Assess your current and future needs:

Before you start searching for a home, you need to think about your needs both now and in the future. Here are some things to consider when establishing your goals:

• Size requirements. Do you need several bedrooms, more than one bathroom, space for a home office, a two-car garage?
• Special features. Do you want air conditioning, storage or hobby space, a fireplace, a swimming pool? Do you have family members with special needs?
• Lifestyles and stages. Do you plan to have children? Do you have teenagers who will be moving away soon? Are you close to retirement?

Try to buy a home that meets most of your needs for the next 5 to 10 years, or find a home that can grow and change with your needs.

Choosing a location that is right for you:

Even if the home you choose has everything you need, the location might not be appropriate. When deciding where to live, you should take the following things into consideration:

• Whether you want to live in a city, a town or even in an out-of-town location
• Where you work and how easy it is to commute
• Where your children will attend school and how they will get there
• Whether you need a safe walking area or recreational facilities such as a park nearby
• How close you want to be to family and friends
• Avoid facing or proximity to a busy or noisy road, public parking lot or garage, bus depot, civic event areas or rowdy taverns that may reduce your peaceful surroundings
• Avoid noisy fans, heating and air conditioning units
• Proximity to new housing developments or road re-developments can take a long time
• Avoid proximity to industrial noise and pollution
• Will shopping be within a reasonable distance
• Consider rivers, lakes, and marshes affecting potential seasonal property damage or road flooding
• Avoid mosquito breeding grounds near rivers, heavy wet grasses, and marshland
• Farm proximity regarding the characteristic scents of seasonal fertilizing operations; or allergies to heavy pollen or dust
• Seasonal road maintenance such as snow plowing in the winter
• Choosing between a new, previously owned, or build-your-own-home

The above list may also affect home resale value so go over it again with this in mind. Your home may be your single largest investment in life.

When thinking about the kind of home you want, the first thing you should consider is whether you want a previously owned home (often called a resale) or a new home.

Here are some characteristics that may help you decide on your new home:

• Personalized choices. You may be able to upgrade or choose certain items such as siding, flooring, cabinets, plumbing and electrical fixtures.
• Up-to-date with the latest codes/standards. The latest building codes, electrical and energy efficiency standards will be applied.
• Maintenance costs. Lower maintenance costs because everything is new and many items are covered by a warranty.
• Builder warranty. A homebuilder’s warranty is usually available in all provinces (except Nunavut and the Northwest Territories). This can be important if a major system such as plumbing or heating breaks down. This warranty does not apply if you build the home yourself.
• Neighbourhood amenities Consider schools, shopping malls, and other services.
• Taxes. Taxes such as the Goods and Services Tax (GST); or, in certain provinces, the Harmonized Sales Tax (HST)) will apply. However, you may qualify for a rebate of part of the GST or HST on homes

When shopping for your home refer to your listed goals so you can stay on track.

Source: This article (originally published as “How to create your home buying goals” or a part thereof has been provided by a mortgage brokerage firm for its representative brokers. Inquiries: editor@adviceon.com