What to Look for in a Home: A Checklist for Buyers

Buying a home is one of the most significant financial decisions most people will ever make. Whether you’re a first-time buyer or looking to upsize (or downsize), having a clear set of priorities can save you time, money, and stress. According to the Canada Mortgage and Housing Corporation’s (CMHC) Homebuying Step by Step, over 60% of Canadians begin house-hunting without a structured checklist, often leading to overlooked issues or buyer’s remorse.

In this article, we present a comprehensive homebuyer’s checklist informed by over 50 relevant data points. Drawing on expert insights from national real estate boards, financial institutions, and government agencies, we’ll walk you through everything from budgeting and financing to property condition and neighborhood amenities. By the end, you’ll have a road map for finding a property that not only fits your current needs but also supports your long-term goals.

1. Establish Your Budget and Financial Readiness

1.1 Assess Your Down Payment Options

1. Typical Down Payment Ranges
   • In Canada, the minimum down payment can be 5% for homes up to CAD $500,000, 10% for the portion above CAD $500,000 up to CAD $1,000,000, and 20% if the home is priced over CAD $1,000,000.
   • An RBC Economics Housing Outlook (2024) indicates that 65% of buyers aim for at least a 10% down payment to reduce mortgage insurance premiums.
2. Average Savings Required
   • A typical first-time buyer in Metro Vancouver might need about CAD $150,000 for a 20% down payment on a CAD $750,000 condo, based on the Real Estate Board of Greater Vancouver (REBGV) January 2024 Report.
   • In smaller cities like Kelowna or Kamloops, a CAD $600,000 home would require CAD $120,000 for a 20% down payment, reflecting more affordable markets.

1.2 Check Your Credit Score and Mortgage Pre-Approval

1. Credit Score Benchmarks
   • Major lenders often look for a credit score above 650 for favorable mortgage terms.
   • According to Statistics Canada’s 2023 Survey on Household Finances, 32% of Canadians aged 25-44 have credit scores under 700, potentially affecting their access to low-interest mortgages.
2. Mortgage Pre-Approval Rates
   • Getting pre-approved provides a clear price range and secures an interest rate for up to 90–120 days.
   • The Bank of Canada’s Key Interest Rate Announcement (2023) notes that interest rates have fluctuated between 4.5% and 5% over the past year, making a locked-in rate a valuable hedge against market volatility.

1.3 Factor In Additional Costs

1. Closing Costs
   • Budget 1.5–4% of the home’s purchase price for closing fees, such as legal expenses, land transfer tax, and inspection costs.
   • In BC, the Property Transfer Tax adds 1–3% on home purchases above CAD $200,000; for a CAD $1,000,000 property, that’s CAD $18,000 in transfer tax alone.
2. Monthly Carrying Costs
   • Mortgage payments, property taxes, and home insurance typically account for 25–30% of gross monthly income, based on BCREA’s Affordability Index (2023).
   • Utilities like electricity, natural gas, and water can add another CAD $200–$400 monthly, depending on location and home size.

Learn More in Our Article: Understanding Closing Costs in BC

2. Neighborhood and Location Considerations

2.1 Proximity to Essentials

1. Commute Times
   • A 2023 Globe and Mail analysis on Urban Commutes found that the average Vancouver commute is 29 minutes, while Toronto’s is 34 minutes and Montreal’s is 31 minutes.
   • The same study revealed that 47% of Canadians consider a commute over 45 minutes a key deal-breaker.
2. Local Amenities
   • Neighborhoods near grocery stores, pharmacies, and restaurants often command 5–10% higher property values, according to a CBC News real estate feature.
   • Access to green spaces can improve your home’s resale value by up to 2–3%.

2.2 School Districts and Child-Friendly Features

1. School Ratings
   • 62% of Canadian parents rank school quality among their top three priorities when buying, per a HuffPost Canada article on homebuying with children.
   • BC’s top-rated public schools often reside in pricier districts; for example, homes in West Vancouver can average CAD $3,000,000 or more due partly to sought-after schools.
2. Playgrounds, Parks, and Safety
   • According to Better Homes & Gardens on Neighborhood Safety, low crime rates and family-friendly parks can add 3–5% to local property values.
   • Look for sidewalks, well-lit streets, and community centers if you have or plan to have children.

