April 15, 2024 | Buying
What Should You Look for When Buying a House in Ancaster?
Buying a new home can be one of the most exhilarating adventures of your life – once the process is complete and you’re all settled and moved in, that is. The process of getting there can feel like juggling multiple balls all at once.
Having a clear roadmap in mind will help you reduce your stress and stay focused on your final outcome of finding the ideal place in the right neighbourhood. In this post, we’ll give you some ideas on what to look for if you decide to make your next home in Ancaster.
Why Search in Ancaster?
Ancaster offers too many benefits to name, especially for those looking for a safe and engaging environment for their families. The natural beauty is breathtaking, thanks to its location nestled within the Niagara Escarpment.
Parks and trails are everywhere, enough to make you feel like you’re tucked away in a rural community. However, you’re also minutes away from outstanding shopping opportunities at big box stores and independent retailers. A vast selection of restaurants makes it easy to find something everyone loves. For entertainment, look no further than the Cineplex Theatre in the Meadowlands. Day or night, there is always something exciting to do in all four seasons of the year.
Getting in and out of Ancaster is also simple, with easy access to Hwy 403 and the Lincoln Alexander Parkway (affectionately known as “the Linc” to Hamiltonians). If you want to get to Hamilton or Dundas, just zip onto the highway or take the scenic route down Wilson Street.
Does Ancaster sound like the right place for you? The posts below might convince you to pack your bags:
- Why Should You Consider Moving Your Family To Ancaster?
- Top 5 Family-Friendly Neighbourhoods In Ancaster
- Ancaster Vs. Dundas: Which Offers The Best Green Spaces?
Is Ancaster Expensive?
Although Ancaster is one of the more affluent areas of Hamilton, you can find housing options in all different structures and price points. Styles range from mid-level condos and townhouses to majestic estates.
You’ll also find old homes, smaller bungalows, new developments, and even custom new builds sprinkled throughout the town. Since there are so many options to choose from, the next step is to begin narrowing the field.
Determining Your Budget
To a large extent, what you are looking for in an Ancaster home will depend on your budget. Knowing how much you will need for a down payment, closing costs, and monthly mortgage payments will help you focus on the best types of houses for you.
A little creativity can open doors you might not expect. For example, a low budget doesn’t necessarily limit you to a small condo. An older bungalow outside of the city core might enable you to secure a detached home that allows for more living space. We suggest connecting with an agent from our team to keep an eye out for listings that suit your needs.
How much will you need to buy a house in Ancaster? First, you’ll need enough of a down payment to qualify for a mortgage.
- For all houses that cost $500,000 or less, you need 5% upfront, or $25,000.
- If the house is between $500,000 and $1 million, you need 5% on the first $500,000 and 10% on the rest. A $900,000 home would require $65,000 down ($25,000 + $40,000).
- On anything over $1 million, you need 20% for your down payment. The breakdown on a $1.5 million property would work out to $175,000 ($25,000 + $50,000 + $100,000).
You will also need to keep closing costs in mind. These include lawyer’s fees, title insurance, utility hookups, and land transfer taxes.
Having a clear picture of the final cost, not just the listing price, is essential to determining an accurate and realistic budget. Once you have that, you can begin creating your wishlist for your new home!
Narrowing Down Your Search
Deciding where you want to live and calculating a budget is the hard part of buying a house. Once those tasks are out of the way, the exciting part of looking at houses can begin!
Think of what you must have versus what you would be willing to compromise on for a premium location or the right price. You may also want to make a list of what you do NOT want for your new home, such as a location on a busy street. The sample checklist below can help you get started:
- What structure of house do you want? Detached, condo, or townhouse?
- Is a garage or storage shed important to you?
- What amenities do you want nearby? Parks or shopping malls?
- How many bedrooms and bathrooms do you need?
- Do you prefer a multi-story home or everything on one level?
- Does an open-concept layout appeal to you or do you want the noise control and privacy of a walled floor plan?
- How important is a large backyard?
Creating a specific yet flexible wish list like the above can save you a lot of time by narrowing it down to a few choice listings.
Want to discover even more great communities in the surrounding areas? You may enjoy the posts below:
Staying in the Game
Finding and securing the right house can take time, especially if other buyers have their eyes on the same listing. An agent from our team can help you craft compelling offers and negotiate for the best possible terms no matter what the market is doing.
Once you have a clear strategy, the trick is to stay in the game and never give up. With patience and expert guidance, you’ll soon be turning the keys into your new home!
Are you ready to start searching for your ideal home in Ancaster? We are here to guide you and answer any questions you have. Reach out to HELLO@THEOREILLYGROUP.CA or call 905-512-5323 to take the next step.
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