Buying a property is not simple these days.
Besides being a considerable investment, a new house purchase requires many preparations and research to get the property you really want. And before making such an important decision, homeowners need to consider many essential aspects that ultimately determine their comfort and peace of mind.
We have prepared this post to share some valuable tips on buying a property in Canada that will not only be a comfortable place to live in but also a great investment. Want to learn everything in detail? Keep reading!
Location is your top priority
Location is one of the top factors you have to think about, especially if planning to move to another city or even province.
These days, Canada is overflowing with wealthy Asian immigrants, so British Columbia, for example, tops the list of the most expensive places to buy a house. The same applies to Ontario, where the average price for residential properties goes as high as $942 325 in 2022. And the prices in Alberta or Manitoba are almost halved compared to the provinces mentioned before. So think in advance about your budget and what to expect from the region you want to live in.
Home size and layout
The size of your new home is another vital point to consider. The number of bedrooms, bathrooms and square footage you need will significantly affect the properties' prices.
Are you moving in alone, or do you have a large family? Think in advance about comfortable accommodation. Moreover, keep in mind to decide how you'll use the space. Do you need a home office? A playroom for your kids? A big kitchen or several bathrooms? Analyze your needs and preferences carefully before opting for any property.
House condition – which areas to check
When buying a home, its condition might greatly influence the final price. But only if you know which areas to check since many tricky sellers might "hide" the real state of the house pretty well.
- Always pay attention to the condition of the roof, plumbing, and electrical system;
- Check windows and doors. If your preferred house has new units installed, the property might have a higher price tag, but this saves you money in the long term since full window replacement usually requires considerable investments. Moreover, it also affects the overall energy performance. Experts from Ecoline Windows & Doors say that the average heat loss through windows is 25%, so having new energy-efficient windows and doors already installed may greatly pay off, saving you from expenditures on replacement and higher energy bills;
- Analyze the condition of kitchen and bathroom, check lightning, appliances and which furniture "stays" with you after signing a contract of sale;
Also, keep in mind that older homes may need more repairs or updates than newer well-maintained constructions.
Make sure your new property is eligible for government grants
If you are on a budget and plan to buy a pretty old house or the property just has some issues that require renovations, you need to check whether it is eligible for relevant government grants.
In Canada, depending on the province, homeowners have access to different rebate programs, such as Canada Greener Homes Grant, which offers support if you plan to install solar panels, upgrade heaters, or replace doors and windows at a more affordable price.
This national grant alone can help you save up to $5000 on renovations, let alone other rebate programs available in specific provinces for particular homeowners' needs.
Consider the commute
When you buy a property in Canada, you have to think about your commute. If you live in the city, the chances are good that you'll be wasting a lot of time in traffic. So it is always good to consider purchasing a house closer to work.
Another point on the list is schools or kindergartens and their distance from your new home. The last thing you want is to spend an hour every morning getting your kids to school.
Price
Hands down, price is always an essential factor when purchasing a new property. We have already mentioned that the prices can vary greatly depending on the location, so buyers need to set a budget and stick to it. Bear in mind that the price of a home doesn't just include the purchase price – you also have closing costs, taxes, and other fees to cover.
Once you have decided on the location and set a budget, start looking at homes in your price range. And when having some home options, feel free to negotiate – the seller may be willing to lower the price if you make a reasonable offer and pinpoint the house conditions that might not be up to your expectations. Good luck!
Learn more about about energy efficient windows and doors with Ecoline Window & Doors online here.