The Property Brothers’ Tips for Your Dream Home
Lifestyle HGTV’s dynamic duo, Jonathan and Drew Scott, share tips about how to purchase your dream home, on topics from financing to pre-construction.
Mediaplanet: What does a “forever home” mean to you?
Jonathan Scott: It has less to do with what’s physically in the space and more to do with how it makes you feel, who you share it with, and the roots you put down there. Everyone has different design tastes, so no two families are going to have the same dream home — and this idea was a huge part of why we created Scott Living. We offer a wide range of products and different aesthetics, but they all centre on family, quality, and comfort.
Drew Scott: We truly believe your home should make your life easier... and the right dream home will do just that.
How can first-time home buyers overcome the steep upfront costs associated with buying a home?
JS: Being organized and starting to save young is the biggest leg up you could give yourself. It also lets you think of the big picture — perhaps partnering with a friend or family member to “get into the market” will help spread out costs and make qualifying easier. It’s proven that if you play it smart, the longer you’re in the real estate game, the better off you are. Don’t think short-term!
DS: Depending on the demand in the market, developers and builders may offer different incentives to make new home buying easier. Some of these split the down payment over a larger period of time. Some offer cash towards features, finishes, or furniture. Really think through what your forever home needs to include, and then plan accordingly. But, it’s best to get the work done as early as possible so you can just enjoy your home.
What are some of the benefits of buying a pre-construction home?
JS: Generally, the market is strong and home values are on the rise, you can usually benefit from any appreciation that happens between the date of purchase and the date of possession.
DS: These opportunities are more likely to be energy-efficient, move-in ready, have better financing options, and offer the possibility of adding custom features.
What are some of the advantages of looking north of the big city?
DS: The main advantage of heading north would be more house for less money. Maybe you want a stronger sense of community, or a massive yard. Typically, you need to head out of the downtown core to find this. Also, let’s be honest... it‘s so much closer to cottage country!