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As a newcomer or immigrant, getting a house on your own in a country like Canada is no small feat. As such, you want to be sure you’re getting the right property that not only suits your lifestyle but also comes with the right price and resale value.
One sure thing you should do is not rush into the very first home you see. You should take some time to properly research your options and pick out the best home for your family.
With that being said, this article gathered a lot of useful tips from real estate agents, Ottawa window replacement companies, financial advisers and many other specialists to help you all the way, so do ensure you read this till the very end.
Immigrants are fast becoming the larger share of homeowners in Canada, so owning your very own home is quite achievable. Before deciding what house to buy, you have to check your finances and determine if you can afford it.
Choosing The Right House For You: How to it The Right Way In Canada
Location is vital
One question you definitely would need answers to when it comes to picking out the best home for you in Canada is “where would you want to live?” Deciding on your desired location remains one of the most important aspects when buying your first house.
Unsurprisingly, houses in large cities in Canada cost a lot more than you can find in smaller cities or even rural areas. Vancouver, Toronto and Ottawa are among the most expensive cities to own a property in Canada.
These two cities are major industrial zones in the country. They are very popular, especially among immigrants and newcomers, and are a perfect spot to find great high-paying jobs. These are major reasons why housing in these cities is high.
If the prices in these cities are too high, consider smaller cities like Regina or Winnipeg. The housing cost in these areas is relatively cheaper, and some immigrant communities are quite established there.
In the end, take out some time to look at your options. What location speaks to you the most? Can you afford it? Getting answers to these questions should help you pick the right place for your family.
Review house condition
After figuring out what location would be perfect for you, the next step would be to check your options thoroughly. First off, what kind of home are you interested in? Is it a condo unit, duplex, townhouse, or semi-detached duplex?
With that settled, the next thing is to inspect the potential home that aligns with your initial preferences.
- Check the windows being installed; do they match your taste? Are they new? How long have they been installed? Are they energy efficient?
- The same goes for exterior and patio doors – are they energy efficient, durably and secure?;
- Review the walls, attic, kitchen cabinets and bathroom;
The idea behind being thorough is simple: this will be your first house in Canada, and you definitely want to be sure you’re getting the right property for you.
If being thorough gets a little overwhelming for you, then you can consider hiring a professional to go with you and give you their honest and professional opinion on the property type. Just be certain it is someone you can trust.
Can you truly afford it?
Answering this question can significantly affect the exact type of house you get and its location. Luckily, Canada is quite flexible when it comes to new homeowners. They operate a mortgage system that can help you in picking out that dream home for you.
To own a home in Canada, a down payment of at least 5% of the total house cost would need to be paid, alongside mortgage insurance. It is most times advised that you pay a down payment of 20% or over to avoid paying the mortgage insurance.
But this is only for immigrants who would have stayed longer in the country to establish a credit history. A higher down payment will be needed if you’re a newcomer – a minimum of 35%.
After making the down payment, you would be required to pay off your mortgage with a suitable interest rate for 20 to 25 years, depending on a few factors like your income, income source, and much more.
You should pay close attention to the fine print of the mortgage contract, especially if you’re given a mortgage that looks too good to be true.
All in all, check if you can afford to live in that area or that building. If the property would place you in massive debt, then you obviously can’t afford it; always work with a budget.
Deal with the right real estate agent
The agent you deal with is another aspect that you should be careful with. Always work with a reliable agent, research, and ask questions until you find the right man for the job. The best way is to search for references among friends who have already established themselves in Canada. Remember that home buyers in Canada don’t need to worry about commissions since they don’t directly pay real estate commissions, so finding a person with the right chemistry is the essential point here.
Wrapping Up
There you have it. These are some of the most valuable tips to help you pick the right home as an immigrant or newcomer in Canada. Make sure you thoroughly research the marker before buying anything and consider all the available options.
Roman Tymchenko is the lead writer at Ecoline Windows, a Canadian-based company helping homeowners across the country with window & door replacement projects. For more information, contact Roman at [email protected]