So you’ve taken a trip two lovely Canada and want to make it a regular occurrence. If you would love to stick around or purchase a quality vacation spot, start thinking about buying a home in the country.
Whether you’re looking to set up shop in Toronto, Montreal, Vancouver, or any other of the hot spots, you need to have the right words of advice in your back pocket.
Below are some tips that will help you out when you’re thinking about buying property in Canada.
There Are No Requirements of Residency or Citizenship to Buy Property in Canada
You might be wondering where you’re legally allowed to purchase property in Canada. Thankfully, Canada doesn’t have any residency or citizenship requirements for people to buy real estate property.
Even if you’re not a Canadian citizen, you’re allowed to purchase any type of property you’d like. You might be subject to certain fees if you’re a non-citizen, depending on the province where you’re buying property.
Figure Out What Kind of Property You Want to Purchase
Now that you know you’re legally able to purchase property in Canada, it’s time to start thinking about what you’d like to buy. The possibilities are endless, no matter which style you prefer.
Whether you want to invest in a condo or a single-family home, each comes with its own variables and implications. For instance, someone that purchases a single-family home will need to consider how they’ll take care of their lawn or landscaping, while those who purchase condos will need to consider things like homeowner’s association (HOA) fees.
Think in terms of your lifestyle and your needs. You might need certain square footage, or perhaps there’s a certain geographical location that you’d like to keep in on.
Touch Base With a Real Estate Professional That Can Help You Out
Take the time to do business with a real estate professional that can assist you. This is especially important since you’re purchasing property across international borders, and need someone with experience in the area, and who also is there on the ground, with a feel for how business is done.
Check into their background and history doing real estate in Canada. Make certain they are properly licensed and insured in order to find the best fit and to know that you’re doing business with someone credible and professional. Ask about how much they charge in fees and choose someone who is dedicated to finding you the perfect property.
The best-case scenario is for your real estate agent to give you several fresh options so that you can begin booking tours of the property to figure out which is best for you.
Get Your Financing in Order and Make Sure You Have a Down Payment
Purchasing a home requires you to get your financing in order as quickly as possible. Decide whether you want to pay with cash or if you are going to finance with a Canadian bank.
If you’re going to finance through a Canadian bank, people who don’t live in Canada may be subject to higher down payments. You could be required to pay 35% or more at the time of purchase.
Take the time to research a variety of financial institutions in Canada so that you can get a feel for their interest rate and fees. Rather than biting off more than you can chew, be certain that you have a budget for the property and that you never take a loan that is outside of his budget.
Inspect the Property Before Buying It
This is a step that too many homebuyers neglect. You should never close on a property without having it inspected by a credible professional. They will be able to assess everything from the roof, electricity and plumbing, to foundation problems, pest issues, landscaping, and property boundaries.
Get estimates on any work that might need to be done to get the house in tip-top shape. this opens the door to negotiating power, since you can have the seller handle the repair, or shave some dollars off the price if you’re going to have to handle the repair on your own.
Hire a Lawyer to Assist You With The Closing Process
Since you’re doing such a large piece of business internationally, you’ll definitely want to get the assistance of a legal professional. Your lawyer will help you comb through the paperwork and can also search for liens on the property.
Make sure that they’re a real estate law firm that understands property transactions in Canada so that they can serve as an advocate and another set of eyes through every step of the deal.
Keep Up With the Property to Protect it or Rent it Out
Once you purchase property in Canada, you have an obligation to take great care of it. Whether you’re using it as a vacation home or if you’d like to rent it out, the last thing you’d want is for the property to go unused and uncared for.
Hire a handy professional that can stop by and make routine repairs whenever necessary. This will not only protect the quality of the property but its value as well.
Buying Property in Canada on Your Terms
If you’re considering buying property in Canada, make sure that it happens on your terms. The tips above can get you started in the right direction.
Let the points above help you so that you’re able to land a property in Canada that you’ll fall in love with.