Buying Your First Property? Here are 5 Tips for Everything Going Well!

Yannick and Jamie (fictitious names) buy their first home from an individual. The sellers / owners did not declare some hidden defects. Two months after taking possession, they discover that the foundation is cracked, there is moisture and mold carpeting several corners of the house was well hidden behind the furniture of the old owners. All these bad surprises give new buyers expensive onerous amounts. The joy of the new purchase then quickly turns into their biggest worry.

Here’s how to get ready for buying a property with a broker

1. Evaluate your budget

The very first step is to evaluate your financial situation. You will be able to target the properties that are accessible to you and thus target your searches. Often, a mortgage is less expensive than rent, but you should not forget to consider the related expenses.

2. Get a mortgage pre-approval

Apart from buying houses for cash, the mortgage pre-approval will let you know the amount for which you are approved by the bank while looking for the house of your dreams.

3. Familiarize yourself with the buying process

Understanding the buying process reduces the anxiety often felt by first time buyers. Ask a financial advisor to find out if you have access to your HBP (Home Buyers’ Plan) loan.

4. Read the legal documents with the broker

Be sure to read the seller’s statement because often it is in this legal document that we find the most important information. People forget to read this document because of a crush on the property, but later may regret it. Yet it is there, written in black and white, that all the information is found, whether there has been a fire, flood of water, cultivation of cannabis, suicide, etc. Do not go too fast even if you have found the property.

5. Prepare for negotiation

This is probably the most acrobatic step of the acquisition process for a first buyer. Fortunately, you do business with an experienced broker who will guide you in your decisions.