How can you find the right home?
You have figured out what you can afford to pay for a house and obtained a pre-qualified mortgage. Now, where will you start your search? There are a variety of sources you can use to find the home that is right for you: Newspapers and real estate magazines. Check the new homes section in daily newspapers or look for the free real estate magazines available at newsstands, convenience stores and other outlets. These free publications feature pictures and brief descriptions of a variety of homes. “For Sale” signs. Drive around a neighbourhood that interests you and look for “For Sale” signs. This is a good way to find homes that are being sold by the owner. n Visit new development sites. If you are looking for a newly built home, this will allow you to see the different models available and to get information from builders. Work with a real estate agent. For most buyers, a real estate agent is key to finding the right home. Further, here are a few tips to help you in your search for a home: To make sure you have all the information you need to compare homes by searching for CMHCʼs ʻHomeHunting Worksheetʼ online at www.cmhc.ca. Donʼt forget to consider the homeʼs energy rating, utility costs, property taxes and major repairs, as these will affect your monthly housing expenses. Ask to see copies of bills. You should also be ready to compromise. Chances are you wonʼt find a home that has everything you want. Check out the existing financing on the property. It may be possible to take over a favourable existing mortgage from the vendor or even obtain a vendor take back mortgage in order to help close the deal. n Think twice. Even if a home seems perfect, go back and take a closer, more critical look at it.