Making your dream come true

Buying a single-family home or a condominium is a major project for a couple, a family or even a single person. In most cases, it is also the biggest investment you will ever make in your life.

You have decided to take the leap and follow your dreams, but be careful! Plan your acquisition thoroughly. Here is some basic advice to make sure that buying your property is a dream come true rather than the start of a horrible nightmare.

Beware of love at first sight in the real estate market. Analyze your needs and take the time to choose a home that suits your tastes. Look to the future. Think long term-do not just consider your immediate needs. If you think you have found the bargain of the century in a foreclosed property, be forewarned that is may not be as good a deal as it seems. As always, it is very important you have the property in question thoroughly inspected.

Buying property is a way to save and build an asset base. As it is a long-term commitment, it is essential to have an affordable mortgage. Often, people start looking for a house without knowing whether they can even afford to buy one. Hence the value of a pre-approved mortgage. When you negotiate your mortgage, treat all aspects of it seriously, and do not hesitate to ask questions. This is also the time to make decisions that will allow you to save on interest and repay your loan quickly.

It is impossible to borrow 100% of the value of the property. The lender expects you to make a down payment as a sign of your commitment. But you must not forget about the initial costs. Buying a home almost always costs more than you expect! Thankfully, the Home Buyers' Plan can help. Are you longing for a new home? Check out the guarantee of the Association provinciale des constructeurs d'habitation du Québec or the Ontario Home Builders' Association.

So you have found a gem and want to make an offer to purchase. Be careful-this is a legally binding contract.