Five things you absolutely need to know about buying a home in Canada

buying a home

Buying a home – If you are considering purchasing a home, you have probably considered how many bedrooms you want, what neighbourhood you would want to live in, and how essential that walk-in closet you have been fantasizing about is. But purchasing a house entails much more than just selecting your favourite listing and moving in. You need a home with reliable drain and plumbing above anything.

Purchasing a home is one of the most important financial choices you will ever make, and if you do not have the proper tools or information, the process may be difficult – particularly if you are navigating the real estate market amid an unparalleled public health crisis. You may even have home-viewing rules to think about right now.

The government of Ontario, for example, has banned open houses in favor of virtual tours; it has also advised real estate brokers that private, in-person showings should be done only when absolutely required (while following strict health guidelines, of course).

However, this may be one of the greatest periods in Canada to purchase a home. Global News reported in April that house sales were down 57.6 percent from the same period last year, based on statistics from the Canadian Real Estate Association (CREA). Fewer buyers on the market mean less competition for those looking to purchase a new home, which may mean better prices and more choices for you.

So, whether you are a first-time homeowner or an experienced investor, the moment to purchase may be right now, and these 5 recommendations will help you navigate the process like an expert.

1. You will need more than simply a deposit

It is no secret that buying a house is expensive, and although saving for a down payment should be your first goal, you should also set aside some money (usually 2 to 5 percent of the home purchase price) for closing fees. Save this additional money ahead of time so you are not in the red when it comes time to sign the contract.

2. First-time homebuyer incentives may help you save a lot of money.

Buying a home is one of the most expensive purchases you will ever make, but there are methods to save money. Consider some of Canada’s first-time homebuyer programs, such as the Home Buyers’ Plan (HBP), which enables first-time homeowners to withdraw up to $35,000 from their RRSP to fund a down payment. Other benefits include the $5,000 Home Buyers’ Amount, the GST/HST New Housing Rebate, and the Land Transfer Tax Refund for residents of British Columbia, Ontario, or Prince Edward Island.

3. Remove your emotions from the home-buying process.

When you emotionally connect yourself to home, the dread of losing out may develop very quickly. This is particularly true in high-demand real estate areas such as Toronto and Vancouver, where numerous offers are frequent. Emotional purchasers will spend more than their planned amount, waive key requirements, or do worse in order to get their dream house. So, before you go to an open house, check your emotions at the door. You will be glad you did it afterward.

4. You should absolutely have a house inspection performed.

Hire a house inspector after you make an offer but before you finalize anything. They will inspect your prospective new home and give you information on the building, plumbing, roof, and other features. This will enable you to make an educated choice before signing on the dotted line.

5. There is always the option to renegotiate.

No house is perfect, and your home inspector is certain to discover some flaws. If there are underlying concerns with your new property, you may be able to negotiate with the seller to get them fixed or to receive credits against your closing costs to compensate.

Regardless of how prepared you are to move into a new home, purchasing a property is one of the most important, if not the most important, financial choices you will ever make. Prepare yourself, save money, and remain organized by keeping track of all your expenditures in one location with Paytm Canada.

Renting vs. Buying Property

1. Mobility:

A renter may easily move their apartment or house when their lease expires, while a homeowner cannot. The permanence provided in a “brick and mortar” home may become a disadvantage for the person whose job location changes often, or for the adventure-seeking millennial.

2. Fewer responsibilities:

Homeownership entails a great deal of responsibility. You are stuck paying for everything, even that clogged toilet. Over time, the expenses of repairs, upgrades, and upkeep mount up. Most repairs are typically the landlord’s responsibility for the tenant.

3. Fixed expense:

Because rent is typically fixed for a certain length of time, renters may budget for their monthly expenditures. Utilities are often included with the rent, making budgeting easier.

4. Money opportunity cost:

The opportunity cost of not investing monies spent on taxes, insurance, condo fees (if applicable), renovations, closing expenses, down payment, and so on may be substantial.

5. Higher potential returns on investment:

Real estate (your house) is a kind of investment. Historical analyses of typical real estate return place it at about the rate of inflation, as shown by research conducted by Yale professor and Nobel Laureate Robert Shiller in his book, Irrational Exuberance.

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