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Buy a house

Buying a house is one of the biggest investment that you'll probably do in your life. That's why you need to be prepared. Here are some tips you need to know before buying your house.

Have a picture of your financial situation

You probably won't pay your house in only one payment. For this reason, make sure that you don't have discrepancies or problems in your credit history. You should also make an analysis of your financial situation: what is your total income compared to your current spending? Developp a household budget. You also need to analyse how a house purchase will affect your budget. Consider taxes and insurance, but also payments for repairs and maintenance.

Using an agent

You are not obliged to use an agent to buy a house, but this person's experirence and knowledge can be considered. Firts, in most cases it's the seller that pays your commision to the agent working for you. You also have a wider choice of houses, compared to if you want to be represented on your own. Don't forget that an agent has experience in negociation, knows the market and can offer suggestions for home inspectors, closing agents and much more.

You can also do this on your own. There is no law againts individualls who want to buy their house without profesionnal assistance. The problem is that you can usually only buy houses which are for sale buy the owner, which means that the seller does not use the assistance of an agent to sale his house. Theses cases usually represent a small pourcentage of the market.

Finding a house

You are now ready to search for a new house? Good luck! But before doing so, consider what type of house you would like. Do you purchase a simple family home, a townhouse or a condominium?

Simple family home

• Ideal if you like to have your space
• You are owner of the house and your ownship is extended to the limits of your property lines
• If you need more rooms, you can add one to the house by extending it: you can change your house (the color, the appearance, the size)
• There are usually no property management fees
• You are responsible of the repair and maintenance costs and landscaping
• Some amenities such as pools and playgrounds can be lacking compared to other types of housing

Townhouse

• May have less exterior maintenance and repair: ideal if you like having our space but don't want to deal with much exterior maintenance
• Neighbors are close to you
• May have more amenities in the community than a simple family home (pools, playgrounds, etc.)
• You will have to pay Home Owner's Association fees
• Less privacy compared to a simple family home
• You will have limited options if you want to change the exterior look of your house

Condominium

• It's like an appartment, at the difference that YOU are the OWNER
• Your responsibility for exterior maintenance is limited or non-existent
• Possibility to have access to the many aminities available in the community
• Condominium are usually located near centers of employment, shoping centers, and more
• You need to pay the Condominium Association fees
• Less privacy that touwnhouses and simple family homes
• You only own interior walls inward, and the rest of the structure is owned in common with the other condominium owners of the community

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