So you're ready to get involved in real estate on a professional level. If you've never done this before you're probably not sure what to expect. Consider some of these guidelines before putting down a dime on any property.
Know your Goal
The first thing to remember when buying your property in Canada is that you need to know what your long term plans are before buying. In other words what do you want to do or accomplish with your property. Will you be renting out rooms or renovating out some apartments, or will you be buying a fixer-upper and performing a flip. Having a long-term or short term planning and knowing everything you need before you get started will save you hassle, headache, and even loss in time and money on your big investment.
Prepare your Deposit
As per new regulations from the Canada Mortgage and Housing Corporation you will be required to pay a 20% deposit upfront on the asking price of whatever property you'll be buying. Keep this in mind and make sure to have your deposit ready on signing.
Take a Look Inside
Remember to never buy a property without having a look around first. Picture can be outdated, touched up, or otherwise misleading, so can text descriptions. You'll want to get a look with your own eyes and be even be able to smell and touch inside the property. At very least you have to know it's at least liveable, let alone if it satisfies your current needs.
Have an Inspector Come In
Before you sign anything you may want to employ an inspector who will look at the property and give you an idea of what to expect. You can know upfront if there are any problems, what needs to be fixed, and if this investment is worthwhile or just heavy baggage.
Consider Your Location
Location is everything when it comes to property. You might not get as big a return as you think if you have a misstep here. Your property could be in a rough neighborhood or an isolated area that fails to provide convenience that possible tenants or future buyers enjoy. Make sure the location is ideal for what you're trying to do, or you may end up with an empty house you can't sell at full price.
Remember to never get attached to just one property, there's a whole market out there. You may get a better price or value by researching comparable properties to your first choice. Remember to always keep your options open.
Get Professional Help
Advice is free, ok well sometimes it is. Don't be afraid to ask more experienced professionals than yourself for any tips or advice on the way. You also might want to consider bringing a lawyer or real estate agent into the mix to help with the details.
Get Ready to Buy
Have your financial details prepared ahead of time. Decide how you're going to pay, what plan will be, what's within your means, etc. Once you're ready the dive remember to take care of any last minute negotiations intelligently and diplomatically. After all this you'll be ready to slam down your investment and prepare for the money to roll in as you eagerly await its return.