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Buying a home can be intimidating, especially if you’re buying your first place, but it doesn’t have to be such a daunting and overwhelming task! Here are some of the top tips we can give to first-time homebuyers in Canada!
1. Consider the type of house you want and make sure it meets your needs and lifestyle
One of the biggest decisions you’ll make is choosing what type of house or apartment to buy. Here are some things to keep in mind:
- Size – Do you want a tiny little studio, a cozy one-bedroom, or something big and spacious? If you’re on your own for now, do you plan to expand your family in the near future? Will you be living in this house when you do so? You’ll want to make sure that you are choosing the right type of home according to your needs.
- Location – Where do you want your home to be located? In a busy city centre with lots of shops and restaurants nearby, or on the outskirts where it’s quieter but will take longer to commute into work?
- Lifestyle – What kind of lifestyle are you looking for—an urban environment with lots going on all the time, or somewhere more laid back where people tend to know each other but may not have access to all the facilities you’re used to?
- Extras – What kind of extra features are important to you—is a private backyard or patio important, or is it more about being close to the nearest amenities? If you’re willing to splurge on the extra features, be sure to factor them into your budget.
2. Find out if there is any money owing on the property and how much tax you will need to pay now if you win the bid for the property
Make sure you know the full picture before you buy! Check out if there is any money owing on the property and how much tax you will need to pay immediately. You will want to make sure that your mortgage payments can cover all these costs, plus upkeep.
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Working with an experienced real estate agent will help you stay on top of all these additional details you need to look into. When you work with a professional who’s done this a time or two, you can feel a lot more comfortable knowing that someone is there to support you and let you know if there’s anything you need to watch out for.
3. Have a thorough home inspection and appraisal done so that you can make sure the house is in good shape and is worth what you’re paying for it
Having a good home inspection done for your soon-to-be new abode will help you to know what repairs are needed on the property. This will prevent any nasty surprises down the road!
Some things that may be of concern on older homes include lead paint (most houses built before 1960 have some lead paint, and many landlords are required by law to disclose that they have a lead paint risk), asbestos (another one landlords are required by law to disclose), mold, and radon (a colourless, odourless gas that comes from the ground).
You may also consider getting some optional inspections done right away. For example, if you know you want to have a pool or hot tub in the near future, or if you want to have a home theatre installed, make sure there is enough room and that structural supports are in place.
4. Always have a plan to pay off the mortgage on time and don’t forget to budget for property taxes, maintenance costs, etc.
Make sure you have a plan in place to pay your mortgage off fully. Things can get expensive quickly, and you don’t want to be held back by the monthly payments!
There are often many payments and costs that come with buying a home that plenty of first-time buyers don’t factor into their budget. This includes things like property taxes, maintenance costs, and any major repairs or renovations that may be necessary down the line. Making sure you have the finances in place, as well as the stability for the future, is instrumental in order to maintain a good credit history and stay on top of your finances. After a few years, you’ll be glad that you made the smart decision to save up and go with a property that’s right for your needs.
If you’ve never bought a house before, the process can be intimidating. But as long as you plan carefully and research your options beforehand, buying a home is an exciting adventure in self-discovery that will change your life for the better. Keep these tips in mind when you’re ready to purchase your first Canadian home so that you can get the very most out of the experience!
