4 real estate tips to help you buy the right spot

October 16, 2014

Your first home is probably the most important purchase you’ll ever make. And one thing’s for sure, from the moment you decide to become a homeowner up to when you’re sharing pizza with everyone who helped you move in, you'll have your work cut out for you. All kinds of buying real estate tips abound on the Web. Here are four handpicked recommendations from the experts.

4 real estate tips to help you buy the right spot

1. Calculate your finances realistically

Without a doubt, the most important buying real estate tip is to take the time to analyze your finances carefully.

  • Do you have the means to become a homeowner? What does your budget look like?
  • What is the maximum price you can afford to pay for your home?

The Canada Mortgage and Housing Corporation (CMHC) provides consumers with various tools to assess their capacity to become homeowners. These include ways to calculate whether you have the financial capacity at this point in time.

2. Determine your needs carefully

  • Do you want to live in the country or in the city?
  • Would you prefer a bungalow? A townhouse? A rental property?
  • Do you want to have a backyard?
  • Do you want to be near a school? Or a park?
  • How many bedrooms? Bathrooms?
  • Do you need a garage or a workshop?
  • Are you ready to renovate or would you prefer a turn-key home?

3.  Using a real estate agent

CMHC encourages buyers to seek the help of real estate agents and other professionals when looking to purchase a home. Appraisers, surveyors, notaries, lawyers and mortgage lenders know the ins and outs of the business and have buying real estate tips that are worth their weight in gold.

How can real estate agents help you?

  • They’ll look for a home that meets your needs.
  • They’ll contact sellers to organize home visits.
  • They’ll help you evaluate the amount to offer versus the asking price.
  • They’ll prepare your purchase offer.
  • They’ll represent you during negotiations.
  • They’ll be present to complete the transaction with the notary or lawyer.

4.   Never buy without inspecting

The Canadian Real Estate Association and the CMHC are adamant that hiring a qualified home inspector is essential in order to know the exact condition of the property you want to buy. Be even more prudent by dealing with an inspector who is a member of a recognized provincial association.

Buying a first home is an exciting business, but you’ll keep your head if you follow these four buying real estate tips. They’ll help you keep both feet on the ground and turn your new role as a homeowner into a resounding success.

The material on this website is provided for entertainment, informational and educational purposes only and should never act as a substitute to the advice of an applicable professional. Use of this website is subject to our terms of use and privacy policy.
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