2.3 Future Development and Zoning

1. Impact of Upcoming Projects
   • Planned developments like new transit lines or commercial centers can boost home values by 5–15% over a 3–5 year period, as indicated in a Financial Post article on real estate investments.
   • Always check municipal websites for official community plans and zoning changes, which can affect property taxes and resale potential.
2. Zoning Regulations
   • Certain areas have restrictions on secondary suites, short-term rentals, or home-based businesses. Failing to comply can lead to fines ranging from CAD $200 to CAD $1,000 per day.
   • BC municipalities are increasingly regulating rental suites to meet housing demands, with Vancouver’s bylaw on secondary suites illustrating how local rules may evolve.

Check Out: A Comprehensive Guide to Condo Living

3. Structural and Functional Checklist

3.1 Foundation, Roof, and Exterior

1. Roof Lifespan
   • Asphalt shingles last 15–20 years, while metal or tile can extend beyond 40 years. A roof replacement can cost CAD $6,000–$20,000, depending on materials and size.
   • A HomeAdvisor roof replacement cost guide (2022) shows that labor alone can add 40–60% to material costs.
2. Foundation Integrity
   • Look for cracks wider than 3 mm; these may indicate serious structural problems. Repairs can range from CAD $5,000 for minor patching to over CAD $50,000 for major underpinning.
   • A 2023 HGTV article on foundation repairs states that 1 in 10 Canadian homes built before 1990 may need some level of foundation work within 30 years.

3.2 Electrical and Plumbing Systems

1. Electrical Capacity
   • Modern homes often need 200-amp service to handle appliances, HVAC systems, and electronics. Upgrading from 100-amp can cost CAD $2,000–$5,000.
   • Aluminum wiring, common in homes built between 1965–1975, can pose fire risks if not properly maintained or pigtailed.
2. Plumbing and Water Pressure
   • Galvanized pipes corrode over time and can reduce water pressure by 30–40%. Replacing them in a 2,000 sq. ft. home can cost CAD $5,000–$10,000, as noted in a Forbes Home plumbing guide (2023).
   • Check the hot water tank’s age; units older than 10–12 years may be near the end of their lifecycle.

3.3 Insulation, Windows, and Energy Efficiency

1. Insulation Standards
   • Homes built before 1980 may lack sufficient insulation in the attic or walls, leading to 15–25% higher heating bills.
   • A Natural Resources Canada (NRCan) energy audit can help identify cost-effective upgrades, potentially saving CAD $400–$800 a year in utilities.
2. Window Quality
   • Double-glazed windows can reduce heat loss by 30–50% compared to single-pane models. Each upgrade can cost CAD $300–$1,000 per window, depending on style and materials.
   • BC Hydro’s energy savings calculator indicates that efficient windows may lower annual heating costs by up to 10%.

4. Interior Layout and Design

4.1 Room Sizes and Floor Plan Flow

1. Optimal Space Allocation
   • A typical three-bedroom house might allocate 1,200–1,600 sq. ft. of finished space, though contemporary designs can exceed 2,000 sq. ft. for the same bed/bath count.
   • Research by the Canadian Home Builders’ Association (CHBA) shows that 70% of buyers rank “open concept” among their top 3 layout preferences.
2. Multi-Use Rooms
   • Post-2020 data from McKinsey’s Future of Work in Canada indicates 41% of employees regularly work from home, making offices or flex spaces more critical.
   • Dual-purpose rooms (guest room + office) can add 5–10% to resale value if well designed.

4.2 Kitchen and Bathrooms

1. Kitchen Renovation ROI
   • Upgrading cabinets, countertops, and appliances often recoups 65–80% of the cost at resale. A minor kitchen renovation can cost CAD $20,000–$30,000, while high-end projects can exceed CAD $50,000.
   • The Remodeling 2023 Cost vs. Value Report (US-based but indicative) notes that kitchen refreshes have one of the highest returns among home improvements.
2. Bathroom Functionality
   • A full bathroom remodel could range CAD $10,000–$25,000, depending on fixture quality and layout changes.
   • Adding a second bathroom can boost property value by 5–15%, especially in older homes with only one existing bath.

