Home buying is one of the most important economic decisions you can make. Therefore, in this guide to buying a home, we detail the most common process to apply for a mortgage and take the big step. Firstly, you should do calculate the budget you want to spend on your new home. To do this, consider your savings, your current and foreseeable income in the future, as well as the mortgage they could grant you. The most common loans usually cover up to 80% of the appraised value of the home. Although there are also mortgages of up to 100%. In addition to the price of the property, you will have to add the expenses associated with the purchase of the house. And those related to the contracting of the mortgage loan. With the guidance budget in your head, it is time to check the offer of properties for sale in your town. Downtown or outskirts? Apartment or cottage? Factors to consider are the average price of the square meter in the area. How well connected you are with your workplace, or if there are shops nearby, schools, parking areas, parks, etc.
Before formalizing the purchase of a house
If a real estate company is managing the sale of your new home. It will be it who informs you of the situation of the home and the documentation needed to close the operation. In another case, it is advisable to perform a series of checks before signing anything. Among them, go to the town hall to see if any urban planning pending approval can affect your future home or environment in any way and influence your purchase decision. There you can also know if the owner is aware of the payment of the Property Tax (IBI) of the property. Also, you must go through the Property Registry to check who is the current owner of the property you want to acquire. And if it has any lien (such as a mortgage, a lien, a lease) or is free of charges. If you are going to buy an apartment, check with the owner’s community administrator. If the owner is up to date with the payments, or if any pending spills may add new expenses.
In short, if you buy a new home, you need to have:
The name or business name of the promoter, and the rest of their data. The plans of the situation of the house, and its description. Registration data in the Land Registry. The contract of sale.
If it is a used home, you must have the following documents:
The title of the transferor’s property. A simple note from the Land Registry that includes the ownership and the state of charges of the house. The last receipt from IBI and water, electricity, and gas services. Certificate from the community of owners that the owner is aware of the payment of expenses. The Technical Inspection of Buildings (ITE), mandatory in some communities for homes over 20 years old. The contract of sale.
Things to look at if you visit home to buy in Canada
This guide will help you, what to look for when you visit a home to buy it, but it can also be useful if you want to rent.
What to see if you visit home?
Buying a home in Canada is one of the most important decisions in life, and some aspects have to be taken into account:
There are many options when buying a home: Apartments, Flats, Villas, Cottages. Therefore, it is important to know what needs we have in terms of housing and see what objectives we seek when buying one. It would also be logical to look to the future and ask ourselves a series of questions that will be important later. For example, if we have enough money to buy this home, we should ask ourselves whether or not the family will increase. If we want a quiet area or a central area, if we plan to have pets, if it would be easy to sell this home in a few years, etc. It is advisable to take notes and photograph the interiors and exteriors of the home to be able to compare later all the homes you have seen.
There are several points that we should know when visiting a home to buy:
How much to dedicate, and why? When visiting a home, you should devote enough time to the home. It is not advisable to plan several appointments in a single day. Some sellers try to sell you quickly, but you shouldn’t let yourself press. It is better to risk losing an opportunity than bidding for a home that does not convince you.
At what time to visit it and why it should go more than once. There is no bad time when visiting a home. To avoid future surprises, it is advisable to walk around the area during the day to observe the ceilings, floors. If there are cracks in the walls, the orientation, if clarity enters the home, meet the neighbors, the electrical installation and the gas. If there is traffic and at night to check for noise and if it is a quiet area.
Do I visit alone or accompanied? It is advisable to go to the appointment accompanied to reinforce the purchase decision and have more eyes on the home and give you your opinion about the home.
Features of the home
Not only do we buy the interior of a home, but we must also look at the exteriors. How is access in case of bad weather, where it is located, and if it has parking? It is also good to look at the roofs that there are no broken tiles for the water to seep and prevent the wind from carrying it. Also, look at the pool, that there has been no movement of the earth. So that there are no losses and check joints of the stone and graphite tiles inside the pool. And we should look at several other things like the patio, if it has a garage, the orientation, if the home enters clearly, etc.
The surface of the home is a very useful fact when buying a home. There is a useful surface and the constructed surface. The useful surface is that which measures the interior spaces The constructed area is the one that measures the total land contained within the building To ensure that the surface of the home is what the owner says. You can request a cadastral ID of the town hall, or you can also look for the measures by the land registry on the Internet by entering the cadastral reference that appears in the deed. If you want to calculate it yourself. You can take a meter and take the measurements of each room to calculate the final area, which would be the sum of everything.
Space and Distribution
You should also observe during the visit the distribution of the home, if it is comfortable and attractive or if, if not, if it is easy to change it. How many square meters has each room and hallway? Type of window, if it is PVC, Aluminium, Double glazing, Wood, etc.
The type of soil, as there are several: Marble, terrazzo, stoneware, etc.
The marble floor is very resistant but very cold, and you have to polish it. The Terrazzo floor is very resistant and bright, but you have to polish it. The stoneware floor is resistant and clean, and there is also a wide variety of colors, but if you suffer a blow, you can get up from the bottom.
Check defects in floor finishes, doors, blinds, windows, ceilings, etc. If there are humidities or leaks and strange noises or odors.
Cold and heat – Type and System Maintenance. If it is air with a “no inverter” heat pump, that is, it consumes more electrical energy, or if it is an “inverter,” the consumption is minimal. Maintenance and cleaning of filters in the internal split and checking gas. If it does not have gas, it does not expel cold air. Also, check if the fireplace is open or with a cassette. If you have an exhaust fan. The weather we have is not less than 4 or 5 degrees in the winter months.
What should you ask the owner or real estate, agent?
It is advisable to ask why the home is sold and try to find out if the property has major defects. The following questions should be asked: How long has it been for sale? How many people lived here before? Do you have all the documents? Do you have water and electricity? Check with a simple note if it is legal, and how are the neighbors?
All the information that you can gather will be of great help because before making an offer for the property, you must take into account all the pros and cons. Of course, consider the expenses that you will incur in the short term if the state of the property does not go into Concordance to its price. Feel free to ask anything to your property agent. These are the essentials to look at if you see a country home to buy.
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