Lesley Wagstaff & Dave Cowper

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•Step 2 – Determining Your Housing Needs



  Best predictor of future value is past/current price trends of similar homes in neighborhood

  Neighborhood development opportunities



  To schools, amenities, city core, transportation


  Long-term / resale value:

  Desire of future buyers to buy same property


Determine your precise requirements in a home “needs vs. wants”

A home is about more than the number of bedrooms or bathrooms. It's about how you feel when you're in it. To really pinpoint the type of home you're looking for, consider the following questions and discuss them with your Realtor.


1. What makes you comfortable in your current home?

Is there anything in particular you'd like to duplicate?


2. What is your primary reason for searching for a new home?


3. Do you have/or intend to have children? What are their ages, interests and activities?


4. Do you entertain a lot? What areas of your home will you primarily use to entertain?


5. How long do you expect to live in the home?


6. Do you have any pets that stay in the house or outside?


7. Would you consider yourself to be more casual or formal?


8. When you imagine your dream home, what do you see? What images come to mind?


List your space needs, including:

  living space requirements (i.e. how many bedrooms)

  what you're bringing with you from your old house


 Consider the following and record any notes or preferences:


House style 

Number of bedrooms 

Number of bathrooms 

Living room 

Dining room 

Family room 


Home office 



Garage stalls

Lot size


Age of property



Condo or House



  What are your needs? Now, 1-3 years, 5 years plus? 


Affordability, More on this later.

  What can you afford? Down payment, heating, condo fees, maintenance, repairs, renovations, property taxes…


  More than just the home, it's important to think about the type of neighborhood that is right for you.

Please consider the following and record any notes or preferences:

Areas you would enjoy

Specific streets you like

School district(s) you prefer


Your work location(s)

Your favorite shops/conveniences

Recreational facilities you enjoy

Any additional items to consider when selecting our target neighborhoods:


Resale Value 

  Neighborhood price trends. Return on your investment. Last 15 years, next 15 years. 


Supply and Demand

  How much of the same type of housing is in your area? Too much will cause extra supply, too little may have your property appear as too “unique” 


Condominiums Are:

Generally less expensive

Less maintenance than a house

Include extras, such as security systems and recreation facilities.


Condo Fees:

Be prepared to pay monthly condominium fees that contribute to the corporation’s contingency fund and go toward covering the collective cost of property maintenance, repairs, replacements and insurance.


•3 – Building Your Home-Buying Team

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