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House hunting in Canada; what to know
Whether you are a first-time homebuyer or not, buying a house in Canada will probably be one of the biggest purchases of your life. Keep that in mind when you fall in love with a house based on first impression only. House hunting requires time, patience, and dedication. The fact that the market has skyrocketed in the midst of a global pandemic is of no help. If you’re house hunting in Canada, Centennial Moving has a quick guide for you. Follow these tips to make sure you get your dream house.
Know your housing needs
Before you even start house hunting, you have to identify what you want in a house. Pinpoint the big picture items your new home has to have. First, decide if you’re looking for an apartment, a townhouse, a smaller, or a bigger home. Determine your preferred location and whether you’re willing to commute. Next, make a list of features you would like your new house to have. Maybe you want a house in a specific street or neighborhood. A spacious yard might be nice, or a porch where you can watch the sunset. Making a list that divides the must-haves and nice-to-haves will certainly come in handy. It will help you stay focused when it comes to non-negotiables and narrow down the search. After successful house hunting, moving will be a piece of cake with the help of the best moving companies Red Deer has to offer.
If having a yard is non-negotiable for you, put it on your list of must-haves.
House hunting in Canada includes securing finances
When it comes to house hunting, you have to know how much you can afford. Before actually looking for houses, set a budget. If you go out to look at houses, you risk falling in love with a house that is way over your financial limits. And that will only demotivate you to look for ones more in line with your budget. Go over your financials and see if you have cash or enough for a down payment. Getting preapproved for a mortgage can be tedious and time-consuming. However, it pays off when you find the perfect house. People usually spend anywhere spend between 5% and 20% of the purchase price on a down payment. The bigger the down payment, the better. In addition to that, set some money aside for closing costs.
Find a reliable real estate agent
Looking for a real estate agent requires proper research. Find one that specializes in the type of house or neighborhood you want to move to. Ask your family member and friends for referrals before searching online. If you are buying your first home, avoid representing yourself. It’s always safer to rely on the expertise of an experienced agent. This is true even if you have bought a home before, but especially so if you are a first-time buyer. With the help of a real estate agent and your trusted movers from the best moving companies Hamilton residents recommend, you’ll soon enjoy your new home.
House hunting in Canada means visiting open houses
Sure, you can look for houses on the internet, and it can be helpful. However, photos and virtual tours can’t replace seeing a house in person. So prepare for visiting open houses. Only in person can you get a good sense of the house. Seeing the house for yourself allows you to evaluate the flow of the layout, check out all the rooms, the basement, attic, etc. See what shape is the garage where you’ll possibly park your car after the best car movers Canada has to offer transport your vehicle. You can also hear the creaks of the stairs if they exist. You can go out in the yard and get a feel of the neighborhood, its sights, and its sounds. At the same time, you’ll get an idea of how much interest a house is receiving and how many potential buyers are eager to win it.
Nothing can replace seeing a house in person and inspecting all the nooks and crannies.
Consider exploring pre-market home listings
Houses that haven’t yet been put up for sale are considered pre-market. If you or your real estate agent manage to find a pre-market home, this could mean scarcer buyer competition. Maybe you’ll hear of someone readying a home for sale and can negotiate a sale before they officially list their home. Ask friends, family, and coworkers if they know of anyone who plans to sell their house. Maybe post your request on your social media. Just get the word out. You’ll be surprised how many people have bought their house like this and moved using the services of the most reliable moving companies Red Deer has.
Make an offer and complete the transaction
When you have your list of must-haves, enough finances, and have hired a real estate agent, house hunting in Canada won’t take too long. Don’t rush it, though. You have to be sure the house you found is the perfect home for you. When you find it, first you’ll submit an offer to buy. You may not be the only buyer to submit an offer, which could lead to a bidding war. Assuming your offer is accepted, you’ll pay a deposit. Immediately after your offer has been accepted, arrange for a home inspection. The offer might be altered based on the conclusions of the home inspection. Once the offer has been finalized, pay your down payment and transfer the deed to your name. You’ll need the help of a real estate lawyer for this. The closing process can take a month or two, depending on the terms of the offer.
House hunting ends with a sign that says “SOLD”.
As you can see, house hunting in Canada takes time, but it will end with you being a proud owner of your dream home. So invest the time to find a house you are really happy with. Follow our guide to make sure everything goes smoothly and successfully.