Callaghan O’Connor Realtor, Shares What To Look For When Looking To Buy A Home
There are many things to consider when searching for a home to buy. The location, size, age, and more of the house itself and the neighborhood are important aspects to consider before offering a property.
Callaghan O’Connor Realtor in Victoria, BC, believes that one should always do their research when looking for a home to buy to have realistic expectations on what they can afford. A new homeowner should also know about any issues that need addressing with the house. When browsing listings, whether online or in-person, certain details need to be considered while looking for potential homes.
Your Budget
Many buyers only look at whether or not they can afford the monthly payment. Callaghan O’Connor Realtor feels that they should be asking themselves if they can afford that payment 15 years from now. Mortgages generally last either 15 or 30 years, so you’ll need to think about whether or not you can afford that level of payment comfortably over the next 15 to 20 years. Consider this. The national home price in Canada is $686,650. Mortgage payments on that average home price with an average interest rate of 1.5% come out to roughly $2,370 for a 30-year loan and $4,262.
If you have a 15-year mortgage, you’re paying 180 payments or $767,160 over 15 years. If you’re in a 30-year mortgage, that means 360 payments or $853,200 over the life of the loan.
The average yearly salary across all provinces in Canada is $57,895. So over 15 years, this equates to roughly $868,425. Meaning that your housing costs over that 15 years is 88.3%, over 30 years, it’s only 49%, so when considering which mortgage to take, you\’ll pay more overall in a 30-year mortgage, but it will ultimately cost you less of your income overall.
Size of the Property
The size of a home is a major consideration because it directly impacts the overall price you pay for that house. A larger house will cost more to buy and maintain, while a smaller one will have lower property taxes and utility costs. Callaghan O’Connor Realtor believes you should consider your life circumstances when looking at what you need from a house. Are you looking for a lot of space for entertaining friends and family, or do you want a place that feels cozy?
Yard Space
The size and shape of a home’s yard also affect your final decision. Some people want to have a big yard to garden and grow vegetables in, while others prefer something more compact and better suited for playing with children or pets.
Bedrooms
How many bedrooms you need in a house will have to be balanced with the size of your budget. Callaghan O’Connor Realtor feels that you may have to settle for fewer bedrooms if you can’t afford many houses, as larger houses tend to come with larger price tags.
House Age
The age of a home can affect its value, although this is less important in some neighborhoods than in others. Callaghan O’Connor feels that many homeowners want a new house to avoid dealing with “old” plumbing, heating systems, or other outdated features.
Exterior of Property
This includes some of the most important things about your home, like the roof and the foundation. If a house has a roof that’s clearly in need of replacement, Callaghan O’Connor believes you may want to consider that into your price before making an offer. You also have to think about the size and quality of the foundation on the house. A newer home will be more energy-efficient than an older one, but if it is not well-constructed or is poorly insulated, you could be wasting money on heating costs.
Location of Property
Callaghan O’Connor feels that it’s important to consider how close your potential new home is to important services. Is it close enough to public transit that getting around will be easy? Can you walk or bike there? Are grocery stores, restaurants, and other amenities nearby?
Bathrooms and Plumbing
Most people don’t think about the number of bathrooms a house has, but it’s something that can come in very handy if you’re hosting guests and family regularly.
The building materials used to make the home are also important when choosing your place. How energy efficient the house is will affect what you pay for heating and cooling, and you may want to consider this in your price.
Heating and Cooling Systems
If you prefer either heating or cooling, consider if the home has this included before making your offer. You can always upgrade these systems later, but things will be easier if they are already in place.
Final Thoughts
Before buying any house, it is important to think about what kind of residence you are looking for. Think about the size, shape, and layout of your ideal home to ensure you’re getting what you want. Once you know how much house you can afford and what features are important to you, it’s time to start shopping for a place that meets all of your requirements. As well as considering these criteria into your purchase try using mortgage calculators to work out what kind of monthly payments you can afford.
