Paul Mann, www.mannestates.com
For many people house hunting can be one of the most fun things to do, and for some it can be daunting! Here are some key tips to always consider that will help you find not only your next home but the best home and investment you can find.
Always be mindful of the things you cannot change once you purchase your home! Sounds funny? What can’t you change after buying a home?
Let’s start with the three L’s of real estate: Location, location, location! It may be obvious but you can’t change the location of the home you just bought so choose that location wisely! Look not only to move to a city that suits your needs but work with a professional that knows the neighborhoods right down to the streets and pathways. Know where the busy roads and intersections are, where you may get the most road noise, where the quickest access to the things that matter to you are, like parks, transit, shopping and schools. These things really matter for your long term happiness but also to future buyers!
The average Canadian moves about 5-6 times throughout their adult lives so resale always has to be kept in mind to capitalize on those future profits and set you up for success down the road.
Next is size or space. A great tip is to always buy the largest lot size you can comfortably afford and maintain for a detached home and for condos or townhomes, always buy the largest square footage you can afford. The reason for this is after you purchase, you can’t change your lot to make it bigger! If you purchase a detached home, you can literally change every aspect of it! You can make it bigger, change walls, add floors, etc. but you cannot make that lot bigger. With condos and townhomes, you can never have too much space, but you can definitely have too little, and this is something that cannot be changed after you have purchased. Having more square footage gives you the freedom to do as you please, add a roommate to help with bills; have a partner move in or grow your family without the immediate need to move. Plus, thinking about resale, these key size and space features will be more appealing to future buyers for the same reasons, making you more money down the road.
Lastly, how was it cared for or constructed? Of course, after you purchase you can only care and maintain the home moving forward but have no control of how it was maintained or constructed. It may be difficult for you to determine these things but an experienced and skilled professional will have an eye for this. If you’re buying a resale property, a home that may be a little dated but absolutely loved and maintained with care is a much better buy than a home that was neglected. It’s much better to purchase a home with the key structural components that protect you and your family from the elements like the roof, windows, doors and mechanical systems updated, maintained or replaced than a home with a flashy new kitchen and bathroom with a leaky roof and a moldy attic or basement. You can always update a dated kitchen or bathroom if you buy a structurally sound home that will keep you warm and dry.
These tips are an easy way to keep your eye on the important things that will provide you with happiness, a sound home and a great investment with tremendous resale potential.
For more real estate success tips, please contact me anytime!