Be fully prepared to buy

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Preparing to buy.

Make sure you're ready to buy. Decide what you want to buy. Sell your current home. Planning your finances. Figure out how much you can afford. Arrange a mortgage. Viewing homes.  Making an offer. Find a home inspector. Closing the purchase. Add a lawyer. Move in.

Is right now a good time to buy?

Markets go up, markets go down and even the smartest experts can't accurately predict when a market will peak or bottom out. If you're buying a home as a long-term investment (and for long-term enjoyment), you should be protected from short-term changes in the market. Pick a home that meets the needs of you and your family. Then you'll enjoy living in your investment as it grows in value.

 Decide what you want to buy.

Nowadays, there are many different types of homes to choose from.  Take a minute to reflect on your lifestyle, and based on that, decide what best fits you. To help, we've broken down the most popular housing options here.

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First, decide where you want to live.

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Urban. If you're leaning towards the big city.  Sure the prices are generally higher, but you can walk to a restaurant, maybe even to work. You'll also have the widest range of housing options.

Suburban. Newer schools, modern shopping centres, bigger yards, and bigger homes are just a few of the reasons why so many people love the suburbs.

Smaller Cities and Towns. Smaller cities and towns in Canada are dotted with thousands of wonderful self-contained communities, and compared to the big city, you can save a bundle.

Rural. Live rural if you're partial to the idea of owning land. How nice would it be to own a few acres all to yourself? Seclusion is not for everybody, but for some, it's heaven.

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Next, decide what type of home you want.

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By now, you probably have a good idea of what type of home is right for you. To familiarize yourself with the terminology, here's a quick overview:

Single-family detached: As the name implies, the home is not attached to the home next door. Styles range from a single-story suburban bungalow, to a three-story Victorian.

Semi-detached or linked: Two houses that share a common wall. Usually less money than a fully detached home.

Duplex: A building zoned for two families.

Town house: Also known as terrace or row housing. Several homes with a common style and joined in a row. They usually share walls on both sides.

The condo alternative. 

How Condos are owned. You'll own 100% of your unit, and a share of the common areas. Common areas include the necessary plumbing, electrical systems, hallways and elevators. They may also include lots of fun stuff like a private gym or party room.

Condo fees.  On top of your mortgage and property taxes, condo owners also pay a monthly fee to operate and maintain the common areas. Be sure to look into condo fees, and how well they're managed, before signing anything.

Resale:

Previously-loved. Nothing can match the charm and character of an older home. As a bonus, the previous owner may have made improvements and upgrades and you get them with the house, usually for less than the cost of putting them in yourself. However, some may have a little too much 'character', like a leaky roof. Know what you're getting into.

New. If you're having a new home built from the bottom up, carefully examine the property, the blueprints and visit other homes built by the same company. Have your lawyer review everything before you sign. While your home is being built, stay on top of the process. And remember, you have a legal right to make a full inspection of the house before you accept it as complete.

Are you getting out of a two-bedroom apartment because it's too small? Then your new home should have at least three bedrooms, and probably a second bathroom. Features you'd like to have are called "wants". Your strategy should be to find a home within your price range that fulfills all or most of your 'needs', and as many of your 'wants' as possible. 

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Next, Sell your current home.

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Not very many people can hold onto two homes at the same time, so you'll probably need to sell the one you have now. 

When should you sell? When there are lots of people looking for homes but not many for sale, it's called a 'seller's market'. When there are lots of homes for sale and not many people buying them, it's called a 'buyer's market'. Wait for the market to improve? If you're selling one home and buying another, you don't really have to worry about playing the market. If you sell your existing home for a 'low' price, you're probably also buying at a low price. Winter sales tend to be slower, and spring sales are brisker. 

Many people are able to time their sale and purchase so they happen on the same "closing date". As a buyer, you can make your offer "conditional" on the sale of your existing home, so you're not paying for the upkeep of two homes. Or when selling, you can try to extend the "closing period" to give yourself more time to find your next home.

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 Real Estate investments.

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 Buying an investment property may be an excellent financial decision, the actual process is different than owning your own home. If you are planning to become a landlord, you must follow the rules and regulations within your municipality as well as the legal obligations of the landlord/tenant relationship.

The search for an investment property is also a different process. You’ll still want to consider the livability and overall feel of the home, but you also need to be able to assess which property is likely to have the best Return on Investment (ROI).

As real estate agent, I have lots of expertise concerning the purchasing of investment properties and can help you understand:

• The legalities involved in owning an investment property;

• How to perform a market analysis for each property you are considering;

• How to realize the greatest long and short-term gain on your investment.