Factors One Should Keep In Mind Before Selling Or Buying A Home

Just like in different parts of the world, there is never a dull day in the Canadian real estate market. The Canadian market for houses is ever bubbling and is full of life. Every day, many are selling and buying houses which begs the question; what factors should one consider before selling or buying a house in Canada.

For those interested in buying a home, it should interest them to note that it is one of the biggest and best decisions they will ever make in life. Purchasing a home should be taken seriously and all details given utmost attention. As they say, the devil is always in the details. Before one signs any legal papers, there should be adequate consultation from qualified legal quarters to avoid situations where one might get in debts that are hard to pay.

According to a recent conducted survey, many young people who are interested in buying a home are anxious about the selling or buying process. Before committing to buying a home in Canada, one should carefully consider the following;

 

Contracts are not standard

Just like any other niche, the market is free from binding standard contracts. Selling or buying a home requires a lot of legal paperwork and before one commits legally to a contract, it is important to understand the details fully.

 

In a bidding sale, the seller has a right to choose any offer

Many are afraid that if they go to a bid, they will get outbid. However, it is only the seller who has utmost authority to chose the preferred bid. It is not only the money that plays a big role, other factors like the closing date on the bid, the size of the bid and many other conditions matter.

 

Before committing to anything, it is prudent to get a home inspection first

A dream home can easily turn into a nightmare if one does not take a closer look at it before getting commited. All major systems in the home should be easily examined to ensure that no regrets will pop out later.

 

Commissions and fees vary

In many instances, fees depend on the REALTOR and the service he has provided. In many cases, the seller is the one responsible for selling commissions to both the seller and the buyer REALTORS.

 

There are rules and regulations for buyer protection

As long as one uses a registered REALTOR in the house search, the law is on their side.

 

Only buy what is easily affordable

It is not proper to buy a home with a bad mentality because it can easily spell financial disaster. It is important to make realistic budgets.

 

There are many costs that are involved when buying a house

Contrary to many products, buying a home involves a lot of other unseen costs. Some of them are closing costs, opening costs as well as pre opening costs. It is imperative to have a good understanding of this factor before getting committed to buying a house.

When selling a house, similar factors are supposed to be taken into serious consideration as well. However, the main one involves being the one liable for both the selling and buying side's REALTOR® costs. Another important thing to take into serious consideration is that the house in proper living conditions and that it is fit for human occupancy.

It is also important to adhere to the law and especially by having paid all the necessary taxes. All said and done, buying a home in Canada is not a very hard thing provided one has a good understanding of the above mentioned factors.


Caitlin Weaver
Sales Representative
(416) 890-3017
cweaver@chestnutpark.com

Chestnut Park Real Estate Limited, Brokerage
1300 Yonge Street, Suite 100
Toronto, ON M4T 1X3

(416) 925-9191