As we approach the end of the year, it’s only natural to consider all the wonderful things in store for next. Whether it’s an upcoming vacation, gathering, or job, it’s natural to be excited about what’s on the horizon. There may be some excitement and nervousness about finding or buying a new home if a big move is also in store for 2023.
To help ease some of those nerves, we’ve compiled a list of our top tips for finding and buying a new home in the new year.
1) Set a budget
This should be one of the most crucial steps you take when looking for a new home. Be realistic about what you’re looking for and consider factors such as your savings thus far, child care, and retirement savings. Setting a budget and sticking to it can also be done in collaboration with a realtor, who can not only help you stick to your budget but can also help you find the best home for it. They can negotiate in your favour to help you seal the deal once your dream property is found.
2) Know your non-negotiables
When looking for a new home, consider what you absolutely must have as a part of the package. This might be specific to the home, such as an office, deck, number of bathrooms, etc., but can also extend far out into the neighbourhood. Consider schools that are within walking distance, walkability ratings, shops/restaurants nearby, parks and trails, and major highways. Buying a home from a community-orientated builder of homes or real estate developer can also help ensure that whichever home you are looking for will likely check off some major boxes. At City Park homes, we prioritize highlighting unique communities and ensuring all our clients know of the amenities each community brings to the table.
3) Keep track of your payments
Though this can be one of the most stressful aspects of the home-buying process, knowing the basic payments you will likely encounter will help make it all that much easier. In fact, The Toronto Star lists some crucial must-know information, including:
- Aiming for a 20% down-payment
- Keeping closing costs in mind (such as interest adjustment, taxes, etc.)
- Pre-approving your mortgage (and knowing the different ways you can pay it off)
Keeping these factors in mind will guarantee an easier transition into your new home and plenty of time to manage your finances throughout the process.
So, hopefully, your 2023 home-buying journey has become all that bit easier after reading (and following these tips). Need some more help? Don’t hesitate to contact us at sales@cityparkhomes.ca.