Before taking on new home buyers, I make it a habit to sit down with them and carefully discuss certain aspects, bringing to light key factors that they may have not considered. Along with leaving them a Buyer’s Guide and a game plan to be set in motion, these are some of the main elements that are evaluated.
1. COMMUTE
Family man, soccer mom or office oriented, each buyer should be aware of the commute according to their needs. If someone perhaps has the kids in soccer 4 nights a week, they may want an easier commute. Will the kids have public transport as they grow older and need to get to school? Will the train or nearest highway serve purposeful for the days to get into town? Especially in areas where there is one way in and one way out, with major boulevards being jammed during traffic hours, it is best to advise your clients. With the REM project, it is also good to look this over as well.
2. PRICE VS. LOCATION
Prices of new developments and perhaps older homes can be quite appealing, but it always comes down to investing in the right location. Some often forget that before dabbling into the prices of new developments, taxes are applicable. Also, should the price be that appealing but the neighborhood is not the best, it’s safe to say it’s better to save more and wait for the next opportunity. Think about the re-sale!
3. CONDO FEES AND RULES
When it comes to condos, there are certain things that potential buyers may not be aware about it & it is best that it is established from the get-go. Barbecues for example, some buildings do not allow, while others do. It is imperative to evaluate what the lifestyle of the client is. Some may think they have the option to break down walls, extend or modify a unit, but it fact you need permission from the board to do so (depending on the work to be done). But first, it should already be established in the declaration of co-ownership. It is important to read these documents to know what is allowed and what is not.
4. CONSTRUCTION
Especially with new developments going up around town, some clients may not realize the exponential growth of a certain area or the time it will take for construction to be completed. Some plans do change, and perhaps your view may differ months down the line due to a new building being erect. Will the noise and traffic be an issue? This is something to consider.
Before you start your hunt for the new year, consider what you may be overlooking. In order to set realistic goals in this market it is best to sit with a real estate agent to obtain more info.
