Scoping Out a Neighbourhood

 

Home buyers enter the buying process with one of two mindsets.

There are those who know what kind of house they want – the number of bedrooms and bathrooms, the type of kitchen and maybe whether or not they want a yard. Then there are those who know where they want to live, such as a specific school district or neighborhood, but haven't completed a wish list of home features.

Seldom does a home buyer tell her real estate agent that she wants a "three-bedroom, two-bathroom home with a gourmet kitchen, a fireplace and a pool in the backyard, located on "J" Street in  "X" neighbourhood."

While it's important for your real estate agent to know what features you want in a home, "location, location, location" is just as important, important, important.

Even if you know exactly what you want in a house and perhaps have one picked out, it's important to scope out the neighborhood before committing fully to buying.

Don't Believe What You Hear

Especially when you are new to an area, it's easy to believe what residents tell you about the various neighbourhoods.  Some areas might suit some people or families just fine while another person would not find the area quite as attractive for different reasons.

There is nothing quite like first-hand information. If good schools are important to you, do the research yourself instead of relying on what others consider "good."

Crime statistics can be found online.  Neighbourhood Watch  and London City Police web sites are a good place to start. 

Google maps will allow you to map a route from the new house to your job, to a particular school, or to the nearest shopping center and kick back the mileage and a rough estimate of the time it will take to get there.

A lot of your preliminary neighbourhood research can be done online, but it's not a substitute for actually checking out the neighbourhood in person.

Drive It

Drive through the neighbourhood at different times during the day and evening, on both weekdays and weekends, looking for anything that may be considered an annoyance. Music blasting from a teenager's open bedroom window when you're trying to unwind after work may make you wonder why you bought a house in that neighborhood in the first place. Is the house under the airport's flight path?  Kids – and all that they imply – may be a blessing or a curse.
If you don't drive, walk the neighborhood. Locate the nearest public transportation stop and see for yourself what the walk is like to the store and other local conveniences.

Check Municipal Records

Finally, check the neighbourhood and surrounding area for anything that may impact the home's value.
Look for:
Developments in the works.
Upcoming zoning changes.

Sure, it's important to fulfill those dreams of the perfect house for you. But the bigger picture - a suitable neighbourhood in an area that fits your lifestyle – is just as important to your quality of life.

We have a lot of information on different neighbourhoods that may be helpful to you in your search.

Call us anytime!

Richard Thyssen, Broker of Record
Colleen Thyssen, Sales Representative
Direct 519-495-1541
Office 519-438-8000
Email: richardthyssen@kw.com
www.thyssengroup.com

Budgeting to Buy a House

Saving money for a down payment for a new home and closing costs that will be incurred takes time and careful planning. The best way to start is by coming up with a budget that is realistic enough for you to stick with and by using other tips to help you get ahead financially.

The Budget

The only thing more challenging than setting up the budget is sticking with it over the long run. Using personal finance software will help you set it up, but only self-discipline and the desire for a new house will motivate you to stick with it.
First, you need to determine your total income from all sources. The second step is to list all the money that goes out every month, beginning with your fixed expenses. These include anything that has a fixed payment due every month, including:

Rent or mortgage
Car payment
Insurance
Child support and alimony
Installment loan payments

Next, list your variable expenses. These may be a little more difficult to track, so you may want to document them over the course of a week or two on a chart such as the spreadsheet offered for free by a Canadian credit counseling service. Common variable expenses include:

Groceries
Utilities
Telephone & cell phone
Cable or satellite TV
Internet
Anything you purchase on a daily basis (morning coffee, etc.)

Track and update your budget daily so that nothing falls through the cracks.

Make Changes

Once you've used the budget for a month or two you'll be able to see where your money goes every week. This snapshot shows you where it's being wasted and, thus, where to make cuts. Any items cut from the budget mean more money to set aside for your house.
Some of these cutbacks might include bringing a lunch from home rather than hitting the café every day, riding your bike to work or taking the bus instead of driving, and using coupons to save money.

Make More Money

Cutting your budget expenditures and paying down debt aren't the only ways to move more quickly down the road toward home ownership. Finding ways to bring in more money gives your plan a turbo boost.
If you can take on overtime hours at work, do it. Consider holding a garage sale or selling unused items online. Sock away that extra cash for your down payment.

Savings

As you build your savings, avoid the urge to add to your debt. There will be plenty of time after you buy the house to buy furniture, a car or whatever else you might be thinking of purchasing. Keep that house you want top-of-mind to motivate yourself to stay out of debt and continue saving.

When the time comes to look for homes, give us a call.  We are here to help!

In gratitude,
Richard Thyssen, Broker of Record
Colleen Thyssen, Sales Representative
Direct: 519-495-1541
Email: richardthyssen@kw.com
www.thyssengroup.com

The Informed Buyer/Seller September 2015

Richard Thyssen, Broker of Record
Colleen Thyssen, Sales Representative
Direct 519-495-1541
Email: richardthyssen@kw.com
www.thyssengroup.com