The next biggest thing after defining your BIG WHY is coming up with the what - your criteria. Since I sell real estate for a living, it's probably a lot easier for me to do since I know what's out there, but there are a ton of resources available to help you along the way - including your Realtor!  So, in my case, I've broken down the topics into time, money, location and property and I've come up with the following set of criteria and requirements:

• TIMELINE: I'm targeting to move by next summer, but I'm flexible. I'd prefer to buy the house in the dead of the winter and move in the spring or summer, but realistically, what I want might not exsit yet (the prices need to fall a bit), so I have to be patient. I do have time on my hands and I will wait until I find what I want. Hahaha... as a client, I'm like my worst nightmare!

• MONEY, MONEY, MONEY: Well, I looked through my piggy bank, peeked at my credit, analyzed my work situation, and talked to my Financial Advisor - the verdict: $450,000 (including potential rental income into the equation) is the absolute maximum purchase price that I can handle without over leveraging (or being stupid). However, I am frugal and I'm moderately risk adverse, so I'm going to try to target a limit of $400,000 and possibly some change. I know that's a small price tag with a big bill to fit, but hopefully the changing market will help!

• LOCATION: Broadly speaking, I just want to be downtown. I recently moved to North York (don't ask) and despite all the good food and convenience, it's not for me (yet maybe?) and I just miss it downtown, so I know I really want to be there. Thus, I'm limiting my search to only the MLS districts of C1, C2, C8 or E1 - starting big and will norrow it down as I start viewing properties and neighbourhoods.  I really want something in C to be as close to the core as possible, but that might not exist in my price range, so I have to be flexible or cross my fingers and hope real estate prices will fall. Here are some other location factors that are important to me:
  
  
  • walking area with shops, coffee, restaurants and a grocery or convenience store open late (24 hours even better!)
  • close to a park for my pooch Hero to enjoy (preferrably Trinty Bellwoods Park ;)
  • urban professional demographic that care and make the neighbourhood pleasant to live in
  • safe feeling and clean - it is going to be my home afterall!

• PROPERTY: I want a house - actually, I need a house that already has multiple units or is capable of having more than one unit. Rental income from a basement apartment and optionally another level or room is absolutely mandatory to help me qualify and pay for the mortgage. Therefore, the must-haves (MH) that I've programmed into my search criteria and nice-to-haves (NTH) are:
  
  
  • MH: Row house, town house, semi-detached or a detached, NTH: the latter two are preferrable ;)
  • MH: At least 2 stories, NTH: 2 and 1/2 or 3 are even better
  • MH: At least 7 or 8 ft ceiling height basement, NTH: preferrably a separate entrance
  • MH: At least 2 bedrooms, NTH: 3 bedrooms because it has better resale value
  • MH: At least 1 four piece washroom, NTH: 2 washrooms pretty please!
  • MH: At least 2 kitchens or one kitchen with a rough in for a second
  • MH: Street parking available, NTH: I'll dream for a parking pad, spot or garage
  • MH: Gas and forced air heating - no oil tanks for me, NTH: central air conditioning
  • MH: NO fundamental problems or active leaks, NTH: updated wiring and plumbing
  • NTH: Hardwood floors, 2 sets of appliances, east facing, no aluminum siding
  • VERY NTH: newer furnace, windows, roof, and all that expensive stuff!
  • VERY, VERY, VERY, VERY NTH: move in condition!

As you can see from my unending list of criteria, I too suffer from the classic unrealistic buyer expectations syndrome, but hey, you can't fault a girl for wanting the best! On the bright side, at least I know that I'll probably end up compromising my way through a lot of the NTHs and maybe even some of the MH things that I've mentioned, but I have to keep my objectives clear and remember what the whole point of all of this is. For example, falling in "love" with and buying a gorgeous single family house that is incapable of having a second unit is simply a no-no.

Now that we've clarified the reasons and got the criteria, let the search begin!! I will be looking extensively on MLS for properties and secondly, I'm going to ask a favour from anyone who reads this or knows of my intentions to buy a home... please direct me to potential properties that meet my criteria or to people who can help me get what I'm looking for.  I know it's not going to be easy to find, so I'm going to need all the help I can get!