Homebuying Step by Step: Your Guide to Buying a Home in Canada
Homebuying or homebuilding? Another choice you will need to make is deciding between a new home, one that has been previously owned (a “resale” home) or one that you will build yourself. Take time to carefully consider each option.
New home Is the home built and ready to move into, or will you have to wait for the construction to be completed? If the move-in date gets delayed, how will that impact your plans and finances?
Previously owned How is the condition of the home? Are any major repairs or renovations needed in the short, medium or long term? If so, can you add the cost of the repair or renovation to your mortgage?
Build your own Building a home is a great way to get exactly the size, style, features and quality you want. It can also be a significant investment of time and energy.
Whatever you decide, talk to your lender or broker about financing options for building, renovating or making major repairs.
Start your search Once you know what kind of house you’re looking for, you can begin your search. This can be done through:
word of mouth social media newspapers and
real estate magazines visits to new housing developments real estate websites and Internet searches “for sale” signs a real estate agent
Use the Home features checklist in Step 4 of the workbook.
Useful tips for your home search Whether or not you’re working with a real estate agent, visit lots of homes before choosing one. Revisit promising homes and keep records of each home’s energy rating, utility costs and major repairs.
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