5 Steps to Buying Your First Condo in Montreal as a 2019 New Year Resolution
There are a lot of New Year’s resolutions out there for 2019, and for many people one of those resolutions is to buy their first home or condo in Montreal. Want to do it seamlessly? If you plan ahead and follow these five steps, you’ll have a much better experience with getting your new place.
Here are the 5 Steps to buying your first condo in Montreal in 2019:
1. Set a specific date by which you want to buy a new home
A New Year’s resolution begins with having a goal. Set yours in a way that gives you something to work for, but that’s also realistic. If you want to buy a house or a condo in 2019 you’ll need to take a look at your finances and decide whether early in the year or later would be a better choice for your plans. Then you can have the time to get prepared, but you’ll also see your goal getting closer and closer every day.
2. Find a reliable notary to help you through the process
A good notary will tell you everything you need to do from beginning to end. They are responsible for making sure you’re following all the right procedures, and they can help you keep accountable to your goal as well. It’s very helpful to have someone knowledgeable on your side, so you can ask questions and make sure that nothing gets missed that could cause a problem for your plans.
3. Pick the ideal location and get an idea of the prices
Location is really important, because you want to like where you live. You also want to focus on how much you can afford, so you need to know what kinds of prices are seen in the locations you’re considering. It may be that prices are higher than expected, giving you a choice. You can take a little longer to buy and save up more, or you can choose a different location where prices are a bit lower.
4. Save up 20 percent for the down payment
You need a good down payment. You can get it through savings, from your parents or other family members, or use a home buyers’ plan through your RRSP. That can work very well, because you can take up to $25K from your RRSP if you’re using it to contribute to a down payment on a home. If you don’t have 20 percent of the purchase price as a down payment, you’ll need to buy mortgage insurance and pay interest on it. That can cost you between 0.5 percent and one percent of the loan.
5. Find a real estate broker you can trust
The right real estate broker will show you homes that are within your budget. They won’t try to trick you into buying something you really can’t afford, even if the bank says you’re qualified to borrow that much. They also won’t try to sell you something that’s not worth the price, so you can feel confident that you’ll get a home that’s priced fairly, a good value for the money, and right for you.