You’ve been pre-approved for a home in Markham that you can afford, and now it’s time to start looking for your dream home. However, you should be aware that if you don’t know what you’re looking for, the dream may disappear soon.
Are you looking for a large house or an older one? Is a 2,400-square-foot house big enough for you, or do you prefer a 5,000-square-foot house? Do you need a house built before 1900 or before 1980 when you say you want an old house?
Wants and Needs
Before approaching an open house, make a list of your home’s wants and needs, and yes, they are two very different things. Suppose you may want a pool in your dream home’s backyard, but that doesn’t necessarily mean that you might need one. And it is important to note that having a pool may also hike up your home insurance costs significantly.
The requirements that you have will likely change a little as you explore the housing market some more. You will become more aware of your budget and will then get an idea of what kind of wants fit into it.
Know Your Finances
As a potential homebuyer in Markham, you must first make sure that your finances are in order so you can enter the competitive real estate market. Create a budget and determine how much financial flexibility you have depending on your wants and needs. Ask yourself these questions:
- Am I preapproved for a mortgage?
- What is my price range?
- Will I be able to afford renovations down the line?
- Have I saved up enough for a down payment?
Analyze Your Lifestyle and Plan Ahead
It isn’t unreal to have a picture-perfect home in your mind when your search is just starting. However, it may be good if you consider your basic needs and non-negotiables in a house. Start with your current abode and see what you need to survive on a day-to-day basis, in terms of storage, amenities, and floor space. Do you need a nursery in the future? Will you be needing a fenced yard if you have pets? Does your home need to be wheelchair accessible? Will you be needing car space, or will street parking do?
Reach Out to a Reliable Real Estate Agent
Sometimes, you can fall short even when you have prepared for every contingency while searching for a home in Markham. How do you get around it? You find a real estate agent that you can put your trust in, like Martin McFarlane, to cover all your blind spots when it comes to the real estate market. Reach out to him for more information now.