Whom To Work With?

There is a set of people involved when you buy property. They are as follows:

1. A licensed real estate agent– A real estate agent is necessary for hunting, negotiating and helping with paperwork.
2. House Inspector
3. A lender – Unless you have all the moolah to pay for the property, you will need a lending organization.
4. An insurance Agent – insurance is necessary to cover you for all the future damages which is why a broker is crucial.
5. A real estate lawyer – you need a lawyer for all the contractual paperwork.


What To Do

STEP 1: Evaluate your decision

First and foremost, you need to evaluate everything and decide if you are ready to be a homeowner. To do so, you need to follow the following steps:


Save for a Down Payment and Other Expenses

If you are eyeing a home or a commercial property in Montreal, this tip is for you. When you know you want to buy a house, the first and foremost thing you need to do is set money aside for a down payment. In Canada, residents need a 5% down payment to buy a home. However, if you pay a chunk of the price as the down payment, you will have to pay less in instalments. Therefore, start saving by opening a savings account and set up an auto-debit instruction.

Mortgage Pre-approval


A mortgage pre-approval is a good step so that your lender can evaluate your profile and let you know how much money they will be approving for you. This is the best thing to do as it will prevent you from looking at properties that are not within your budget.

Do Some Research

If you are thinking that you'll just go to your local bank and get the best mortgage deal, that won't happen! Instead, do some research and comparison of lending rates. You can also contact a mortgage broker who will help in negotiations with the finance company. Every small percentage lowered can save you a lot of money in the long run.


Be Aware of the Real Costs.

As you read this guide for homebuyers in Montreal, it is essential to know that there are two types of costs you need to know about when you buy a house.

● Obvious costs:
Downpayment, realtors fee, closing costs, taxes, are all upfront costs you need to consider before buying a home.

● Ongoing going costs:
The costs of living in a house, instalments, bulls, maintenance cost and insurance fees come under ongoing cost.

Calculate all the above-mentioned costs to know if you are ready for property ownership or not!

Step 2: Start Your Home Hunt

Once you have all your facts right, it is time to start the home hunt!

Buy New, Old or Build

When you first start looking for a property, a question that strikes your mind is whether you should buy new, old or build your own. Every aspect has its pros and cons and you need to evaluate them

To make your decision consider the advantages and disadvantages of all three. When it comes to a new house, you will be able to avail all the features of the house without doing anything. However, quality of material used and delay in delivery is a factor to consider. On the other hand, building a home is great and you can customize it according to your needs. However, it might take more time and money than expected.
A previously owned house might be more budget-friendly but it is important to inspect the house for the condition before you buy it.


Hire A Realtor

Real estate agents are people with good connections with better property listings. They \ help you simplify the home buying process which makes it mandatory to get one.


Step 3: When You Find a House

When you think you have found that perfect commercial property in Montreal, these tips will help you take the next step.

The Art of Negotiation

There is always space for negotiation when you are buying a property. If you are looking for a home in a neighborhood that has more projects, you can negotiate. Your offer might just get accepted! Try to place a time limit on it so that you can get a timely answer. If you can't get a discount on the price, try getting some extras like a parking space.

First Time Home Buyer Incentives

If this is your first home then you can take advantage of the home buyer incentive program. The Canadian government offers a rebate and pays a percentage of the down payment on your mortgage.

Don't Sign too Fast

Once you find that home, don't sign on the dotted line in a hurry. Take time to ask questions about the upcoming developments in that area. Ask the dealer representative about the builder and do a thorough examination of the property.

Promoter/builder Authenticity

It is vital to know how much experience the builder has and the number of projects completed.



Source by: https://www.sooperarticles.com/real-estate-articles/buying-home-articles/guide-first-time-property-buyers-montreal-1814442.html