Looking for a perfect house for your family can be challenging. You need to consider several factors when choosing a home. Here are some tips that can help you with your house hunt.
You can usually borrow up to three times your annual income as mortgage. But you must be careful that your repayments are not more than 35-40% of your monthly income. Otherwise, you might struggle financially every month.
Suppose, you find a house that you like and it is within your affordability range. You still need to weigh up several factors before making your final decision. Factors like distance from work, quality of neighborhood, nearby amenities, recreational facilities, etc. has a major impact on your decision.
Not all places are suitable for a family to live. You should consider living in a safe neighborhood where the crime rate is low. You should consider whether there are good transport links, new developments, etc.
Type of property
You should move to a location where the type of property you want is available. You may have specific likes and dislikes regarding various aspects of the home. You have to compromise on certain things. It is a smart idea to get in touch with a local agent for searching the right home for your family.
Consider whether the house you are buying is giving you good value for money compared to other similar houses. Right now the current trend is showing us that the highest values being seen in the real estate market in BC are in Kelowna and Victoria. Kelowna real estate agents are reporting a record year with 22% more homes sold over last year. You should consider the trend of home price in the neighborhood before deciding whether to buy home in that particular area or not. Buy a house in an area where you will get a good value for your money in case you need to sell the house in future.
You should find a home that is suitable for all the members of your family. You should consider these factors in choosing the right house for your family.