Tips For Buying Your First Home

One of the big decisions, if not the biggest decision, is to proceed and buy your first own house in Canada. This is a very stressful and challenging decision with the big investment and responsibility attached to it. Obviously, the majority of newcomers will be looking to rent a house or an apartment as an easier approach in securing a place to live. While some newcomers will be thinking about buying a new home in the first months after arriving, others may start considering this option after some years of their stay in Canada. In all cases, this article aims to provide a brief guide to aid you in the various steps you need to take in the process of buying your home In Canada along with legal and financial requirements and tips. 

Before you Decide on Buying a Home

It is important that you have a clear picture on what is expected in terms of home buying process. Before you proceed with the process, there are three points you have to consider:

• Carry out a comparison between house buying and renting to decide what is more convenient

• Be realistic about the responsibility you are going in and the emotional rollercoaster associated with it

• Consider the economic perspective in terms of your budget, costs, and savings 

Types of Houses to Own

Obviously, the first major decision that you need to make in the home buying process is to choose what type of housing you are considering or aiming for. Not all types of homes are the same, and each type has its own specifications along with a different price level. The housing options are as follows:

1. Condo/Condominium: A condo is a unit or an apartment within a larger building. Thus, you will share the building with multiple other neighbours, but you will be responsible for your own unit or apartment. In busy city centers, condos are often the best options available on the market.

2. Single/Detached: A single-detached home is a house located on its own property that shares no walls with other neighbouring properties. This is the most expensive option in house buying in Canada as you will own and be responsible for the land and the building.

3. Semi-Detached: A semi-detached home is similar to a detached home with its own land and entrance but shares a wall with a neighbouring home.

4. Townhouse: This is a home that is attached to other homes on both sides. This is a typical type of home in the majority of big cities in Canada.  

5. Duplex/Triplex: A duplex or triplex is a single building made of multiple and separate units. In the majority of the cases, the owner will be living in one or two units, while renting out the other units to help in reducing the running costs of the building. It is also convenient for a family residence with multiple families.  

Depending on your budget, location and preferences, choosing one of the five options above will have a direct impact on the legal and financial responsibilities. 

Home Buying Steps

The figure below highlights the ten major steps you will go through in the process of buying a home in Canada, from allocating a budget until the closing date.