When is the best time to buy a house?

The best time to buy a house is when you have decided to take action! In fact, there is no such thing as a "right time"; it depends on your personal reality and your goal.

The quote "You buy real estate and wait, you don't wait to buy real estate" does not apply in all cases. If your goal is to buy a home to stay in for at least 5-10-15 years, you will be a winner no matter what market you buy your property in because of the following reasons:

Appreciation: There is a good chance that your property will increase in value, so that when you resell it, you will make a profit.

Leverage: Having access to the existing equity in your property, i.e. the difference between the value of your property and your mortgage balance to reinvest in another property or for any other projects.

Safer investment: Real estate is one of the safest medium to long term investments compared to other types of investments such as the stock market. You have more control on different levels over the investment which reduces the risk factor.

Don't wait any longer for the right moment!

And now - How to buy a house?

1. Choose your real estate broker

The first step is to choose your real estate broker who will accompany you in the process of buying a home from start to finish. The real estate broker will represent your interests in one of the most important transactions in your life.

2. Get a mortgage pre-approval

Have your financial capacity evaluated and get pre-approved by a financial institution or a mortgage broker. Your real estate broker is surrounded by professionals who he/she can refer you to them if necessary.

3. Define your purchase criteria

Once you have received your pre-qualification letter, take the time to discuss your search criteria with your real estate broker. He or she could then send you the documents attached to the properties for sale.

4. Select the real estate listings that correspond to your criteria

Choose the properties you wish to visit and your real estate broker will be able to organize the visits.

5. What to look at during your visits of the properties for sale

When visiting properties, take the time to look at the interior and exterior of the property to see if there are any signs of deficiencies. For example, the smell of humidity in the basement, signs of mold around the bathtub and others. Certainly, during your inspection, the inspector will go around the property and detect the visible signs and will be able to give you his advice. 

6. Make an offer on the house

Once you have found your dream home, (yay!) this is usually the time when you will decide to submit an offer (promise to purchase) on the house. Your real estate broker will explain the contents of the offer and advise you on the conditions and pricing strategy. Among other things, he will show you comparable sales to give you an idea of the selling prices. You can then decide on the content of your offer.

7. Respect the conditions of your promise to purchase

When your promise to purchase is accepted following negotiations, the terms and conditions begin the day after the acceptance date. You must therefore start taking the necessary actions immediately in order to meet the conditions within the prescribed time frame. Examples of conditions are building inspection, financing, a specific expertise to your request or others.

8. Going to the notary to finalize the purchase of your house

When the conditions are met, the house is "sold". However, the last step is the moment when the notary will conclude the transaction officially for the purchase of your house.

9. Happy moving!