Looking to buy a new home or cottage in Bracebridge or the Muskoka area? You likely are already aware of the fact that buying a home or cottage is one of the largest investments you’ll make. You are also likely aware of the fact that, unfortunately, there’s no return policy if you find that your new home is not quite right for you and your family. This is why it’s so important that you take the following 4 things into consideration before you make an offer and sign the deal:
1. What to Look For Space
When evaluating a potential property, it’s important to be a little forward thinking. Although the space may be perfect for your needs now, what about 6 months in the future? Or even a year or two down the road? If you think you might quickly grow out of your space and need more room, it may be a good idea to pass on this property and search for another property that you can grow into.
2. Extensive renovations
You’ve found the perfect space. It just needs a new kitchen, and a new bathroom and…maybe some plumbing upgrades…and an addition. Although planning renovations can be exciting and allow you to really personalize a home or cottage, it’s wise to think twice when really extensive renovations are required. Huge renovation projects are not only time-consuming and stressful, they often go over budget. Depending on your circumstances, you may want to save yourself the stress and instead keep searching for a property that better suits your needs as is.
3. Location
It’s not just the physical structure that you need to consider when deciding whether or not to buy a home. The location is also really important. Is it close to nature and green space? Are amenities located nearby? Will your commute to work increase significantly? Although it may be the perfect home, if the location means a lot more travel time or less access to green space and amenities, it may be a good idea to pass and continue to search for a property with a location that works better for you.
What Happens If I Change My Mind?
No matter how careful and discerning you are, life happens. If circumstances arise that require you to put your recently purchased cottage or home back on the market, it’s important that you understand the penalties and fees you may be required to pay. If for example, the home you purchased was not considered your principal residence, you may be required to pay capital gains if you sell before a certain time period.
Think you’ve found the perfect property or you’re unsure about selling a property you’ve only recently purchased? Working with an expert real estate lawyer like Bernie Keating during the process of buying or selling your home is one way to ensure all your questions are answered and your best interests are protected. If you’re looking to buy or sell in Bracebridge or the Muskoka area, we can help. Connect with our team via email or by calling (705) 645 – 8743 today.
