Chapter 4 – Finding the Right Home

Finding your ideal home is much easier when you have a clear picture of what your wants and needs are. Take some time to think about what essential features you require in your home (such as proximity to work and schools, or a fenced back yard) and what features would be “nice to have.” It’s also a good idea to think about the home that will not only meet your needs today but will also meet your future needs 5 to 10 years from now. Not sure where to start? We’ve created a handy checklist to get you started.

 

Location	Required	Nice to Have	I can compromise
Close to work
Close to schools
Close to parks/green space
Close to shopping
Close to amenities (ex. hospitals)
Close to sports/recreation centres/health clubs
Close to train stations/public transport
Close to family and friends
Close to leisure and entertainment (ex. movie theatres)

 

Outside the Home	Required	Nice to Have	I can compromise
Fully-fenced backyard
Garage
Large driveway
Outdoor areas
Swimming pool
Security system (ex. CCTV)
Fully renovated/landscaped – no work required
Accessible (ex. no steps/stairs)
Low maintenance
Good lighting

 

Inside the Home	Required	Nice to Have	I can compromise
Separate dining room
Separate children’s playroom/parent’s area
Open layout
Guest room
Additional bathroom
Study/office space
Modern kitchen
Built-in wardrobes/walk-in closet
Additional storage space
Walkout/finished basement

 

Neighbourhood and Location

One of the first decisions you will need to make when purchasing a home is the location of your home. Do you want to be close to work? Is proximity to good schools important to you? What features do you expect in your neighbourhood? 

 

Before looking at specific homes, it’s a good idea to take a stroll or drive around the prospective neighbourhoods to get an idea if it’s an area that you see yourself living in long term. Some key questions to keep in mind when you are exploring prospective neighbourhoods and locations are listed below:

 

• Is it a safe neighbourhood? Would you feel comfortable having your kids play in the neighbourhood? Would you feel comfortable walking by yourself at night?
• Is it a busy area? Does it seem like traffic noise would spill into the homes?
• How does the neighbourhood make you feel? 
• Is it a tight-knit community?
• Where is the nearest medical centre/hospital?
• Is there adequate access to public transit? On-street parking?
• Are there parks and green spaces nearby?
• Where is the nearest school?

 

If you come across local residents of the neighbourhood, there is no harm in politely asking them what their thoughts and opinions of the neighbourhood are.

 

Size and Special Features

After you consider the neighbourhood and location of the property, the next big decisions are the size and features of the home. How many bedrooms do you want? Do you want a modern kitchen with lots of counter space? How many bathrooms do you need? Does a finished, walkout basement strike your fancy? Do you want a swimming pool?

 

Lifestyle

Another thing to consider when searching for suitable homes is your lifestyle. Are you planning on having children in the future? Do you want to live where you can go for walks with your dog? Do you want a property where you can simply set the alarm, lock the door, and head off to explore the world? 

 

The home you choose now will have an impact on your lifestyle and finances for years to come. As with anything in life, purchasing your first home will inevitably come with trade-offs. You may be able to get a larger home in the suburbs within your budget, but you’ll be further away from work. Ultimately, be sure to weigh each decision carefully to make the best decision for you and your family.

 

Forms of Homeownership

Another key decision you will have to make is the type of homeownership that suits you. Some of the most common forms of ownership in Canada are listed below:

• Freehold

You own the property and the land the property sits on for an indefinite period of time. You are responsible for the maintenance and upkeep of the property and land, including property taxes. You also have full control over the use of the land and the property that sits on the land, subject to any rights of the Crown (federal/provincial government), local bylaws, and any other restrictions.

• Condominium (“strata”)

You own the individual unit you live in as well as a share in the common spaces and amenities of the condominium (e.g. the gym, BBQ areas, parking garage, etc.). You are responsible for the upkeep and maintenance of your own unit, including property taxes (and depending on the building, utilities). 

 

You also pay a monthly fee to the condominium corporation to cover the costs of maintaining the common areas. The condominium corporation is run by a board of directors elected by unit owners in the building. The corporation makes decisions regarding the financial details of the building (including setting budgets and condo fees), as well as setting rules for the use and maintenance of common areas.

• Leasehold

You own the property for a specified amount of time (e.g. 99 years), after which the expiration of your lease returns ownership to the lessor. Often, leasehold ownership involves the ownership of a building or property but not the land it sits on.

 

If you choose to sell your property during the period of the lease, the purchaser inherits the lease minus the amount of time you held the lease (e.g. if you had a 99-year lease and sold the property 5 years after purchasing, the purchaser would have the right to use and occupy the property for 94 years).

• Co-operatives

Instead of purchasing a specific unit in a building (like in condominium ownership), you buy into the building (i.e. you purchase a share of the building). You are then assigned a unit to live in. If you decide to sell your share of the building, the co-operative’s board members can reject buyers they feel are not suitable to the community (i.e. the board has a say in who you can sell your interest in the property to – they ultimately have the power to veto your sale). 

 

Types of Homes

In addition to the type of homeownership that suits you best, you should also consider the type of home you want.

 

• Detached – a single-family stand-alone house that sits on its own land. A free-standing residential building not connected to any other homes.
• Semi-detached – a single-family dwelling built as part of a pair. Semi-detached homes are connected on one side and share one common wall. 
• Townhouse – a traditional row house, generally having three or more floors. Townhouses consist of several similar single-family homes, side-by-side, joined by common walls.
• Stacked townhouse – two-storey homes stacked one on top of the other. The buildings are usually attached in groups of four or more. Each unit has direct access from the outside.
• Condominium (“strata”) or Apartment – a single-family dwelling (unit) located within a building that includes other similar condominium units. Condominiums/apartments come in a range of sizes. 

Homebuying vs. Homebuilding

Lastly, you will need to consider if you want to purchase a new home, a previously owned home (resale), or if you would prefer to build your own home. 

 

• • New home – is the home built and ready to move into, or will you have to wait for construction to be completed? Do you have contingency plans if the construction of the home is delayed and you cannot move into your home as originally planned? Are your finances stable enough to handle unexpected situations like this?

• Previously owned (resale) – what is the condition of the home? Are any major repairs or renovations needed in the short, medium, and long term? If yes, are you able to fund the repair or renovation yourself or would you require additional financing?

• Build your own – building your own home is a great way to get exactly what you want in terms of size, features, and quality. However, it can also be a significant investment of time, money, and energy. 

 

Start your search

Now that you know exactly what you want in your home, it’s time to start finding properties that meet your criteria. At Nest & Castle, we make it easy to find your dream home through a combination of forward-thinking, industry-leading technology and our team of seasoned professionals. 

 

Start your search on our website at www.NestandCastle.com and let us show you how easy finding your dream home can be.