The biggest moves in life aren’t usually the easiest ones. Really, take for instance buying a property, it in Canada, and if you are newcomer; imagine what nightmares it will bring. Down payments and mortgages are just a few to name them, and these stays with you till eternity. Seriously, buying a vacant lot or house in the city demands real business!
We checked up with a survey by Real Estate Council of Ontario (RECO), it was stated in it that 70% of people with age 18 – 24 are worried about not being properly informed about the process of selling or buying property. Thus, to be a helping hand, we bring 10 Things Every Canadian Should Know Before Buying a Property.
1. Real Estate Contracts – Not Consistent
Just like houses are built differently, so are the contracts. There is always a possibility that the contract you are being handed has some tricky clauses. And if you aren’t clear about the details in it or uncomfortable about anything, it is highly recommended to consult with a few experts or friends who have had the any property buying or selling experience before. If things are still in blue, opt for a lawyer. But don’t sign anything without reading!
2. Bidding War – Sellers Have Their Hand, Always
We know that you’d want to be outdone with your positive offer for the property but remember, it’s always in the hands of the seller to decide who to sell their house to. You’d say, “but I am paying more money, to me the bid is everything”. There are a couple of things more than price like down payments, full-payment closing date, etc. which sellers think about before disposing off their property.
3. Home Inspection – A Necessity
If you don’t choose to avoid it, this could end up being your worst nightmare. It’s simple. Hire a professional home inspector to check up with all major systems installed in your home including electrical, roofing, air / heat conditioning, plumbing and the foundations.
4. Affordability Factor – Consider It
There are no multiple routes to this. Rather than getting yourself overburdened and exposing to never-ending financial issues, it’s better to be thoughtful before and be in position to walk away if you see any glitch. It is important to keep all aspects of budget into consideration before opting to buy yourself a property.
5. Searching A Home – Take it Seriously
You might want to tell your friends and colleagues that you are looking for a property. Check up with properties that are for sale. Visit www.mktlist.com to get the buy your most-desired property in the most affordable rates.
6. Financing – Might be Required
If you are short of finance, you might have to rely on a bank mortgage. You will have to regular payments for a certain time, mostly 25 – 30 years. Bank will charge interest to lend you money which might be fixed or variable.
7. Buying A Home – Get Ready for Lots of Costs
Not one, two but you will be dealing with multiple costs if you decide about buying a property in Canada. For instance, there are pre-closing costs, closing-deal costs, and regular costs like heating, taxes etc. There is no doubt that 84% of young people are worried about affording the cost of home, they like to buy. To be free from these worries, you’d have to plan, and plan good. Jot down all possible costs by keeping a realistic budget.
8. Buying a House Means – Meeting Lots of Professionals
From your next-door mortgage professional to help with best rates and terms, to the lawyer specializing in property business, a home inspector and a registered realtor; you will get a lot of people down the lane for buying property.
9. Do Research – Hire Proper Real Estate Professional
The line clears it all. You don’t want to waste your money, do you? And you sure don’t want to fall in the trap of a realtor, showing you comfy dreams. The concerned person should be a professional, registered and practicing. Mktlist is phenomenal stop for this, you will get registered professionals in the most affordable rates ever.
10. Real Estate Commission & Fees – It Varies
Fees depend on case to case bases. Most of the times, it is the seller who pay for the commissions of both buyer and seller.
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