In most cases, potential buyers spend little time checking a home before deciding whether they are going to buy the house or not. It is important to have a checklist of everything you want in a house to avoid making a mistake.
A home buying checklist should include things like the projected cost of the house, an ideal location for you and your family, features that match your lifestyle, and the current condition of the house you would like to purchase. Take your time to check the house to avoid making the wrong decision. Remember a house is a huge asset. You don’t want to buy a home that you will start regretting a few months down the line.
Here are Four Things to Consider when Buying Property in Canada
1. Ongoing Costs
Price is a major concern for most prospective homeowners. Your financial ability will determine major decisions when it comes to buying a home in Canada. For instance, a higher budget means that you will be able to purchase a house in any of your preferred neighborhoods. You will not be limited in terms of the type of house you can purchase because you have that money.
Just like any other real estate market, there are certain things that you must understand about the Canadian real estate market. The list prices don’t always mean that the seller won’t change their mind. Most sellers or real estate agents list homes below their market value as a strategy for attracting buyers. By doing so, they are likely to get several offers or a real estate bidding war.
The other thing to keep in mind is the maintenance fee. This is common for co-ops and condominiums that are likely to affect your monthly budget. Technically speaking, the bigger the unit, the higher the monthly fees.
2. Location of the Home
Other than the cost, location is another critical factor to consider when buying property in Canada. This is a no-brainer because everyone prefers living in a place that’s convenient to them. Proximity to roads and other social amenities is important.
However, there are other things you should consider as far as location is concerned.
- Safety: Most local police services have maps available to help you search for past crimes in a particular area. You will also want to think about the daily routine of your family in case you use public transit and work late.
- School zones: If you have school-going children, then you would want a place where schools are easily accessible. Try checking the school zones before you make that offer.
- Neighborhood: Because you are going to spend most of your time here, it would be good to know the type of people who live around that place. Check ease of access to restaurants, groceries, playgrounds, and green space among others.
- Property taxes: Cities and provinces set property tax rates and this can vary based on location. It would be good to have a rough idea of what this tax will be before choosing a location.
3. Furnace Installation
A furnace is one of the most important and expensive appliances in any home. When purchasing property in Canada, you would want to know if there’s an existing furnace installed or if you will have to install yours.
You should look for the best furnace in Canada to ensure that your family is comfortable during the summer and winter seasons. When it comes to furnace installation, not everyone can do an excellent job. You must look for a local HVAC expert licensed to operate in that area.
4. Condition of the Home
Another thing you would want to closely examine is the condition of the property. This is particularly important because of the hot climate in most parts of Canada. Some of the things you should check before making an offer include:
- Ventilation heating and air conditioning
- Roofing
- Electrical and plumbing
- Odors
There’s no need to pay much attention to cosmetic things such as cabinets, paint, or lighting fixtures since you can easily replace them.
Closing Thought
Buying a home is a huge investment that should be taken seriously. You need to take into account different factors such as the cost of the property, its location, and its condition among other factors.