Buying your first home has a lot of expenses and hassle. From the down-payment to the closing, it involves a lot of development. The aspiring buyer needs to be well informed of everything from realtor fees to the knowledge of government policies that affect home-ownership.
Here are a few things you need to remember before and when buying your first home in Canada:
1. Be aware of different mortgage options
A mortgage is the most significant financial commitment you will ever make in your life, so you want to make sure you get one that is best for you.
Mortgages come in many forms and with numerous features, such as different interest rates and down payment requirements.
Some mortgages allow you to make additional payments on top of your regular payments or pay off your mortgage in full with no penalty. Others are open, which means you can pay off your mortgage at any time without penalty.
There are different types of mortgages available – fixed-rate, variable-rate ( also called adjustable), convertible, high-ratio, and cash-back mortgages.
Get yourself aware of all the different types of mortgages and which one is the best for you.
2. Don’t overestimate your needs
You must be very clear about your needs. One of the most common mistakes made by first-time homebuyers is overestimating the kind of house they need and want. This eventually adds to their final cost, making the whole buying-house affair very expensive. So, be very realistic about the type of house you want and need.
If you’re not planning to start a family or have kids, you don’t need a big house with many bedrooms. If you already have kids, then you may require a slightly bigger house with some extra space for play areas.
If you are doing a job that requires you to travel across the country, or even the world, then you may not want a big house that is difficult to maintain when you aren’t around. On the other hand, if you work from home or work nearby and don’t have plans to move out in the near future, then buying a big house would make sense in that case.
If another important factor is proximity from your workplace, then it’s better to buy a small house near your workplace than going for a larger one at some distance from your workplace.
3. Find a reliable real estate agent in Canada who you can trust
When you are ready to buy your first home, it is important that you have someone who knows the real estate market well, helping you find the perfect place. You need a real estate agent who understands your needs and will work with you to get the best possible results.
This is why it is so important that you take the time to find a real estate agent in Canada that can help you buy your first home. Ideally, this person should be someone who has a great deal of experience in both buying and selling real estate in Canada. This type of experience will allow them to give you the best possible advice when it comes to buying a home of your own.
In order to find such an agent, you will need to do some research online. By doing so, you will be able to find out if an agent has any experience working with clients like yourself and what kind of track record they have when it comes to working with people who are just starting out in the process of buying their first home.
Once you have found a few different real estate agents in Canada, make sure that they are reputable before hiring them. Ask them questions about their past clients and ask them for references as well.
Final words
These are just a few of the many things you need to keep in mind when buying your first house. Again, if you have any of the top real estate agents by your side, they can navigate you in the right direction, making sure you’re making just the right investment.
So, whether you’re looking to buy a house in Vancouver or buy house Edmonton, while you may feel anxious before making any decision, being informed and educated about the whole process will keep you on the right track.
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