4.3 Flooring and Finishes

1. Flooring Impact
   • Hardwood floors often command 2–3% higher home sale prices than similar homes with laminate or carpet, based on a National Association of Realtors 2022 survey.
   • Premium materials like engineered hardwood or stone tiles can cost CAD $10–$20 per sq. ft. installed, whereas laminate might be CAD $4–$8.
2. Paint and Décor
   • Neutral paint colors have broad appeal, sometimes aiding a faster sale by up to 10 days, according to a Zillow report on color psychology.
   • Interior painting for a standard 2,000 sq. ft. home costs about CAD $3,000–$5,000 if done professionally.

Read: How to Negotiate Home Prices Effectively

5. Storage, Parking, and Outdoor Space

5.1 Storage Solutions

1. Closet Space
   • Newer builds typically allocate 10–12% of the total area to storage. Older homes often have 5–7%, making renovations or additions crucial.
   • Custom closet systems might add CAD $2,000–$5,000 in built-ins but can streamline organization and appeal to potential buyers.
2. Garage and Shed
   • A two-car garage with additional storage can add CAD $15,000–$25,000 in value, according to The Globe and Mail’s real estate insights (2023).
   • Detached garages or sheds offer versatility—useful for workshops, gyms, or hobby spaces—and can fetch 5–8% higher offers.

5.2 Outdoor Living

1. Decks and Patios
   • A deck can recoup 60–75% of its cost at resale. Basic wooden decks may start at CAD $5,000, while composite or multi-level structures can top CAD $20,000.
   • Better Homes & Gardens on Deck Additions emphasizes that thoughtful design (seating, lighting) can enhance ROI.
2. Gardens and Landscaping
   • According to Landscape Ontario, well-designed landscaping can add up to 10–12% to a home’s value.
   • Simple improvements—like a maintained lawn or trimmed hedges—might cost CAD $200–$300 monthly but leave a strong first impression.

Read: Common Mistakes First-Time Buyers Make

6. Home Inspection and Professional Advice

6.1 Why a Home Inspection Matters

1. Inspection Frequency
   • 92% of buyers find home inspections valuable, yet 17% still skip them to speed up the purchase process, as reported in a CBC News piece on Canada’s hot housing market.
   • A standard inspection costs CAD $400–$800 and could reveal issues costing tens of thousands down the road.
2. Radon, Mold, and Pest Checks
   • Health Canada estimates 7% of Canadian homes exceed recommended radon levels, particularly in older or rural properties. Radon mitigation might cost CAD $1,500–$3,000.
   • Mold remediation could reach CAD $1,000–$6,000, depending on severity and area affected.

6.2 Working with Real Estate Professionals

1. Realtor Commissions
   • Seller agents typically charge 3–5% of the final sale price, split with the buyer’s agent.
   • A 2023 BCREA summary indicates that on a CAD $800,000 home, commissions might total CAD $24,000–$40,000 if you were the seller. As a buyer, you generally do not pay agent fees directly.
2. Legal and Notary Fees
   • Budget CAD $1,000–$2,500 for conveyancing, title searches, and document preparations, according to People’s Law School BC.
   • Over 80% of BC home transactions employ lawyers or notaries to ensure accurate filing and mitigate legal risks.

Check Out: The Best Financing Options for Your Next Purchase

7. Lifestyle Factors and Resale Potential

7.1 Future-Proofing Your Purchase

1. Accessibility Features
   • Homes with accessible entries or single-floor living can appeal to a broader market. According to a National Post article on aging in place, 75% of Canadians want a home they can live in comfortably through retirement.
   • Simple features like wider doorways or curbless showers might add CAD $2,000–$5,000 to renovation costs but can pay off in resale.
2. Energy Efficiency
   • Energy Star-rated appliances and high-efficiency furnaces can reduce utility bills by 15–20%, as per BC Hydro’s energy conservation stats.
   • The federal government’s Greener Homes Grant may offer up to CAD $5,000 for specific retrofits, lowering overall upgrade expenses.

7.2 Potential for Expansion or Renovation

1. Unfinished Basements
   • Finishing a basement can add 20–30% more usable space. A full basement reno can range from CAD $25,000–$60,000, often boosting resale value by 10–15%.
   • According to the Canadian Home Builders’ Association, open-concept basements or legal rental suites are particularly popular.
2. Attic Conversions
   • Turning attic space into an extra bedroom or office can recoup 60–75% of renovation costs, typically CAD $15,000–$40,000.
   • Properties in urban areas often use attic conversions to navigate strict zoning laws.

