Many of the issues pointed out in the condo purchase are also applicable to the purchase of a house, though few issues such as recreational facilities in the condo complex, the floor height of the unit, the exposure are specific to the condominiums only. Many guidelines given below also take into account the investment criteria of the purchase
If you are a growing family and have children or plan to have children, then you should look for a home in the area and street with young families, schools and other facilities in the immediate area that are important to families.
In most areas, houses come in different price ranges. Buying a least expensive home in an expensive area is a good investment acumen. Also an over improved property vis-a-vis other properties in the area may not get the investment back when the property is sold.
Least percentage of houses in the market are two bedrooms and most popular is a 4 bedroom house. In the last fifty years, very few 2 bedroom houses have been built. Most of the 2 bedroom houses were built after the second world war and in the early fifty 's. Sixty's saw the popularity of 3 bedrooms but from seventy's onward more 4 bedroom houses have been built than any other size.
Larger homes have more than two washrooms and it is recommended that any house that is larger than a 3 bedroom house should have at least 3 washrooms. The most desirable feature of a house is to have at least one washroom for every bedroom and a powder room on the main floor for the visitors.
More and more house buyers are asking for a Family room in the house. Any house that is larger than 1600 square feet should have a family room and a fireplace. Large homes that have no fireplace could be ignored by prospective buyers.
Harwood floor is in vogue and a desirable feature. At one time, builders gave buyers an option to choose between Broadloom and Hardwood floors, but now there is a hefty premium for getting hardwood floors . Engineered woods and laminate floors have also become popular but are less preferred options. Hardwood plank floors seem to carry the most premium in the marketplace.
Most of the suburban houses have garages but that is not the case in the major cities like Toronto. A garage is very convenient and adds to the value of the house. If you can't get a garage, try to buy a house that offers at least parking facilities on the property or on the street. Salability is negatively affected if there are no parking facilities. A house that is above the average price in the area should have at least two car garage.
Exposure is very important issue with a house. You need to decide which part of the house you want to have sun. A house facing East will have the morning sun and house facing west will get more sun in the afternoon. If you like to work in the back yard and plant flowers, vegetables and fruits, you will need sun in the backyard.
Most of the houses in Ontario come with a basement. Some older homes have only a crawl space. A full finished basement will give you additional living space and a basement with a separate entrance, a kitchen and a washroom will offer you an option, zoning permitting, to rent it out. Finished basements with rentable potential are in great demand and demand a premium in the market. Homes with unfinished basements are obviously less expensive and offer you the opportunity to buy a specific house for less money and finish the basement to your taste, if and when you need it.
Swimming pools are very desirable feature in Florida but not in Ontario. It takes a longer time to buy or sell a property with a pool and it is unlikely that the full expense incurred to have a pool on the property is ever recovered. But if on a street the majority of properties have a pool, not having a pool will be disadvantageous. Many young families avoid homes with pools for safety considerations. Do your own investigation prior to your purchase.