Undoubtedly, purchasing a new residence is an exciting life milestone, but it's also typically stressful. However, it doesn't have to be.
What's the key to reducing anxiety and increasing excitement? Consider these nine essential factors as soon as possible when purchasing a home in Niagara Falls:
- Purchase price
- Physical features
- Location
- Home type
- Age of property
- Space inside
- Space outside, plus
- Home maintenance costs
Weighing all these elements can make it easier to find the perfect home for you and your family! Read more about each home-buying factor below:
#1. What’s the purchase price? / How much?
Finding out what you can afford when looking at houses for sale in Niagara Falls is perhaps the most important (though not always the most obvious) thing to do before making a decision.
You can confirm this figure by learning about current mortgage rates, estimating your down payment, and obtaining mortgage approval. Selecting the ideal mortgage kind can be another crucial step in this procedure.
Remember to account for closing costs as well! When determining what you can afford to spend, don't forget to factor in additional costs related to purchasing a home, such as land transfer tax and legal fees.
When you decide on a number, don't stray from it! It's simple to lose sight of your financial situation when you become emotionally attached to a house. Finding a real estate agent you can trust is therefore essential to help you along the way and to ensure that you are aware of what you can truly afford.
Tell your agent if you have a strict budget that you would prefer not to go over, and request that they not show you any properties that exceed it.
#2. Does this home have all the features on your wish list?
The fun part starts now that you have a price in mind! List all the things you would like to have in a house. Put everything on the list, even if you don't think it's feasible—from the number of bedrooms and the style of arrangement to more specialized items like granite countertops and EV chargers.
Even though it can be an exciting exercise, chances are you won't be able to cross everything off your list.
Sorting through your list and assigning items a priority is a smart idea. For example, you might place a higher value on the location than on a gas stove.
#3. What are the compromises you’re willing to make?
Sorting through your list of needs and wants by priority will help you determine what areas you can compromise on. Establish what is non-negotiable. A house isn't for you if it has nine out of ten items on your wish list and the one that's missing is something that can't be negotiated.
It can be helpful to list the homes you wish to see for a showing after you have made some compromises. Additionally, it aids in preventing emotional attachment to houses that are unsuitable for you and your family.
#4. What are the location and surrounding areas like?
Location is often a non-negotiable item. You will be a member of this community, so it must be a good fit.
Make sure to get to know your intended new neighbourhood in person if you wish to move from where you are now living. Take a stroll or take a drive around the area, and try to spend some time there to experience how comfortable it can be.
Beyond how it feels, consider additional aspects of your desired neighbourhood that can maintain or enhance your family's quality of life (including your pets!), such as:
- Access to parks and recreation
- Schools
- Length of commute (to work or key shopping areas)
- Proximity to friends and family
- Safety
- Access to different modes of transport
- Cost of living
After you've decided which neighbourhood in Niagara Falls is best for you, you can start your informal research by looking up properties for sale in the neighbourhood of your choice. Keep in mind that the ideal home may not be the right one for you if it is in the wrong place.
#5. Is this an ideal home type and style?
Which would you prefer: the ease of condo living or the space of a single-family home? Which do you prefer, single-story bungalows or sweeping staircases? Large front yard or backyard? What if there was no front yard? Your priority should be the kind of house you select. Additionally, you may want to think about what will suit your needs in the coming years as well as today.
It's important to consider the home's style as well. Which would you rather have: a turn-key new build or something with age and charm? Is it classic or modern? Whatever your preference, keep in mind that the kind of homes you can choose from may be limited by the location you've chosen, as different neighbourhoods naturally have different architectural styles.
#6. How old (or new) is the property?
The age of the home you buy may, again, be dictated by the location and style you choose. And there are pros and cons with both new builds and older homes.
Newer homes have the appeal of being move-in ready and can be less expensive to upgrade. If you get a place that’s pre-construction, you can also customize features to your preference well in advance. However, this home personalization may come with a heftier price tag.
On the other hand, older homes can have great charm and may come at a lower price if they need some structural or aesthetic work done. While a renovation can be daunting, re-doing a mature home also enables you to customize it to your tastes—and in doing so, increase the value of the property. On the flip side, repairs and renovations can be expensive when you buy a home that’s been on the block for a long time, and when the maturing materials need to be completely replaced.
Tip: Getting a home inspection is always a good idea, especially for older properties, because it gives you a better sense of what aspects of the home you’ll need to invest in years to come.
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In the quest for your dream home in Niagara Falls, keep things exciting and stress-free by considering key factors. Start with a realistic budget, embracing the thrill of creating a wishlist while staying mindful of compromises. Location is crucial, ensuring it aligns with your lifestyle. Choose a home type and style that suits your needs, weighing the charm of older properties against the convenience of new builds. Don't forget the importance of a thorough inspection for peace of mind.