How Long are you Planning on Living in the Home?
In order to cover your selling costs and recover the cost of your home, you should plan on staying in your new home for an average of 3 to 4 years. Depending on economic factors, this time can either be lengthened or shortened.
How Long will the Home Meet Your Needs?
Make sure that your home will meet your space requirements both now and in the future, depending on how long you plan to live there. Can the den be converted to a bedroom? Will the spare room be appropriate for a dining room? Renovating your home may accommodate your expanding or shrinking family.
Is the House the Right Price?
Determine whether the home is a good fit for your financial situation. Many financial institutions will pre-qualify you for a mortgage even before you begin your home search. This will help to determine what price range you can afford.
What is the Physical Condition of the House?
Always keep in mind that your house will require repairs. If these costs are of concern, make sure to choose a home that will reflect your renovation budget. As well, home inspections are very important in order to help reduce such unexpected costs.
If you need help answering any of these questions or have any more questions about buying or selling real estate in the Lower Mainland, call 778 668-7253 or email us for assistance.
