If you are like many newcomers to Canada, you may be thinking of buying your own home. You will want it to be a positive experience. Here are some important things to consider.
Is now the right time to buy a home?
Buying a home is different from renting a home. It comes with more financial responsibility. For example, you will have to pay property taxes, buy insurance, take care of water bills and manage other expenses that you are not responsible for when you rent a home. You will also need to pay for repairs and services to maintain your home. When you rent, your landlord usually pays for these things.
You should also consider the work involved in owning a home. Fixing things, removing snow from your property, managing a garden – these can be very time-consuming. Before you begin the process of buying a home, make sure you have the time and the finances to support it.
When you decide you are ready to buy a home, you will probably need to get a loan from your bank. A loan for buying a home is called a mortgage. In Canada, there are many mortgage options.
Get professional advice
A professional mortgage advisor can help you understand how much money you you will need as a down payment, how much money you will have to borrow, and how long it will take you to pay the money back. A good advisor will ask you about other financial goals you may have – like savings for your child’s education – to help make sure that the cost of your new home does not stop you from achieving your other goals.