Understand your housing options, choose your priorities and select your homebuying professionals.
Think long term when buying a home. What kind of home do you need now? What will you need in 5 to 10 years?
Consider:
the location and neighbourhood
the size of the property and home
the type of home — for example, detached, duplex, row house or condominium
the travel distance to work, recreation and services
any special features you want or need — for example, accessibility or efficiency upgrades
your lifestyle needs and possible changes in the future
your preference for a new, resale or custom-built home
COMMON TYPES OF HOMEOWNERSHIP
Options vary slightly between provinces, but you can choose between the following ownership types in Canada:
Freehold — you own the building and the land
Leasehold — you own the building and rent or lease the land
Condominium (or “strata”) — you own your unit and share common elements
Co-operatives (co-ops) — you buy a share in the building and live in one of the units
If you’re considering a condo, make sure you review all the financial and technical audits for the condominium corporation to avoid surprises later on.
CHOOSE YOUR HOMEBUYING TEAM
It’s important to have a team of experienced professionals to help you during the buying process. Take the time to check references before deciding who to work with.
Your homebuying team may include:
a real estate agent
a home inspector
an appraiser
a land surveyor
a builder or contractor
a lawyer or notary
insurance and mortgage brokers
If you work with a real estate agent, they can usually refer you to other qualified professionals for your team.
READY TO START YOUR HOME SEARCH?
Download the guide and workbook for complete information and customized calculators. Save your workbook regularly to track your budget, calculations and notes.
SOURCE: cmhc
