5 Tips For Researching And Buying Your First Home Or Condominium
To buy a new house or a new condominium , it is necessary to study the real estate market , to seek a mortgage broker , a real estate broker and many other steps to succeed.
Buying your first home is often an exciting, but also stressful experience. There is indeed a lot to know before starting.
In this article, we give you 5 tips to help you find and buy your first property.
Various ways are possible to enter the real estate market: buy a house, acquire a condominium, a loft, or rent an apartment.
So explore all the options – and don't forget to compare the costs of owning, renting and maintaining. You can find information on the total monthly cost of housing in the “ monthly charges ” section of our website.
1- How To Choose The City Where To Buy Your First House Or Condominium?
Finding the city to live in is a difficult task. Start by searching the region and selecting three or four municipalities that you know. Also look for towns near other towns you already know. For example, if you have already visited the North Shore of Montreal that you love, you can search for nearby cities such as Laval, Blainville, Rosemère, Ste-Thérèse.
Researching these towns is sure to give you an accurate idea of each town's vibe, lifestyle, activities, schools, recreational areas, parks, and more.
If you select a city that you liked, it is always interesting to see the neighboring towns and take the time to visit them. Example: how long does it take you to get from Blainville to Montreal by car? If there are train stations or other means of transport, also calculate the directions, the route…?
2- Determine Your Needs To Acquire Your Dream Home
Choosing the house that meets your needs is not always easy; – you must of course take into account the budget – in any case know what you are looking for exactly: If you prefer a condominium apartment or a house, for example.
Next, you need to figure out which features you particularly value; a garage, a swimming pool, a fireplace, etc. Specify the number of bedrooms and bathrooms according to your needs since their numbers can affect the price upwards.
Are you ready to buy a house to renovate? or simply acquire it turnkey?
All of these questions will need to have clear answers in order to build an image of your dream home.
Also for this, it is recommended to be well informed about the real estate market or to ask the question to your real estate broker. He will be able to give you specific information on what you are looking for. For properties to be renovated, it is recommended to know the work to be planned.
3- Ask A Good Real Estate Broker
It is the real estate professional who will save you time and effort. It helps you get information about available properties. He will guide you, advise you and suggest solutions for your future home.
The real estate broker knows the properties available in his sector of activity and on the real estate market in general. He can help you choose the best possible accommodation, whether for a family, for a single person or for an investment.
He will accompany you throughout the real estate transaction, from the visit of the selected property in the right geographical area of your choice until the signing of the deed of sale or notarial deed.
Throughout the buying process, the real estate broker is by your side and your ally. That's why you have to work with a broker who has a good reputation and trust him.
4- Make Precise And Organized Visits
Visit several houses or condominiums to find the right property. With the help of your real estate broker, you will be able to visit the houses or condos that suit you according to the criteria of your choices and budget.
Visiting homes during covid19 is subject to rules. The real estate broker will make an appointment with the seller's real estate broker or directly with the seller of the property himself in order to organize your visit according to your availability. The pandemic requires only one buyer at a time to visit the property without children present. Several other rules also apply such as the prohibition of smoking in the house visited, or taking photos during the visit.
5- Get A Mortgage
An essential step in the purchase of a house
Your bank will contact you when it knows that the amount you are saving or putting into your RRSP is intended for the purchase of a property. But that's not always the best way to get a mortgage. A Mortgage Broker will find you the best mortgage rate on the market. He works with different banks or financial institutions with which he will negotiate the best rates for you. He will therefore be your representative in this step.
The process of choosing your mortgage broker is as important as choosing your real estate broker.
Once your mortgage broker has been selected or referred by your real estate broker, an appointment will be scheduled. During this meeting, he will ask you questions about your financial statements and give you a list of documents to prepare to complete your file.
It will provide you with real data that will allow you to establish your buying capacity.
He will do a mortgage credit simulation for you and advise you on your debt capacity. Thus the mortgage broker will guide you to ensure that you will obtain the desired loan without difficulty. As soon as you obtain the pre-approval letter, you will know the budget that will decide the price of your future acquisition.
Buying a property is a long, complicated process and requires a lot of energy and legal, architectural and financial knowledge. This is why it is essential to be surrounded by the right professional people who master their fields. To find a mortgage broker, you can visit the website of the Autorité des Marchés Financiers.