How to define your real estate purchase criteria?

Finding the property of your dreams means knowing how to listen to yourself. What is your personality and what is your way of life? What kind of properties would allow you to thrive?

Here are some tips to help you define your criteria for buying your home.

First essential criterion: your budget

Before defining your criteria for buying a house, establish your budget: what maximum price are you willing to pay for your property?

To determine the price of your future home, you will need to consider several factors such as the costs associated with buying and maintaining a property, your borrowing capacity for a mortgage and your other recurring expenses.

Your budget should never exceed 32% of your gross income for your home, including heating and municipal and school taxes. Your total debt should never exceed 40% of your gross income, including credit cards and car loans, for example.

It is based on your budget that you will be able to define your purchase criteria and determine what type of property is within your means.

Determine your personality traits and their impact on your purchase criteria

Are you a social or rather introverted person, are you overflowing with energy or are you a calm and collected person? Are you a creative, orderly, adventurous, independent person?

These questions will draw a first perimeter in the search for your ideal purchase. The answers will help you determine not only what type of property is right for you, but also what type of neighbourhood to prioritize. A person who likes to party might not like a secluded suburb as much as a quiet person might find the noise of the city disturbing.

What is your current lifestyle and what improvements do you want to make?

Draw a portrait of your current lifestyle, its advantages and disadvantages. What environment does your family live in today? What do you like about your current situation? What do you need most? What is your comfort lacking right now? Are you hesitating between a house and a condo?

Two main criteria must be evaluated: space and environment.

This will help you determine your buying criteria as follows.

List of elements to define your purchase criteria

• Environment: countryside, suburbs or city
• Type of property: single-family, condominium, townhouse, etc.
• New property or not
• Number of parking spaces, indoor or outdoor
• Number of rooms
• Number of bathrooms
• Kitchen size
• Open concept
• Exterior: garden, balcony, terrace
• Backyard: landscaped or not, swimming pool or not
• Provision of services
• Transport: by car, bicycle, public transport
• Distance from work or school

How do you determine your purchasing criteria and the concessions you will be prepared to make?

List all the items and make choices. Prepare your purchase criteria but also your concessions, what you are ready to let go.

Being open to alternative solutions

Your budget will not necessarily allow you to afford the perfect property for you. Making a list of compromises will allow you to be efficient and not miss out on a purchase.

For example, you want to find a house with a swimming pool. Your real estate broker shows you a property that meets all your criteria except the swimming pool. Before missing out on a great opportunity, study the feasibility of building a pool later on the land, assess the budget and go for it!

Now it's up to you! Ask yourself and think about your desires to determine your purchase criteria. Once this essential step has been completed, start looking for your gem! Our network of real estate brokers supports you in your search for properties to buy in Quebec.