Buying your first home in Canada can be an exciting yet daunting process. Knowing where to start and what you need to do can seem overwhelming at times, but it doesn’t have to be. With our comprehensive checklist for buying your first home in Canada, you’ll be well-equipped with the information and resources needed for a smooth purchasing journey.
This post will provide insight into all aspects of buying a house in Canada, from doing adequate research and budgeting to finding a real estate agent that suits your needs.
Follow each step diligently while using our valuable tips to make sure you purchase the perfect property without overpaying or missing out on key features.
Research the Different Types of Homes Available
When looking for a home, research is key. Before embarking on the home search, it is important to narrow down the choices and decide which property type suits you best in form and function, given your budget and desired location. Depending on your lifestyle, needs, and preferences, there is a range of options to choose from such as single-family homes, townhomes, or condos.
In addition, consider factors such as the size of the living space, availability of outdoor spaces like gardens or terraces, community amenities, etc. when deciding on the most suitable property for you.
Consider Different Government Programs
One of the most beneficial government programs you may consider when buying your first home in Canada is a First Home Savings Account (FHSA). This type of tax-deferred savings program is designed to help aspiring Canadian homeowners finance and purchase their dream homes, with the option to withdraw funds tax and penalty-free if they are used towards buying or building a primary residence.
What’s more, FHSA provides benefits such as potential grants from government programs like Home Buyers’ Plan (HBP) and First-Time Home Buyer Incentive (FTHBI). With all these options at hand, now is an excellent time for any aspiring homeowner to research First Home Savings Accounts and make sure their dream of owning their first home can become a reality.
Find a Real Estate Agent That You Can Trust
Finding the right real estate agent for your first home can be a difficult and overwhelming process. It is important to take the time necessary to research agents in your area and find someone you trust and feel comfortable with as they will be spearheading the process of buying a house.
Make sure to choose an agent who has experience working with first-time homebuyers and their success in helping them purchase their dream homes. Additionally, it is worthwhile to ask friends, family, or colleagues about their experiences with a real estate agent they have worked with before, as positive experiences can really help narrow down your search and ensure you find someone you can trust.
Start Attending Open Houses
To help get an idea of what you’re looking for in a home, start attending open houses. This way you can scope out the neighborhood, compare prices and sizes, decide on your must-haves and what you don’t want in a home, as well as allow yourself to become familiar with the market.
Seeing different homes in person will be much more helpful than just browsing online. Make sure to bring along your checklist so you don’t forget to ask any important questions or calculations when visiting an open house.
Make a List of Essentials to Look Out For
When making a list of what you absolutely need, want, and don’t want in your new home it is important to prioritize. It’s easy to get carried away with wanting the seemingly perfect house but ensuring that you have taken each and every factor into account can save you time, money, and energy in the long run.
Must-haves should be things like a number of bedrooms, proximity to work or family, etc., while nice-to-haves are items such as extra storage or big windows. Knowing your deal breakers beforehand can help eliminate potential homes quickly at the start of your search, which could be anything from certain appliances to flooring that must be included in the sale of the home. All of these factors combined can help streamline your journey toward finding the right home for you.
Bottom Line
Buying your first home is a huge milestone and with these tips, you’re well on your way to finding the perfect place to call your own. Keep in mind that the purchasing process can be daunting, but if you take things one step at a time and work with experienced professionals, you’ll be in your new home before you know it.
