Coming to a new country can be both an exciting and overwhelming experience. Before finding a permanent place to live, many people start out renting or living with relatives. Once you get a bit more settled, you may be ready to buy your first home.
As a little guidance, consider the following before you start that home ownership journey:
Purchase Price: Find out how much you can afford. Sitting down with a mortgage specialist is free and some specialists will come to you. They can help you figure out what type of mortgage is best for you, and how much of a down payment you need. The mortgage specialist can calculate just how much you are pre-approved to borrow, and how much you have to spend on a home.
Must-haves: Make a list of all the things that are important to you. For example, consider location – Do you want to stay in the same area? Be close to friends or relatives? How long are you prepared to commute for work? Or are you ready for a change? City or suburbs? Consider if schools, malls or recreational centres are important, too.
Compromises: Living in a city comes with public transportation and often the ability to walk to restaurants, stores and other conveniences. The downfall of being in a city may be that you won’t get as big a house or yard as you would in the suburbs.
Options: Do you want a detached house or would a townhome or semi-detached house meet your needs? How big do you need your garage or yard to be? And are you handy or do you need a home that is ready to move into? These are all questions your realtor will ask, so it’s a good idea to think about them ahead of time.
“For many, buying a home is the biggest purchase in your lifetime,” says Christine Shisler, the director for cultural markets at RBC. “If you’re new to Canada and getting into the market, take your time, ask questions and make a decision that’s right for you.”
Additional information is available at rbc.com/welcomepack.