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13 May 2019

Important considerations before buying a new home

Buying a home is undoubtedly one of the biggest financial decisions you’ll ever make. Where you choose to stay will determine how you can spend your income, how you get around, and ultimately how you live. Before making your first deposit, it pays to equip yourself with as much knowledge as possible in order to make the right moves from the get-go.

From contracts to realtors to finances, there are a number of things to wrap your head around when buying a home, especially if it’s your first time. That’s why we’ve put together a handy guide of the most important considerations that you need to make when buying a new home.

Contracts Are Negotiable
If you haven’t already, you’ll find that buying a home comes with a library of papers to sign. Many of these are contracts, which may look like standard ones with no room for negotiation. However, the default agreement may not be your only option.

In most cases, you have the ability to modify the terms of the deal. From extending inspection times to subjecting your purchase to a mortgage approval, there may be parts of the contract that you can change in order to make the buying experience easier for you.

Know Your Area

Where you choose to live is just as important as what you choose to live in. With the prices of property around Canada today rising, you should take the time to consider the location of your desired property. How safe is it? Are you close to work, local stores, and a hospital? Consulting a real estate buying guide is useful. This way, you’ll know what you’re getting into.

Look Further Than the Purchase Price

The cost of your home alone is a significant number to stomach on its own. However, it’s important to look at all the other potential costs associated with your purchase. This includes homeowners’ association fees, taxes, insurance, utilities, services and potential repairs that will need to be tended to immediately.

Any home improvements that you plan on making can quickly drain your wallet after moving in. Upkeep for amenities such as heating and cooling systems, swimming pools and large appliances can further add to the cost of your first month’s stay.

Your Family Isn’t Always Right

As soon as your friends and relatives find out that you’re buying a home, you can expect plenty of advice to come your way. As much as it’s probably well-intended, the principles presented to you may not hold up well today. Canada’s property market is always changing and sticking to current facts can save you from making an uninformed decision.

Buying for Life is not Always the Best Option

There’s always a great deal of debate revolving around whether buying a home is better than renting. If you move around a lot or buying is simply not financially viable, be sure to consider alternative options before taking the plunge.

Conclusion

Buying a property is daunting for all of us. Take the time to fully consider your options and do as much research as possible in order to make the best decision. What you opt for will determine how you spend the following years of your life, so take your time.
Category: Blog

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