This is the second entry in our How to Buy a Home Series (the first part, How to Buy a Home: Finances, can be found here).

We know that buying a home can be a nerve-wracking experience, especially when you consider the incredible variety of home types available. While our helpful Sales Teams can help you through the process of buying a home, there are a lot of decisions you need to make on your own. In this entry, we're going to talk about "What and Where to Buy".

Two important decisions you will make in your first (or repeat) home buying decision is what to buy and where to buy it. I’m often asked by peers, “Should I buy here? Is it a good decision?” Before jumping into the answers, it is best to start with some questions and probe deeper into your individual needs and wants. If you ask different groups of people the question, “What are you looking for in a home?” there is a huge variety of responses.

Here are some excellent starting exercises:

1. LIFESTYLE MATTERS: Consider the following items in terms of importance to you from most to least:

• Proximity to where you work
• Proximity to parks, trees, and open spaces
• Proximity to great restaurants and shopping
• Proximity to ocean, beaches, mountains (and other natural recreational amenities)
• Proximity to good elementary and secondary schools
• A location with a prestigious address
• A location with a true “neighbourhood” feel
• A location that is “where the action is”
• A location near transportation hubs and transit access

2. THE HOME ITSELF MATTERS: Consider the following items in terms of importance:

• Age of home (new or pre-owned)
• Size of home and number of bedrooms
• Exterior architecture and general curb appeal of home
• Immediate adjacencies and outlook of home
• Functionality and floorplan layout/design of home
• Kitchen and bathroom specifications
• Ample storage space for all of your belongings
• Access to parking
• Security

Once you have thought through these two sets of criteria, you should get a much better sense of:

1) How to evaluate the precise location of the communities you are looking at.

2) Whether the home that matches your budget matches your needs.

At this point, if you have a list of properties to look at. Immediately eliminate homes in your price range which do not satisfy your top 3 priorities for both the “lifestyle” and “home” exercises. This will allow you to focus your efforts on purchasing homes which provide the highest probability of long-term post purchase satisfaction and happiness. This long-term lifestyle effect is something many buyers overlook.

If you have not had a chance to read our first post on Finances in the How to Buy a Home Series, you can find it here.

Good luck in your home search and do let me know if you have any questions by commenting below.

Posted on September 25 2010
Tagged with: New

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