ideal home. Many clients ask Alan Zheng what the best strategy to purchase a home is. Here go some most notable factors to contemplate when purchasing a home.
Location is the prime determinant of investing a property. Well, we all know given scarce availability of land in downtown Toronto, the property value in Center Toronto worth more than perimeter cities of GTA, and so does appreciation potential. But does this investment wisdom suites your individual needs? Do you want to stay near your office in the downtown core? Do you want your children to receive a higher quality education by sending them to a top private school in middle town? Do you want a more spacious family-friendly lifestyle in the York Region, such as the city of Vaughan? It seems a lot of alternatives are available. But when you come down to the budget, you may need to prioritize some requirements and forsake others.
You may eventually buy a home an hour away from your job, which means you are losing 20 days per year on-road travel. You may move into a place close to your child's school, so you do not need to pick up your kids every day after school. Once you reached a final decision, you will stay in that house for a few years onward. So make sure you select the essential needs before deciding your location.
Another important consideration is to ascertain that you enjoy living within your neighborhood. When you identified a dream home, hang on a bit, and investigate its next-door-neighbor. Do they have a gorgeous front lawn or leave the weed overgrown? Do they have a lot of cars parking in front of the garage, which may indicate they are running Airbnb or short rental service? Is there any imminent construction near the residence? And how about the surrounding facilities? Are there any good golf club, soccer fields, community centers, and libraries? It worth to find out before signing the final offer.
When buying a home, many families tend to deliberate their immediate needs and over concerns on their spending, somehow limiting their options as well as not achieving long term goals. For a young family, current income could be insufficient. But with improved skills, the salary grows too. There are so many occurrences that people found they paid off their first home more comfortable than expected. Some regret that they have not bought a larger house or invest additional property earlier. Though the budget is a big thing when purchasing a home, you should also be optimistic about your future. Think more about future requirements. Will you expect more kids in the next few years? Do you plan to rent part of your house for extra income? Will you require a part of your home as your office space? Think forward to the future will help you settle in more comfortably without urgency to change to another property a few years later.
Purchasing a home is the right investment decision for the long term. Not only you save your cash into your house equity, but you can also expect long term gain via price appreciation. When deciding on a house with the latest renovation or a home at the original condition, you should consider your time availability and calculate the cost. Whichever options you prefer, you should also assess what resale value down the road is. Your priority is to make your daily life enjoyable with any such upgrade or significant changes. Then the second question is if any such change can add extra value, so when you sell your house in the future, the buyer will consider it as adding value and willing to give more with such upgrade.