HOME OWNERSHIP

Establish Your Priorities: 3 Useful Tips When Buying Your New Home

Home Buying Tip # 1: Location, Location, Location

The first thing you need to consider is location. Everyone’s priorities will be different, but you have to think about what is most important to you when evaluating the location of your potential home.

  • Do you want to live downtown, in the suburbs or in a more rural area?
  • Does the neighbourhood appeal to you?
  • How long of a commute are you comfortable with?
  • Do you want to prioritize living near good schools?
  • Is access to public transit a priority? Or do you want to be close to the highway?
  • What else is a priority? Shopping, recreation facilities, health services?

Living in the suburbs may give you the ability to buy a larger home, but it may also make your commute longer, so you’ll need to weigh each decision carefully, and you’ll have to consider it against your lifestyle preferences as well.

  • Are you planning to have children?
  • Do you have any teenage children who will be moving away soon?
  • Are you close to retirement?
  • Do you want to live where you can go for walks or take your kids to a park?
  • Do you want to live close to a community centre or place of worship?
  • Is it important that you live close to family and friends?

Home Buying Tip # 2: Visualize Your Future Home

When you think about the house itself, consider what you need from a home, how much space you require, and what you dream about having. The more space you need, the higher your budget will have to be or the more willing you’ll need to be to live in an area where you can afford the space you require.

  • How many bedrooms do you need?
  • How many bathrooms?
  • Do you need the space for a home office?
  • How much storage space do you require?
  • Do you want a backyard?
  • Do you need a garage and, if so, do you need space for more than one vehicle?

Home Buying Tip # 3: Decide How to Make It Uniquely Yours

Finally, you need to consider any special features and unique requirements you might have for your future home. Everyone is unique, so you’ll need to consider your own situation carefully in regards to this area, but read through the questions below to get you thinking.

  • Is a walk-in closet, fireplace or gourmet kitchen on your priority list?
  • Do you or your family members have allergies, environmental sensitivities or other special needs?
  • Is it important that your home be energy efficient and environmentally friendly?
  • Will you need your home to adapt to changing needs as you age?

Take some time and really devote yourself to thinking deeply about these questions. Use them to inspire further thought and to help you narrow down your vision for your future home, and then take a look at our comparison on buying new versus resale to help with clarifying your options further.