5 Ways to Know if a House is “The One”
How do you know if you should buy a certain home? When house hunting, it is easy to get swept up in the moment and potentially jump the gun on a house that really isn’t “the one”. The right house needs to check several boxes, well five to be exact, to be considered “the one” in our eyes.
“Location, location, location” still trumps all when it comes to real estate. You can find your dream home online with all the right finishes and in your budget somewhere in the world, but unless you’re willing to pack up your life, change jobs and start fresh all for a house, then you’re going to have to find a home in a location that makes sense for your current lifestyle.
When selecting a location, consider your proximity to work, your close friends and family, and your hobbies. You may have to give or take in some areas to find a location that meets all these requirements, but overall the location should seem like a natural fit for your life.
Second to location is the almighty dollar. Your budget has a large influence on your location and may price you out of some neighbourhoods or cities altogether. When setting your budget, take into consideration if you’re willing to save money on the purchase price to renovate certain aspects of the home, or if you want to purchase something turn-key. You will pay a little more for a move-in ready home.
Price and location go hand-in-hand, so it is important to have these two factors nailed down before moving onto the next steps. If you haven’t already done so, you should read this guide on how to prepare to buy a home.
You want to feel like you are getting good value for your money. This doesn’t mean that the home is underpriced (they rarely are). What it means is that there are aspects of the home that will bring value to your life. Maybe it’s the chef-inspired kitchen because you love to cook, or maybe it’s the swimming pool in the backyard that the kids will love. Possibly the value is less about the home itself, but what the home allows you to do with the money you saved by purchasing a smaller home, like paying off student loans. Value is subjective. Define what value you want to get out of your home.
How do you determine if the home will add value? Envision your life there. Is the space functional? Does the home complement your lifestyle? For example, if you’re a painter and the home doesn’t have space for you to paint, then this home probably isn’t “the one” and won’t provide you the value you need.
A sidestep from value is potential. Potential is not what the home currently offers but could offer. Perhaps the home has a large backyard (value) but it is poorly landscaped (potential to improve). Or perhaps you are considering making a career change that allows you to work from home; is there potential in the home for a home office? Potential can come in many forms, but usually it either involves improving the function or aesthetics of the home to increase its usefulness and financial value.
The Next 5-10 Years
The concept of a “forever home” is a bit of a misnomer. Really, does one truly live in one home forever? Our lifestyles and relationships change over our life, so it makes sense our housing situations change as well. When considering if a home is the “the one”, ask yourself if it is the right home for you for the next 5-10 years. This time frame allows you time to enjoy the current value of the home, increase its value by tapping into its potential, and when the time is right, allows you to get a solid return on your investment when you sell. Of course, you can keep your home forever if you wish, but planning decades in advance may not prove to be fruitful.
Are you ready to find “the one”? Purplebricks can help.
With Purplebricks, find the ideal home for you and get $2,000* in cash back! We pair you up with a Home Buying REALTOR® in your neighbourhood whose only job is to find the perfect home for your needs. If you’re ready to take the next step and find a REALTOR® to help you look, visit Purplebricks.ca today or give us a call at 1-855-348-1820 and we’ll get you started.