Step one to successful home ownership is being informed. And as they say, knowledge is power.
DID YOU KNOW? Generation Z will outnumber Millennials within a year, and will make up the largest cohort of homebuyers in the next decade.
A home is likely the biggest purchase most of us will ever make, so whether you’re planning to purchase this year or this decade, now’s a good time to get up to speed. Here are three things you’ll want to pay close attention to if you’re considering home ownership.
#1. THE NUMBERS
Whether you’re looking for the next great investment opportunity, or you just want to make sure you don’t overpay for that property, keep an eye on the stats. You’ll want to subscribe to any market reports and check comparable homes in the immediate area. Keep in mind that the real estate market is local and prices can differ dramatically from one area to the next.
The Long View: Keeping an eye on the numbers will help you to better understand the ups and downs of the market, what triggers these fluctuations and identify market trends.
#2: LIVEABILITY FACTORS
Good neighbourhoods bring good returns. Take a walk and see the neighbourhood for yourself. Chat with local residents and business owners. Ask yourself questions like; where are the schools and how do they rank? Is there access to public transit? Are there any notable developments in the works? Check with the municipal office. Also, to make sure safety is not an issue contact the local police department. Many have crimes maps on their websites for good insight.
The Long View: Buying in an up and coming area is a smart move. Look for construction zones, planned public transit, upcoming employment opportunities, rising rents and decreasing days on the market.
#3: GOOD ADVICE
Everyone knows someone who has bought a home. And everyone is willing to share their experiences. Advice from that trusted person that’s been there, done that should be welcomed but also vetted. Instead, put your trust in the pros. A real estate agent will wade through all the data and paperwork, but also inform you of other factors such as, liveability, which impacts the price you pay for a home and its resale value.
The Long View: Even if you’re not quite ready to make your move, schedule a meeting with an agent and financial advisor to review your current state of affairs.