Buying property in Canada can be thrilling because it gives you the chance to enjoy the better things in life while finding a property at a much lower price than in the USA. These are the top things to think about before buying land in this gorgeous country.
Do You Prefer A City or Rural Life?
What type of environment do you want to live in? Do you feel drawn to loud and gorgeous cities, or are you more into the quiet and laid-back life of a rural area? Buying land means that you’re going to be in an area for at least ten years before you sell, and up to the rest of your life if you decide to live here permanently: so pick an area that has what you want.
What Languages Can You Speak?
There’s no national language in Canada, which means that you can get into the country speaking any language that’s comfortable for you, but you should also consider how much you want to be able to understand your neighbors.
Areas like Quebec have large french-speaking populations, which can make it difficult for someone who only speaks English, and extremely hard for someone whose favored language is something else entirely. Consider familiarizing yourself with the local language or seeking communities that can understand you and speak the same language.
How Much Can You Afford?
Think heavily about your budget and how much you can afford. Although it’s nice to think that you may make more money next year and afford more: be realistic with what money you make now.
Try not to buy a property that will take up more than 25% of your income with house payments, and pay attention to whatever work it may need. Buying a property with many projects can lead to a lot of debt if you’re not careful.
Is This Seasonal or Year-Round?
Do you plan on living in the property seasonally to enjoy cooler summers, or are you planning on living in it year-round? If you’re considering it a seasonal property, pay attention to how often it’s checked on.
Not only in case of break-ins but also because winters can be harsh on Canadian real estate, and although homes for sale in Vancouver are generally winterized, going an entire season without checking on your property could lead to flooding or other damage that could cost tens of thousands of dollars to fix.
Is It An Income Property or Personal Property?
This is a good thing to know before you start looking at any property in Canada. If you’re planning on using the space as an income property, you’ll have to follow some legalities, especially if you don’t live in Canada.
There are often special mortgage programs for newcomers, but the lack of Canadian credit means you’ll have to pay up to 35% upfront: so if this is just for income, make sure that you’re making a sound investment before paying a large amount of money.