Table of Contents
Are you ready to buy a home in Canada? Before you commit to a piece of Canadian real estate, learn more about the process. Find out what goes into buying a house in Canada and then you will be ready to find a new property.
Get Pre-approved for a Mortgage
Before you begin the process, you should get pre-approved for a mortgage. Real estate agents prefer that clients are pre-approved before working with them. Some won’t even take a client on until he or she has been pre-approved. Determine how much you want to spend and reach out to lenders. If you find out you have issues with your credit, work on those issues so you can get the mortgage you need.
Keep in mind that your credit is just one factor that mortgage lenders consider. Lenders also look at your down payment amount and your income. If possible, have a down payment of 20 percent so you won’t have to pay for mortgage default insurance.
Hire a Real Estate Agent
Once you’re approved for a mortgage, you should hire a Canadian real estate agent to help you purchase a property. Your agent will help you find a property in a neighborhood you like and will negotiate on your behalf. Your agent will also handle all the paperwork for closing. You are more likely to find your ideal home at an affordable price if you use a real estate agent.
Look at Properties
Your real estate agent will take you around to different properties. You will look at the properties, being mindful of your budget. Think about what it would be like to live in each of the properties.
Make an Offer
You’ve found a home you want and now it’s time to make the offer. Your agent will take the offer to the seller. The offer will include more than just the price. It will also include the conditions or stipulations and the date of closing. You might have to include a deposit with the offer as well. If the seller accepts the offer, you’ll be ready to move onto the next step.
Inspect the Home
You don’t have to inspect a home before purchasing it, but it is smart to do so. The inspector will look for costly issues. If the house fails inspection, your agent will negotiate with the seller to repair those items or lower the price.
Close on the New Home
Your agent will represent you during the closing process. Your lender will pay the seller for the home and you will sign all the documents. Once the closing is finished, you’ll have the keys to your new home. Then, it’s time to move into your home and enjoy your new property.
Get Help With Canadian Real Estate
Buying a new home is exciting. You want everything to go smoothly, so hire a real estate agent. While some people buy property on their own, this can cost them in the long run. With your realtor at your disposal, you can expect to find a great property at a price you can afford.