What are the factors to be considered while purchasing a House?

I would consider the condition of the home. Is it move in ready, or does it need some work? Factoring in the cost of fixes, can greatly increase the cost of a home that looks to be a "good value".

I think it's very important to get clear on what you need in a home and what you merely want. It helps to make a "wish list."

Make a list of 3 or 4 items that you cannot live without (garage, pool, office, etc) Then make a list of things that would be nice to have but you could live without.

When you sit down to do this you'll find it's not as easy as it seems but it's a really important that you do it. Can you think of anything worse than ending up in a house that doesn't have what you need?

1. Location - has the highest impact on value

2. Is it the highest value in the neighborhood or the lowest. Buying the highest priced house in the neighborhood is not the ideal situation.

3. How long do you plan to live there? Timin is everything.

4. Don't buy to much. Solve a housing need first, then think investment potential.

I would always consider location of a home over the size of a house i.e. try and get the best location rather than the best house for your money. Locations are what will make your home retain its value and will make you happier than a large house in a not so great area

Three major factors need to be considered while purchasing a house:

Location - the distance to commute to and from work is not over an hour including constantly bad traffic flow

Neighborhood - distance of school from the house if you have small children or the children will be school age in the very near future. Is there park nearby if you have small children, so the park is within walking distance and parents can walk the kids to play in the park.

Affordability - total household income must be able to keep up with the payments and expenses that come with owning a house (hydro, electricity, property tax, garbage disposal fee etc...)

Are you thinking about buying a house, but you're unsure where to begin? You're not alone. Many people who want to buy a home sometimes wait years before making a move. Understandably so, because it's the... keep reading →