Buyers : Advice

A guide to buy a house with peace of mind

Before buying a home, most people have to determine how much they can pay and familiarise themselves with the buying process. Accessibility is at a good level right now in many Canadian cities, thanks to low interest rates and the high number of housing units on the market. Many potential buyers, however, are discouraged at the idea of buying their first home. What can you do if you intend to buy a home and do not know the ins and outs of the buying process?

Here is a guide that will make it easier and help you to avoid problems.

What price can you pay?
How much can you afford to invest in the purchase of your home? You should follow three (3) steps:

• Analyse your financial capabilities
• Estimate the maximum amount for you mortgage
• Calculate you monthly budget

The real estate agent can help you with these three steps. He has the formula and the knowledge to make this task easier for you.

Features of your future home
You should determine exactly what features your new home should have in order to respond to your needs, as well as the neighbourhood in which you want to live. Another important point to consider: all housing market factors impact the purchase of a home. The local CMHC office can help you with this and assist in determining the mortgage rates and prices of houses as well as other important indicators that will help you to choose the right time to buy.

Things to look for when you visit a house
Noise. Does the street noise meet your level of tolerance? Is there a bus stop nearby or heavy truck passage? Open the windows, go out on the balcony and take note of the setting… Do you think it is a noisy environment? Is there a corner store, bar or restaurant nearby? Do the walls seem soundproof?

Odours and Humidity. Are there any specific odours? Can you see signs of excessive humidity (washrooms, baseboards, under sinks and elsewhere)? Do you see mould under windows or on the walls? Can you smell humidity or mildew? Are there signs of seepage? Does the toilet tank leak?

Ventilation. Is there a ventilation system in the kitchen and bathroom? Does the ventilation system vent outdoors? Are the ventilation grates clean? Is the ventilation system too noisy? Is there an outdoor connection for the dryer?

Maintenance and renovation. Is the paint recent? Are the windows in good condition? Do they open properly? Do you think they will be easy to maintain? Have there been any recent renovations?

Natural light and storage. Is there enough daylight? Is there enough storage?

Health. Does this house correspond to your family's health requirements? … for example, is the floor covering unsuitable to someone who is allergic?

An important intermediary. Choose a competent real estate agent that will listen to your needs. A good agent will make a pre-selection of properties and will save you a lot of time.

After sale service. In order to feel more secure, make sure you will have a good after sale service with garantees, which the La Capitale agent is able to offer.

Additional information. For more information on purchasing a home, talk to your agent. You can also call the Central Mortgage and Housing Corporation at 1-800-668-2642.

In conclusion
Buying a home is a real challenge. It is also without a doubt the biggest purchase of your life. But if you know how to go about it and you get good advice, it can be a stimulating and enriching experience… especially on the date you take possession.