The first step is always the hardest, but when it comes to buying a home, it is the most important one. You need to think about the following:
Your Needs And Wants
Each person has different needs and wants when it comes to their dream home. It is important to make a list of your must-haves and nice-to-haves to narrow down your search. This will also help you communicate clearly with your real estate agent.
Types of Home Ownership
Freehold: As a homeowner, you possess complete ownership of the property and land it resides on. You are solely responsible for all maintenance, repairs, and associated costs.
Condominium (Condo): In this setup, you own the interior space of your unit, but you share ownership of common areas like hallways, gyms, and pools with other residents. You must pay fees to a homeowners’ association, which handles these shared spaces and maintenance.
Cooperative (Co-op): Unlike condos, you do not own your individual unit. Instead, you purchase shares in the entire building. This entitles you to live in a specific unit. However, you still pay maintenance and repair fees, similar to a condo arrangement.
Understand Market Conditions
Market Conditions: The real estate market is highly variable and can differ significantly from one neighbourhood to another or even between regions. Factors like supply and demand heavily influence property prices. Familiarise yourself with current market conditions to maximise your investment. Your real estate agent can provide valuable insights and guidance, ensuring you get the best value for your money.