Hunting for a new home? 4 things to consider

by | Jun 1, 2024 | Featured Health, Home and Living

Whether you’re a first-time buyer or a seasoned reseller, the process of buying a home is equal parts excitement and exhaustion. If you’re in the market this spring, here are four factors to consider.

Check and update essential equipment

Congratulations, you found your dream home. While you’ll already have a long to-do list for moving day, you should add testing the smoke and carbon monoxide detectors to your list. Replace the backup batteries and make sure none of the units have passed their expiry date.

If the home has an old-style thermostat, consider swapping it for a smart thermostat that allows you to adjust your home temperature from anywhere and set different temperature schedules for various times of the day.

firstalert.ca

Shared condo costs

If you’re budgeting for a condo, remember that shared elements, from pools to parking garages, need ongoing investments to ensure the safety, comfort and resale value of your property. While major updates can raise fees, risk assessment professionals typically say these updates are important to avoid larger problems. They suggest prospective owners engage with the board and learn about managing the unique shared risks associated with condos. Find more information through the Canadian Institute of Actuaries.

cia-ica.ca

Refresh the yard

Have you found the home of your dreams, but feel the yard is a little lacking? Don’t worry, it doesn’t have to be a dealbreaker. Landscaping and projects like adding a new deck are relatively affordable ways to spruce up any outdoor space, particularly if you do some or all of the work yourself. Free digital tools, like the AR Visualizer offered by composite decking manufacturer Trex, can help you explore design possibilities by offering a virtual view of how the yard would look post-reno.

trex.com

Map out your home-buying joruney

Before you go house-hunting, make sure you know your full financial picture. Talk to an advisor from your financial institution to map out your pathway to home ownership. If the numbers don’t quite work, put a pause on buying and see which steps you can take to get you closer to that future move-in day. If you haven’t already, consider opening a registered First Home Savings Account. You can make tax-deductible contributions of up to $8,000 a year (up to a lifetime total of $40,000) and withdraw the money tax-free when you’re ready to buy a qualifying home.
Hunting for a new home
rbc.com/mymoneymatters

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