Finding the Right Home.

The first step in choosing the right home for you is to determine how expensive a home you can afford, including future improvements to the home or property. Generally, you should only consider borrowing up to 3 times your gross annual income. Couples should consider two and a half times their joint annual salary. Your repayments should not be 35-40 percent more than your monthly net income. To know for sure exactly how much you can afford, get pre-approved for a mortgage.

Now that you know what you can afford, you should consider your needs and wants. Narrow it down to the neighbourhoods within your price range and suitable for your lifestyle. Then think about what features you want. If you are just starting a family, you will probably want at least three bedrooms and probably more than one bathroom.
If you are empty nesters, you may want a bungalow to avoid climbing stairs or a condo so you don’t have to worry about shovelling snow or raking leaves. If you have a hobby such as painting, or work from the home, you will probably want extra space for that. And if you have or want a large home theatre system, you may want a room specifically for that.
Other important considerations are privacy, the size of lawns and gardens, light and shading conditions, porches, balconies, views, swimming pools, parking and garages and noise. Sometimes townhouses, condos and semi-detached homes have walls that bleed noise, so if noise and privacy are a concern to you, you should take this into account.

The interior design of a house is also a major consideration. If you like to throw large parties, is the space appropriate for that? Is there enough closet space for your clothes and shoes? You may not find the interior very appealing in terms of design, which could mean very costly and disruptive renovations down the road. Figure out if it is worth it.
If you have or plan to have children, is there enough indoor and outdoor space for kids to play in? Is the nearby traffic very fast and a potential danger to your children? If you have pets, is there enough space for them?

You should have a checklist of all your needs and wants, and remember to give the former a much higher priority than the latter. A good real estate agent can be instrumental in finding a home that meets most or all of your criteria. Once you have found the home that satisfies all your needs and preferably at least some of your wants, you should be sure to hire a qualified engineer to do a full home inspection prior to putting in an offer. This will ensure that any fundamental problems not visible to the naked eye are uncovered, giving you a chance to get a lower price or find another home that’s in better shape.