As of the 2016 census, home ownership was at 67.8% of the entire population in Canada. Homeownership remains one of the most sought-after long-term investment for many Canadians. However, buying a home is not a normal event for many and there are so many things that could go wrong if you dive right in.
A lot of due diligence is required to ensure you choose the most favorable home for you. If you are looking to join the bandwagon for home ownership, here are 5 things you need to know before buying a home.
The size of the home
– one of the factors to have in mind is size. You should have your future considerations in mind when deciding on the size of the home you need now. For instance, consider having extra rooms if you plan on having more children in the future. You might also get a small home for now if it has space for repurposing the home in the future. This is ideal when on a tight budget.
– the location really matters when it comes to home ownership because it determines how satisfied you will be with your home in the long run. Consider factors such as; the state of the neighborhood your home is in, whether the area is susceptible to any natural calamities like flooding, availability of social amenities in the area like schools, medical facilities, and recreational facilities, how is the atmosphere in the neighborhood and is the area easily accessible for commuting to and from work. Choose a location that you will feel comfortable in the long run.
– how do you intend to acquire the home? For most people buying a home means that you will have to get a mortgage. If this is the case then there are many factors that will come into play like your credit score and any other debts that you might have for instance student loans. Loans can greatly affect the monthly repayments and how the lender will calculate your loan.
Work with a broker
– home brokers are very insightful and will give you a lot of knowledge about the market. Working with a broker will help you buy a home at a neighborhood where your home will have value and also help you along with the process. A broker will do everything for you free of charge as they get their commission from the seller of the home. You should, therefore, take advantage of their services.
Newly built home or old home
– when buying a home you are faced with the decision between a newly built home or an old home. You need to think carefully which home meets your budget perfectly. Buying a newly built home will be expensive and it means you will not be able to carry out any major changes on the home about the things you do not like. An old home might come cheap and offer you the opportunity to be able to change a few things here and there during the renovations to give the home your own personal feelings.