5 Underrated Points to Know Before Buying A House

If you're considering buying a home, you've probably considered how many bedrooms you want, what neighbourhood you'd like to live in, and how vital that walk-in closet you've always wanted is. But purchasing a property entails far more than simply choosing your favorite listing and moving in.

 Is now a good time to buy?

Today may be one of the best periods in Canada to buy a home. Global News reported that home sales were down 57.6% in April compared to the same month a year ago, based on data from the Canadian Real Estate Association (CREA). With fewer purchasers on the market, there will be less competition for those looking to buy a new home, which might mean better deals and more possibilities for you. So, whether you're a first-time homebuyer or an experienced investor, now may be the best time to buy, and these 9 recommendations will help you navigate the process like an expert.

Buying a property is one of the most important financial decisions you'll ever make, and it may be difficult if you don't have the right tools or expertise - especially if you're navigating the real estate market during an unparalleled public health crisis. Here, you can read about the 5 top things to know before proceeding to buy a house in Canada. 

1. Do your Research-

The Ontario government has banned open houses in favour of virtual tours, and real estate agents have been told that private, in-person showings should only be done if absolutely required (while following strict health guidelines, of course). Such information, for instance, could be useful if you are planning to buy a house for sale in Ontario. So gaining through research about your prospective house location is a must! 

2. Pre-approval isn’t enough, set some money aside-

Pre-approvals surely help you in estimating mortgage payments and determining the maximum amount of a mortgage you are eligible for. But beyond getting pre-approvals, You'll need more than just money to get started. It's no secret that buying a home is expensive, and while saving for a down payment should be your primary goal, you should also set aside money for closing costs (about 2 to 5% of the home purchase price). Save this money ahead of time so you're not in debt when it comes time to sign the contract. 

3. Want to save money in the process?

Hiring real estate agents, though might work to your benefit, it could also cost some extra credit bucks. If you feel you are confident enough to buy a great place without realtor help, then you are free to fly independently. In fact, you can avail the help of the most trusted online real estate portal- Savemax, and find the perfect properties for sale around you! View Houses for sale in Ontario, Canada at https://savemax.com

Another great way to save money while buying a house in Canada is researching and signing up for government house buying loans and schemes. With first-time homebuyer discounts, for instance, you can save a lot of money. Although purchasing a home is one of the most significant financial purchases you will ever make, there are ways to save money. Check out some of Canada's first-time homebuyer incentives, such as the Home Buyers' Plan (HBP), which allows first-time homebuyers to take out up to $35,000 from their RRSP to put toward a down payment. Other incentives include the $5,000 Home Buyers' Amount, the GST/HST New Housing Rebate, and the Land Transfer Tax Refund for residents of British Columbia, Ontario, and Prince Edward Island. With thorough knowledge of such government assistance, you can save a lot of time and money in the process. 

4. Know your preferences:

Though it sounds like a given, knowing exactly what you are interested in buying can narrow down the buying process manifold. Purchasing a condo differs from purchasing a home. For example, knowing the difference between types of houses and their use is a great point to check before deciding what you want. It is as critical to ask yourself the appropriate questions as it is to ask the seller points like:

-          What is the reason for the seller's departure?

-          What's included in the purchase price?

-          What is the age of the roof?

-          What's it like to live next door?

You'll know you're making a competitive offer on a home that suits your wants if you ask the appropriate questions. So, setting your preferences, and clarifying them with the buyer is a rare buyer’s trick that could help you nail the perfect property in town. 

5. Home inspections and renegotiations:

So, you know that you should hire a house inspector after you've made an offer ( right before signing the contract). Of course, they'll rectify the house structure, plumbing, roof, and more. This will help you make an informed decision before you sign on that dotted line. But here is something that you may never have imagined- You usually have the right to renege=otiate the offer price if you don't feel the home inspection was up to your mark. This plays a great role in lowering costs and saving you money, and it also ensures that you are getting the value of your money!

 Now that you know the things about buying a house that is rarely considered to the fullest, go ahead and seize that great house that you have been eyeing!  Buying a house is one of the most important financial decisions you will ever make so prepare yourself, save money, and stay abreast of real estate trends around you!