Buying your first home in Canada – What you Need to Know!

So, you want to purchase your first home — time to go shopping, right?

Unfortunately, purchasing a house isn't like buying a sweater at a department store. You can't simply walk up to a counter, hand over your credit card, and walk out with a bag in hand – it's a substantially more complex procedure than that. For expert home purchasers, the procedure is familiar. However, for beginners, realizing where to begin, where to go and what to do can be an overwhelming experience.

Before you start looking for a home, it is imperative to realize how much you can bear to spend. You will want to plan for various costs identified with possessing a home. Aside from the expense of purchasing the home, other principle costs will incorporate heating, property taxes, home maintenance, and renovation as required.

Before you go looking into postings and visiting open houses, there are a couple of things you should do first. Let’s begin with the essentials. As a home purchaser who is new to Canada, you may need to find a way to prepare:

Prepare your documentation 

Be Prepared to give documentation that shows you have worked all day in Canada for at least three months. If you are in the nation on a work visa, you should give legitimate documentation or confirmation of your landed immigrant status.

Build your credit profile

If you are new to Canada, it is significant for you to begin building a credit history immediately. To begin, you'll need:

• A worldwide credit bureau report (if you came from the US). The Realtor can demand this report for you.

• A bank reference letter from your past financial institution (if you came from outside the US). Learn more about the documentation you may require by talking with a Vancouver Realtor. We can assist you to create a plan for building your credit history, so you'll qualify for a home loan.

Choose a down payment

Your down payment is the amount of cash you give towards the purchase of your home:

• Non-perpetual occupants must make a minimum down payment of 10% of the purchase price.

• Permanent residents can make a minimum deposit of 5% of the purchase price.

In either case, if you make the first payment under 20% and you are a first-time home purchaser, you should acquire contract protection through an affirmed high proportion insurance provider. Vancouver Realtor can assist you in making the necessary arrangements.

Purchasing online for less expensive doesn't generally mean you're getting the right home loan for you. Particularly as a first-time purchaser, you likely don't have a clear idea of what you don't have a clue and that is why you ought to counsel someone who might have the option to walk you through that procedure. A Vancouver Realtor is holding on to assist you in settling on the right decisions for your first home buy.

Regardless of whether you need to talk things through, receive friendly advice on first-time home purchaser contracts, or get pre-approved for a home loan so you can search for your new home with certainty, we give you a decision of convenient options.

Robert Almeida Personal Real Estate Corporation        

1-5050 Kingsway, Burnaby, BC V5H 4C2, Canada        

6048628000