Most Canadians eventually buy a home. You do not need to own a home to be a financial success, but home ownership certainly offers financial rewards. Over the course your adult life, the real estate that you own is likely going to appreciate in value. Additionally, you’re going to pay off your mortgage some day, which will greatly reduce your housing costs. As a renter, on the other hand, your full housing costs are going to increase over time with inflation.

If you are thinking about buying a home:

Get your overall finances in order. Before buying, you need to analyze your current budget, your ability to afford debt, and your future financial goals. Make sure that your expected housing expenses still allow you to save properly for retirement and other long- or short-term objectives.

Determine if now is the time. Buying a house when you don’t see yourself staying put for three to five years rarely makes financial sense (unless this is an investment move), especially if you are a first time home buyer. 

Real Estate Agent. Once you have determined that you are ready to make a home purchase you should really consider getting a real estate agent. The services of your real estate agent are priceless- and they`re yours at no cost, because a seller pays your agent`s commissions. Your real estate agent will:

• Research available properties that match your needs and finances
• Make arrangements to visit properties that you want to view
• Represent your interest and negotiate on your behalf directly with the seller or seller`s agent.
• Provide advise on your legal and financial responsibilities

Real Estate Lawyer

Engage a lawyer before you sign any documents relating to your home purchase-. These documents are typically legally binding and you`re never required to sign them "as is." So it`s in your best interest to have a legal professional review them first. In addition, your lawyer will:

• Represent your interest
• Clarify any warranty offered on your home
• Reduce any risks to you
• Study possible restrictions on the property title
• Coordinate the property title transfer
• Handle and account for all expenses
• Arrange for title insurance

Home Inspector. Buying a home is one of the most significant purchases you will make in your lifetime, so you must be sure that the home you desire to buy is in good state. A home inspection is an evaluation of a home’s condition by a trained expert. The inspector will:

• Evaluate the physical condition: the structure, construction and mechanical systems.
• Identify areas that need replacement or repair

• Examine the condition of the windows and doors
• Examine all the main mechanisms and systems in a house (such electrical, plumbing, heating, air conditioning etc.)

• Provide a written report of the inspection`s findings