It’s late October and the clouds are setting in and you’ve just started looking for your new home.

Now is the time of year when you will be able to find great opportunity when buying a home. For resale homes there is less selection, but sellers are likely motivated as they may have been on the market for longer than they intended. Additionally, the presale market is looking to make a few more deals before the holidays come in 5 short weeks and so some great opportunities exist. That means now is your chance to get out there and make a deal that is right for you. But don’t just look for the cheapest home because it may just be cheap. What you want to find is the home with the best value for you. That may mean a low price but it also means so much more. Make yourself a checklist of what’s important to you and stick to it.

The first questions is the most important. Know it and stick to it.

1. How much can I afford?

This does not mean that you can afford $350,000 but you think it’s ok to stretch to $400,000. Know your number and stick to it. You can always move up in the future. Stretching too much now will negatively affect your day to day life for the next few years to come. Financial stress management starts by making the right purchase.

2. What am I going to be doing in 3 years?

Chrystal ball gazing is a tough one. But if you know that you are engaged or in a long term relationship that may include new family members understand how this new home will work for you in an extra year or 2. Can you grow in it or will you be forced to move? You don’t need to buy a 2 bed when right now you only need 1 but make sure you consider the next 3 years too.

3. What do I want in a neighbourhood?

As the experts say, “location, location, location” is key so make sure you consider the right neighbourhood for you. Appliances and paint colours can be changed but what you can’t change is that the building is on a train track or has no parks, shopping or transit nearby. For example, I love West Vancouver’s British Properties. The area is full of large view lots but almost every amenity would require me to get in the car because there is nothing there but large view lots. Check out the walk score of the property you are interested in at WalkScore. Don’t just rely on the score though; come up with your own priority for neighbourhood amenities and like pricing stick to it.

4. What are the features in the home?

Now you’re looking at what’s in the home. Is the laundry right beside the bedroom; are the appliances of good quality? (This is not asking are they the best appliances? Are you a chef? Do you need the best? Likely not, you just need one that is of good quality and has all the functions you will actually use. We’re all caught up in marble and brand names but this can just lead to unnecessary stress because it pushes up costs.) If you had to replace the flooring or the appliances can you afford it…Does your view look into another home? Does another home look directly into yours? And so on…

The one question I don’t think people should ask when buying a home is “How much will my resale be in a few years?” Not even the best experts can be sure. However, if you buy a home using questions 1-4 positively the odds are someone else will when you are ready to sell. I’m a firm believer that the home should be a “home” first and a commodity second (or 3rd or 4th even).

Contrary to all the doom and gloom of the media, now is a great time to buy. Mortgage rates are low, supply is good and Metro Vancouver is a desirable location. All in addition to the fact that Metro Vancouver is the place you have decided to live.

Happy shopping but don’t forget to make your list and stick to it. Remember to keep your list within reason and more importantly within what you “need.”

Dan Thomson