So you’ve decided to get into the market, but you need help finding your dream home or condo. You can count on a range of experts to help make it happen.
Personal finance advisors
A personal finance advisor will assist you throughout the entire home buying process. First step: After drawing up a budget, set up a meeting with your advisor to get a mortgage preapproval. You’ll need to be preapproved before you can start shopping for a home. A preapproval tells you the amount your financial institution will lend you to buy a home, based on an analysis of your situation. The value of the property you can buy will depend on your borrowing capacity and your down payment.
Your down payment can come from your savings, your FHSA, your TFSA or even your RRSPs, through the Home Buyers’ Plan (HBP). With your advisor, you can decide on the strategy that’s right for you.
Once you’ve found your ideal home, your advisor will help you choose the mortgage financing tailored to your situation. To get a better idea of how much you can afford to pay for a home, use our calculation tool.
Avoid buying a property that costs the maximum amount allowed by your financial institution. Your budget should always include a cushion for unexpected events, such as job loss or renovations, and allow you to save for other things too.
Using a real estate broker
A real estate broker uses their market knowledge to refine and speed up your search by asking you the right questions about neighbourhoods, property styles, prices and proximity to public transportation and schools. In addition to helping the transaction go more smoothly, they also provide information and advice at all stages of the home-buying process. Some real estate brokers are independent, but most work under a real estate banner.
Without a broker
Agent-free transactions allow you to contact and negotiate directly with the seller, at your own pace. This way you don’t pay a sales commission. You might want to consider buying a property without a broker if you’re knowledgeable about real estate and want to handle the purchase process on your own. DuProprio has a platform that provides support for real estate sales without an agent, guiding consumers through the process.