The home buyer's checklist
Before buying a property, a ton of information is essential to have on hand to make a decision. Since a simple visit is not enough, you must be well prepared before even starting your real estate research.
With a comprehensive checklist to complete throughout your buying process, you'll have a clear idea of what you're looking for and be able to position yourself quickly in a fast-paced transaction environment.
Here are some checklists to complete when purchasing your future property.
Check your financial capabilities
Your buying criteria will be based on your financial capabilities. You may need to adjust what you are looking for to fit your budget. There are two types of costs to consider:
- Transaction-related fees
- Recurring fees
| Transaction costs |
| The down payment |
| Notary fees |
| Inspection fees |
| Transfer tax (welcome tax) |
| Moving expenses |
| Sales taxes for the purchase of a new property |
WHAT ARE THE CLOSING COSTS WHEN BUYING A HOME?
| Recurring costs |
| Mortgage payments |
| Property taxes |
| Common expenses (in the case of a condominium) |
| Energy consumption |
| Repairs to consider |
| Maintenance of the property |
| Snow removal |
Determine the criteria of the property you are looking for
In order to create your home buying checklist, you need to establish what your criteria are for the property. What exactly are you looking for? Here is a list of questions to ask yourself.
| Questions to ask yourself about what you are looking for in a property |
| Do you want to live in the country, the suburbs or the city? |
| What type of property are you looking for (e.g. single family, condominium, townhouse, etc.)? |
| Are you looking for a single-storey or two-storey home? |
| Do you want to find a new or recent property? |
| Does the property need to be turnkey? |
| Are you looking for an open concept? |
| How many bedrooms do you currently require? Are you planning to expand your family? |
| How many bathrooms do you need? |
| Are you looking for a home with a finished basement? |
| Are you looking for a property with a landscaped yard? |
| Does it have to have a pool? |
| Does it need a garage or parking spaces? |
| In general, what are the essentials for you? |
| And what are the bonus features for you? |
Assessing the environment and the neighbourhood
The location of the property is a criterion not to be underestimated. You want to feel comfortable there. It is therefore important to find out about the area you want to live in and determine your criteria.
8 CRITERIA TO CHOOSE YOUR FUTURE NEIGHBOURHOOD
The current environment
Consider your lifestyle and daily life to determine what type of neighborhood is right for you based on the atmosphere, attractions, etc. You should also consider what you want to be close by, such as schools, grocery stores or your job.
The future environment
When buying a property, consider the long term. If you plan to stay in the area for several years, find out what the future plans are. If the area is under development, it may be a good investment over time. Also, consider that construction can be noisy and affect traffic.
| Neighbourhood Checklist |
| Distance to work (consider traffic) |
| Accessibility to public transportation |
| Proximity to schools and services |
| Accessibility to restaurants and other attractions |
| Lifestyle and neighbourhood life |
| Potential development of the neighbourhood |
| Future projections (can you see yourself there in 5, 10, 20 years?) |
| Your budget (are the average property prices in the neighbourhood and associated costs such as property taxes realistic within your financial capabilities?) |
Check the condition of the house
From the very first seconds of visiting the property, our mental list of what we like and what we don't like is already being drawn up. The guided tour of the rooms gives a good first impression of whether you can imagine yourself living there.
However, since not everything can be verified in a simple visit, you will need to ask questions about the condition of the property. You will also need to do a more streamlined walk-through to focus on the overall condition of the home.
You will be able to determine more quickly if any work is needed to give you a better idea of what would be coming if you were to make an offer on the property.
| Checklist related to the condition and facilities of the property |
| General condition of kitchen and bathrooms |
| General condition of basement |
| Exterior walls |
| Roof |
| Insulation |
| Heating and air conditioning |
| Electrical panel |
| Plumbing |
| Foundation |
| Doors and windows |
| Moisture |
| Potential renovation work and repairs |
Pre-purchase inspection
Your site visit will probably not have revealed everything there is to know about the condition of the property, but it can give you a very good idea before you think about making an offer to buy. A building inspection will be a must in order to have a more complete understanding of the condition of the house.
By having done your checklists before and during the visit of the property you like, you will be equipped to make an informed decision and react quickly.
In order to accompany you from the very first steps of your buying process to establish your checklist, call upon the services of a real estate broker. His expertise will guide you in your efforts to find the perfect property for you.
