Let's Talk

Get in touch

Buying, Selling, or Investing? just have some questions? Just ask! We're here to help.

Contact Agent
Agent Photo

Top Considerations When Purchasing Real Estate

Location & Future Use Potential:
  • Proximity to Amenities:
    Consider the property's distance from essential amenities like schools, hospitals, shopping centers, and public transportation.
  • Neighborhood Trends:
    Research the neighborhood's development trends. A neighborhood that is improving in terms of infrastructure and community facilities can indicate a good investment.
  • Future Zoning Plans:
    Investigate local zoning regulations and future development plans. This can give you insight into potential changes in the area that might affect property values.

Value (Price per Sqft):
  • Comparable Sales:
    Look at recent sales of similar properties in the area. This can help you gauge whether the asking price is reasonable.
  • Market Trends:
    Understand the broader real estate market trends in the region. Are prices rising or falling? This information can influence your negotiation strategy.
  • Long-Term Appreciation:
    Consider the historical appreciation of properties in the area. A property that has a history of appreciating in value could be a good long-term investment.

Condition & Age of the Property:
  • Home Inspection
    : Prioritize a thorough home inspection to assess the property's condition. This includes checking for structural issues, electrical and plumbing systems, and the overall maintenance.
  • Renovation Costs
    : If the property needs renovations, estimate the costs involved. Factor this into your budget and negotiation discussions.
  • Age and Upkeep:
    Older properties may have charm but could also come with higher maintenance costs. Ensure you're aware of potential issues related to the age of the property.

Monthly Costs & Expenses:
  • Property Taxes:
    Understand the property tax rates in the area. This is a recurring cost that can significantly impact your budget.
  • Strata Fees
    : If applicable, be aware of any Strata fees and the services they cover. These can vary widely.
  • Utilities and Insurance:
    Estimate monthly utility costs and explore insurance options. These recurring expenses are essential for budgeting.
  • Maintenance Reserves:
    Plan for routine maintenance costs and set aside funds for unexpected repairs.

Additional Tips:
  • Financial Preparedness:
    Ensure that you are financially prepared for the purchase. This includes having a solid credit score, understanding mortgage options, and having a pre-approved mortgage.
  • Resale Value:
    Consider the potential resale value of the property. Life circumstances can change, and having a property with good resale potential adds flexibility. Remember, a well-researched and informed decision is crucial in real estate. It's not just about finding a house; it's about finding the right home in the right location, at the right price.