Disired Real Estate Features
Listing Your Desired Features
Many buyers find it helpful to take pen and paper and actually write down a list of features they would like to have when they purchase a house, condominium or townhouse. Alternatively, just print this web page and circle the features you want on the list below. Having such a list makes it easier to communicate with others, such as real estate salespeople, when searching for your dream home.
If there is more than one person involved in the decision, then each should make their own list, and afterwards the lists can be merged into one.
After the list is made the desired features should be separated into groups by importance, such as:
* (1) essential "must have"
* (2) important "will probably have"
* (3) desirable "would be nice to have"
Often, the most important features seem to be the ones people write down first. There are an unlimited number of potentially desirable features. Here, in no particular order, are the most common ones you may wish to consider for your personal list:
1. type of housing: house / townhouse / condominium
2. number of bedrooms, bathrooms
3. price range (minimum / maximum)
4. locations desired or possibly acceptable (This is the most important factor for most buyers, so it is critical not only to your enjoyment, but also to your investment value. If you are unfamiliar with Lower Mainland neighbourhoods, realtor David Valente at davidvalente.com would be glad to provide information.)
5. view (a great view can add tens of thousands of dollars to the value--and to the cost)
6. for a condo: kids / pets allowed or not allowed
7. for a condo: rentals allowed / not allowed
8. condition desired: immaculate, average, or "fixer-upper bargain"
9. soundness or quality of construction, structural integrity
An unromantic but important topic. On average it is cheaper to own than to rent over the long term, but it is essential to reduce the risks of ownership so that you as an individual benefit. Problems can arise from shoddy workmanship and from unproven new building practices. At various times in the past there have been widespread problems with such things as urea formaldehyde foam insulation, green timber, lead paint, stucco, asbestos insulation, aluminum wiring, substandard copper piping, and vinyl siding, although most installations were trouble-free and these problems are now largely behind us. Currently, a large amount of apartment building damage due to rot caused by moisture is being repaired. The following are not hard-and-fast rules, but are believed to reduce such risks:
* buying subject to inspection (of flashings, air vents, etc.) by a professional building/home inspector
* choosing a home built by a developer/builder of high reputation
* choosing a building with a roof overhang/eaves
* concrete construction
* apartment built 20 or more years ago
* examining strata council minutes of meetings and financial statements for problems
* choosing a condo where the strata council has paid a few thousand dollars to have an engineering firm check for moisture penetration
* built without spun poly type vapour barrier
* long warranty against leakage from financially secure third party
10. ease of maintenance
11. near work / school / church / bus / skytrain / shopping / recreation / park
12. quiet area preferred or essential / adequate soundproofing
13. private setting / cul-de-sac / corner lot (A corner lot was usually less expensive in the past as it provided less privacy, but now with the trend to smaller lots the extra sense of spaciousness on a corner lot often makes it more expensive.)
14. quality of finishings / appliances
15. in-suite laundry; wood/gas/electric fireplace(s); dishwasher; kitchen island; air conditioner
16. home office / den / home theatre; storage space; workshop / hobby-related needs
17. health requirements (For example, asthmatics may not want carpeting or forced air heating. Those with breathing difficulties may also wish to note that since the prevailing winds in the northern hemisphere are westerly, i.e. blowing from west to east, the west ends of cities tend to have less air pollution--and be more expensive. Other specific needs might include wheelchair access, building emergency generator for medical equipment, etc.)
18. garden / patio / sundeck(s) / fitness facilities / swimming pool (a pool is great for a condo, but usually subtracts from the value of a B.C. Lower Mainland house)
19. security aspects (fire/flood/earthquake/security system/secured parking)
20. parking: indoor/outdoor / garage / carport / number of parking places
21. new / resale; acceptable age range of house / apartment / townhome (There is nothing quite like the feeling of moving into a brand new house or condo. That's why the market value drops substantially as soon as a unit has been occupied, just as it does for a new car. Consequently, buying an almost-new or older home may be a better investment than buying a brand-new one.)
22. for a house: architectural style / treed lot / level or sunny yard
23. for a house: suite included - legal or unauthorized "mortgage helper"
24. for a condo: wood or concrete construction; balcony/patio; floor level; facing north, south, east, or west
25. title: "freehold" (typical of a house lot), "strata" (typical of a condominium apartment), "leasehold" (typical of city-owned land with apartments, e.g. on a 99 year lease), "rental lease" (typical of some apartments owned on leasehold land), or "shareholder" (some older apartment corporations; commonly and confusingly called 'co-operatives' but unrelated to rental housing of the same name: apartment corporations are fairly uncommon and there are many variations of them; consequently it's a little-known secret that some of them have major financial and security advantages over strata condos.)
26. vendor financing available
27. lot size e.g. "about 33 by 120 feet"
28. house or condo size e.g. "about 900 square feet": In practice the best way to decide what square footage you require is usually to visit a number of properties for sale, of different sizes. Most people quickly get a good intuitive grasp of the approximate size they want. (Real estate salespeople in B.C. use a somewhat complicated set of rules to determine "square footage". For example, unfinished furnace rooms are supposed to be excluded. Different salespeople measuring the same property usually come up with very similar estimates for square footage, but the courts may not find fault if the residence turns out to be smaller than estimated by the realtor, e.g. 5% smaller. Nevertheless, such a discrepancy could be very upsetting to a buyer! For this reason, it's best to judge whether the size of a home is adequate by simply looking at it, rather than by relying on the published "square footage". The square footage is, however, a help in deciding which properties to view. "Slight" undersizing can also be a problem with condos bought "pre-construction".)
29. features needed for a good investment: Unfortunately, the investment suggestions that one comes across are mostly meaningless for buyers in the Lower Mainland of BC, because the critical factors here are local and specific and not amenable to generalities. The fact is that any property, anywhere and in any condition, is a good short-term investment value--at the right price. However, a realtor can advise as to which areas and types of properties have the best prospects for increasing in value. To identify a realtor capable of such advice, ask them about their own history of ownership.
30. features for a rapid sale: If for some reason you foresee needing to sell quickly when it eventually becomes your turn to sell, then make sure to choose a house or condo in the middle price range, neither the most nor the least expensive at that location. Also, it should have an attractive exterior and attractive kitchen. This will interest the most buyers and therefore bring the quickest sale, but not necessarily a lower or higher profit.
Deciding what you want in a new home is usually an on-going process, and having someone like David help with it can make it much easier than doing it on your own. After you have viewed a few properties for sale, you will have some idea of what compromises you'll need to make to meet your budget, and you may wish to make some changes to your list.
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Prudential Sussex Realty
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