Room to Renovate
If you intend to renovate part of your home, make sure you're aware of your lot space and the legalities around building up or out. Equally important is to be aware of your neighbours' building rights and forthcoming projects. You don't want to buy a house next to a development that will become a 10-storey high-rise, blocking the light from your patio's afternoon sun. If condominium living speaks to you but you want to renovate the interior, check potential restrictions, especially when it comes to construction that affects any wall bordering on a corridor or neighbour's condo.
Avoid a Money Pit
Is the house good to go with a few DIY renovations, or a fixer upper in need of more major repair? If it's newly built or has recently renovated interiors, you'll need to spend a lot less on getting it shipshape. Still, even after your house is given the inspection thumbs-up, pricey, unforeseen home repairs can crop up at a moment's notice. Build a cushion fund and set it aside for just such unexpected problems.
Consider the Resale Value
If you don't plan to live out your days at this address, think about how long you might like to stay, and what the real estate forecast for that area might be like in a few years. If it's in an up-and-coming area of town, you'll likely get a bigger return on your sale years from now. Weigh factors like whether the house in question is on a corner lot, which will get more traffic and be that much less desirable to future home buyers.