If you are currently in the process of buying and selling houses, you have likely realized that navigating the Canadian real estate market isn’t easy. Research shows that a potential home buyer will look at six homes on average before purchasing a new home, and 10 homes before buying an existing one. This can mean a great deal of consideration, travel, and deliberation whether an offer is made or not.You likely have a certain size in mind and wouldn’t mind a few additional features, but knowing what will make a house for sale a great home is often a different matter. Fortunately, there are a number of ways to make searching the Canadian real estate market easier.
- First, make a plan to cover your housing. If you are currently selling a property, you can at least be assured that your finances will likely be in order when you begin the process of buying a home: in Canada, if you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the total amount from your taxable income. However, buying and selling property simultaneously can leave you without a place to stay as you continue to look, or an additional property on your hands. Prepare to move your possessions into storage and stay in a temporary apartment rental if necessary, and make sure your current house is as appealing as possible to increase the chances of a sale.
- Secondly, look for certain factors in prospective homes. You have a basic idea of what you want in a home. However, unexpected details can reveal a lot about what life would be like in that particular house: for example, if a home has a healthy, fertile and well-maintained lawn, it is likely to have disease and pest problems that will be passed on to you. And because conventional lawn chemicals can pollute our water, harm wildlife and have adverse health effects on people and pets, wasting time and money treating a diseased lawn is likely the last thing you want. Similarly, buying a home in a good school district ensures that your home will maintain its value, regardless of changes in the Canadian real estate market.
- Finally, keep an eye on your finances. Statistics show that 55% of prospective home buyers don’t realize that mortgage rates are determined by a number of factors and therefore change daily. For this reason, if you are planning to take out a mortgage on your new home, you should plan carefully to anticipate these changes. Additionally, ensure that the property that you are investing in is worth the money you are paying: while only 8% of the 6.8 million households that bought a home in the past two years bought a new home, new homes are often built according to better, energy-efficient building codes and are less likely to need repairs, giving them better value.
Navigating the current Canadian real estate market can be a challenge, whether you’re selling or buying a home. However, through proper planning and necessary research, it is possible to find the home you want for this next stage in your life. Follow these tips and you may soon find yourself living in the house you want. Reference links.
