Purchasing a home is a very fun process but it can also cause you stress if it is your first time. Once you find out you are ready to purchase a home, you will be ready to start looking around and looking at the inside of potential homes. Whether you choose to go through a real estate agent or look on your own, there are some things you should know and also some things you should look out for.
If you are a first time home buyer you are probably very excited to be looking for a home. Purchasing a home is more beneficial than renting places because a home is an investment. You will invest your blood, sweat, and tears into this home to make it perfect.
When searching for your perfect home, consider how much of a down payment you will need to have. Many people have already saved up money and it is traditional for a minimum of 20% to be placed down on the home. 20% does not necessarily seem like a lot but it can add up quick in relation to the cost of the home. In Canada, you cannot receive a mortgage unless there is a minimum 20% down payment so you must keep this in mind.
Once you have decided you want to purchase a home, a pre-approval will help you. A pre-approval is when you speak with a mortgage consult and you are pre-approved for an amount for your mortgage. This allows you to house hunter better because sellers and a real estate agent will know that you are serious.
Another thing you will want to consider when you are searching for your home is how much the insurance on the home will be. Some homes have a higher policy rate than others and depending on what your budget is for your mortgage payment, you will want to consider this.
Lastly, always consider the location of your home. You want to choose a home that is near everything you need it to be. If this is your first time purchasing a home in Canada, think about how close you are in relation to everything you access. If you are too far away, you will want to consider another home. Living too far away from where you need to be can pose a problem since purchasing a home is an investment and is very different than renting.
Purchasing your home is an exciting adventure and you are probably engrossed enough in the home itself that you are not thinking very clearly. Don’t do this! There are a few different things that you want to look out for when you are searching for your new home. Identifying these things will allow you to weed out any bad eggs and secure the perfect home.
One of the things you need to look at is the plumbing in the home. The pipes throughout the home can be worn down and also old. This means that you may end up with problems later on down the road. This can be an expensive fix especially if a pipe bursts and your home floods. Inspect the home for leaky pipes and also check for any type of water damage. Water damage to the home can cause mold problems and affect the health of your family.
If the home has a pool you will want to make sure to take a look at it. Make sure that the pump is working correctly and that the pool is up to standards. You will want to inspect the deck for any type of rough spots or missing pavement as this can be a risk to you and visitors in your home.
The roof is a very important thing to look at. Try to identify if there are any leaky spots in the roof by checking for brown spots or soft spots on the roof. If the roof on the home is old, stay away. This can cause your insurance rate to rise and you will have to replace it soon.
Lastly, look at the wiring of the home. Certain types of wiring is outdated and can be an electrical hazard if not installed correctly.
Always do a thorough inspection for your home in Canada to ensure that you are getting exactly what you want. Don’t miss out on your perfect home but don’t settle for a dud either.