THE WIKI COMMUNITY

Thursday 30 September 2010

Finding Your Dream Home

By Tom Sullivan

To have a much better chance of discovering your perfect home, take the time at the beginning of the house hunt to ask yourself a couple of important questions that will help you and your real estate agent narrow the field and avoid a lot of inefficient work. Setting aside time to take a look at current market conditions can help you take smart choices and realize the best return on your investment. Ask yourself the tough questions up front to shrink down your options and spare yourself the danger of buying a house out of impulse that does not fit your long-term needs.

As the expression goes, location is crucial, and most real estate markets divide along organic divisions that set the pricing structure for a specific locale. Therefore one of the primary selections you have to make is the type of area matches your life best. Are you looking for a rural property with the capacity to expand, or is it more valuable to own less square footage to be close to your place of employment to cut down on your driving time? A small town could be enticing for its tranquilness however buying in the Halton Hills real estate sector when you have to drive to Toronto may not be a smart choice. By defining the region that matches your needs in the beginning you are able to concentrate on investigating the offerings in the target real estate market. Narrowing the field by area specifics additionally helps you concentrate on the upcoming set of parameters based on what the market in that area has to offer.

Once you have decided where you would like to live, stop to think through the kind of space you'll need to make your new home comfortable and enjoyable. Besides the basic debate of how many bedrooms and bathrooms you wish, also think about what sort of extra area is important to you. Do you have plans for a home office, have any equipment that needs storage or is it necessary for you to have a guest room. Would you like to have a big enclosed backyard on your property for the protection of your kids and pets, or would a condo or tract home that needs little to no outdoor maintenance suit your preferences better?

Once you have determined where you want to live and what size would be best, you'll notice properties in a number of conditions that affect the upfront cost of the property. If you're skilled at carpentry and have time to work on renovation projects, getting a distressed home -- which are normally quite cheap -- enables you to buy for less and perform repairs as your finances allow. In an active market like Brampton Ontario you can look for distressed Brampton properties for sale that other buyers may not have thought about. If you have the sort of busy life that makes convenience your first priority, you should concentrate on homes or condos that are "move-in-ready" and will not need any immediate enhancements.

Naturally, the bottom line is usually what you'll be able to pay, and to make sure you do not set up a circumstance you later regret, it's important to wisely assess your finances and provide that information freely along with your real estate professional to realistically establish the most advantageous means to finance your purchase. Invest your time in knowing the effects of the current mortgage rates and housing trends and make sure to research to determine if there are any federal programs that apply to your case.

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