Last Updated on February 11, 2022 by Kravelv
Buying a home is a huge investment that requires a lot of money and time. If you are a Canadian first time home buyer, you must pay attention to details to ensure that you make an informed and calculated decision. It will help if you consider every critical aspect to make your investment secure.
Here are a few smart strategies mentioned for Canadian first time home buyers.
You must start saving as early as possible if you plan to buy a home in Canada. The main costs of buying a home with your savings include down payment, move-in expense, and closing costs. The down payment will depend upon the type of mortgage and lender you choose. You can use an online down payment calculator to have a clear idea about the total cost that you need to cover. The move-in expense incorporates immediate home repairs, furnishings, and upgrades. And the closing cost is usually 2% to 5% of the loan amount you have taken.
Online Assistance Programs
If you are a first time home buyer, there are multiple online programs which can provide you with free assistance. They can help by making you choose the right financial sources that have the lowest possible interest rates and closing costs. However, you must select the most authentic program. You can also get the references from your closed ones who have experienced buying a home before you.
Real Estate Agent
If you don’t want your first time home buying experience into a nightmare, you should hire a real estate agent for your help. However, the agent you choose must be looking for your best interest. If he is good at his job, he will provide you with those options that meet your needs and preferences. He will also guide you throughout the buying and negotiating process. You can get a few reliable references from your friends, family members, or close ones to be able to hire the right agent. Consider also hiring a reputable mortgage broker from a Canadian firm like Altrua Financial.
Neighborhood or Area
The neighborhood or area plays a vital role in deciding whether you are buying the right home or not. It is suggested to take your lifestyle and long-term needs into account while checking the neighborhood’s. Also, it must have those amenities that you need to live a convenient life. You can also check the noise and pollution level of that area by visiting it in rush hours.
Open houses can be of great help as they provide you with an opportunity to walk around the house. You must analyze those details that you couldn’t see in the pictures. It would be better if you take an expert inspector with you who can determine the underlying condition of the home. You can also ask the relevant questions from the sellers during your visit to get more clarity. Any trustworthy seller would be willing to address all your queries to make sure that you are satisfied with the condition of home inside and out.