Read: How to Stage a Property for Maximum Impact

8. Making the Final Decision

8.1 Emotional vs. Practical Considerations

1. Buyer’s Remorse Statistics
   • A Zolo real estate survey (2023) revealed 29% of Canadian buyers regret some part of their home choice, often due to size or location.
   • Being aware of must-have vs. nice-to-have features can reduce emotional overspending, which can be 5–10% above your ideal budget.
2. Revisiting Your Checklist
   • Prior to making an offer, ensure the property meets at least 80–90% of your priority items. Even if you plan to renovate, certain structural or location deficits may not be easy to fix.
   • A final walk-through is crucial—look for any changes from the initial viewing, including newly revealed damages or missing fixtures.

8.2 Negotiation and Offer Strategy

1. Market Conditions
   • In a seller’s market, properties might list for CAD $900,000 but sell for CAD $950,000 or higher. You may need to be flexible or move quickly.
   • In a buyer’s market, consider offering 3–5% below asking, especially if the property has been on the market longer than 30 days.
2. Conditional Offers
   • Common contingencies include financing, inspection, and review of strata documents (for condos). Removing these conditions can make an offer more appealing but increases risk.
   • BC’s Home Buyer Rescission Period (HBRP) introduced in 2023 gives buyers up to 3 business days to reconsider their purchase, though a small fee (0.25% of purchase price) applies if you withdraw.

Check Out: A Comprehensive Guide to BC’s Condo and Townhome Market

9. Post-Purchase Essentials

9.1 Moving and Settling In

1. Moving Costs
   • A local move can cost CAD $1,000–$2,000, while long-distance relocation might exceed CAD $5,000–$10,000.
   • Scheduling your move mid-month or mid-week can sometimes save 10–15% due to reduced demand, according to a U-Haul moving trends article (2023).
2. Utility Setups
   • Hooking up electricity, water, and internet might require a credit deposit of CAD $200–$500 for first-time homeowners or those with limited credit history.
   • In newly built developments, connection fees can surpass CAD $1,000 if infrastructure is still in progress.

9.2 Maintenance Planning

1. Annual Maintenance Budget
   • Experts suggest setting aside 1–3% of your home’s value for annual maintenance. For a CAD $700,000 property, that’s CAD $7,000–$21,000 per year.
   • CMHC’s Maintenance Checklist indicates monthly tasks (like HVAC filter replacements) and seasonal chores (like gutter cleaning).
2. Home Warranty (If Applicable)
   • In BC, new homes typically come with a 2-5-10 warranty—2 years on labor and materials, 5 years on building envelope, and 10 years on structural defects.
   • Filing a claim outside the warranty period can result in repair bills of CAD $5,000–$25,000, emphasizing the need to address issues promptly.

Read: Maximizing Your Home’s Resale Value with Targeted Renovations

Conclusion

Purchasing a home is a multi-layered process that requires both meticulous planning and flexibility. From establishing your budget and assessing down payment options to scrutinizing a home’s structural integrity, every step can dramatically influence your financial and emotional wellbeing for years to come. Data shows that 29% of Canadian buyers experience some form of regret, often tied to oversights like underestimating closing costs, missing major red flags during inspection, or choosing a location misaligned with their lifestyle.

By treating your home search like a strategic endeavor—using checklists to prioritize needs, verifying local zoning, and budgeting for ongoing maintenance—you minimize risks and maximize satisfaction. Keep in mind that market conditions, interest rates, and municipal regulations evolve, so staying informed through reputable sources such as the Real Estate Board of Greater Vancouver, BCREA, and CMHC can help you adapt your plan. Whether you’re targeting an urban condo near public transit or a suburban property with room for expansion, a thorough, data-backed approach empowers you to make an offer with confidence.

Ultimately, a home should serve your present needs while supporting your future aspirations—be it raising a family, working remotely, or cultivating a strong resale position down the line. By leveraging professional insights, conducting a proper inspection, and focusing on both practical and lifestyle factors, you set a solid foundation for a successful and rewarding homeownership journey.

Related Articles

1. Common Mistakes First-Time Buyers Make
2. The Best Financing Options for Your Next Purchase
3. Understanding Closing Costs in BC
4. How to Negotiate Home Prices Effectively
5. A Comprehensive Guide to BC’s Condo and Townhome Market