Thanks to their legal status, single buyers benefit from great flexibility when it comes to choosing the home of their dreams.
However, there are a few important considerations that need to be made to find the right property and make a beneficial transaction:
Plan your budget carefully
The best way to reduce the financial stress of buying real estate is to prepare carefully. This involves asking the right questions and defining the steps you need to take to achieve your goal. It is crucial to estimate your borrowing capacity and assess mortgage payments using appropriate tools and resources. As you plan, review your assets, debts, and personal, family, and business financial goals. This will help you assess your purchasing capacity. Next, obtain your credit report from a financial institution to obtain a mortgage loan if necessary. To develop a realistic budget, consult a financial advisor who can support you in this process.
There are several financing options available for single buyers, including:
- Mortgage
- Grant from the Canada Mortgage and Housing Corporation (CMHC)
- Home Ownership Plan (RAP)
- Tax credits Tax-free savings account for home ownership (CELIAPP)
- Tax-Free Savings Account (TFSA)
- Novoclimat program
- Municipal programs
- Home equity line of credit
- Rental with option to purchase
- Personal loan
- Personal donation
Don’t forget to plan for these costs when buying a house:
- Downpayment
- Inspection
- Notary fees
- Home Insurance
- Moving
- Real estate transfer rights
- Renovations
- Annual fees (municipal and school taxes, electricity, condominium fees, internet, cable, snow removal, etc.)
- Home maintenance
- Property Assessment
