Practical tips to buy your property
The advantages of becoming an owner
Living in a home that suits your needs and lifestyle.Whether to offer a playroom to your children or a room to your guests, you are free to develop this space that belongs to you.
Benefit from all the advantages of a long-term investment.No more rents going into others' pocket! The mortgage payments you make each month allow you to build significant capital that you can recover once your property is paid.
Take advantage of fixed payments that, depending on the type of mortgage, protect you from rising interest. We are far from the unpredictable rent fluctuations to which tenants are subject.
Enjoy greater intimacy and new freedom.Because you are the only master on board, the decisions on renovation, decoration and maintenance belong to you. Also, no one can enter your home or force you to leave the premises for inspection or maintenance purposes.
Establish a realistic budget
Between the house of your dreams and the one that suits your budget, the gap can be big. Do not forget that all kinds of fees, such as taxes and notary fees, as well as maintenance costs and contingencies can be added to the sale price. Don't make the mistake of buying a house that is out of your price range.
How to choose the property that suits me
The house of your dreams may not be the one that suits you best. Before making a choice, think about these three important factors:
Your needs : How many rooms are needed? Will a garage really be useful? Is a third bathroom essential or superfluous?
Your tastes : If you do not have the soul of a handyman, forget the houses that need to be renovated. If you have a busy schedule, a large lot may not be ideal either.
The environment: Do you want to drive or take the metro to work? Is there a school or daycare nearby? Are you far or near services?
Have you already thought about the plex property; 2 to 5 units?
This is a great option to learn about real estate investing. Imagine
Renting one or more units helps you pay your mortgage.
You benefit from a tax deduction on your loan, since it is an investment income.
You can even refinance or sell your plex in order to obtain the amount required for the initial payment of another plex or a single-family home.
Choose your condominium
Living in co-ownership means being part of a community!
Here are some tips to help you make the right choice:
Opt for a building whose occupants have an income, a professional status or interests similar to yours.
Think about resale value by choosing a well-lit home in a quiet area close to services and transportation.
Check the soundproofing to enjoy an acceptable privacy.
Check if the condo fees are applied to equipment (pool, garage, fitness room, etc.) that is really useful to you.
There are two types of condominiums:
The divided, which allows you to be the sole owner of your apartment while sharing, with other co-owners, some common areas.
The undivided, which involves a pooling of mortgages, rights and obligations of co-owners.
Knowing how to compromise
The perfect house does not exist. You will probably have to drop some of you requirements to find the residence that is right for you. But do not compromise on your priorities and immediate needs. Keep in mind that your quality of life takes precedence over everything else, and that the house of your dreams may not be exactly the way you imagined it.
A building inspector, a wise decision
Building inspection is an important step when buying your home. You do not want to end up with hidden vices. The choice of your inspector can sometimes be difficult - it is important to consult family and friends to find an inspector you trust and who has good references. You should also contact several inspectors in your area and meet with them in advance to check their qualifications. Make sure to do your own research concerning his qualifications.
What pitfalls to avoid during a purchase
Beware of love at first sight!A residence can catch your eyes for its charm and decoration, but does it really meet your needs? During a visit, pay attention to the number of rooms, their dimensions, their layout, and make sure everything fits with your lifestyle.
Do not be put off by details.Dirty carpets, old paint and old wallpaper can be replaced. Remember that once you own the house, you will be free to rearrange your space. However, make an estimate of the cost of the renovations to avoid bad surprises.
Check if the price is compatible with your budget.It is important that your monthly payments do not affect your quality of life or your ability to maintain, furnish and decorate your home to your liking. Ask your real estate broker to do a market analysis in the area you are interested in.
The price of a house does not necessarily depend on its size.A small, well-divided house can be sold at the same price as a large house requiring major redevelopment. But it represents a much better investment since you do not have to invest in major works.