Top home buying lessons


In addition to calling upon a realtor for the purchase of your home, here are some tips provided  by homeowners.

The good:

  1. Think about the future

It’s essential to consider your needs, lifestyle and financial resources when choosing location. Because after many years, there’s nothing better than truly feeling at home!

  1. Save up a good down payment

Wait until you have a decent down payment from your personal assets so you can get a reasonable mortgage and cover the 3% to 5% start-up costs. About 88% of buyers manage to do it by using their personal savings, including RRSPs and investments. About 41% of buyers save up a down payment of at least 20%; for 31%, it’s between 5% and 19%.

  1. Look into the HBP

The Home Buyers’ Plan (HBP) is a government program that allows you to withdraw up to $25,000 from your RRSP (per person) to buy or build a home. You have up to 15 years to pay it back interest-free.

  1. Do the math

Get preapproved for a mortgage so you can determine your budget and narrow your search to properties that meet your criteria.

  1. Speculate

Buy a house in a neighbourhood that’s going up in value and focus on the value of the land. What criteria should you consider to evaluate the area’s economic situation? Proximity and diversity of businesses and public services (e.g., schools, daycares, parks, hospitals, public transit) are good examples.

On the not-so-good side, here’s what they reported:

  1. Skipping the home inspection
  2. Underestimating the time and cost of renovations
  3. Accepting a purchase offer with a closing day that doesn’t leave you enough time to find a new home
  4. Not dealing with a mortgage broker
  5. Not insisting that the former owners clear out the house completely before you move in

To find out more about the housing sector, visit You can also contact a Desjardins mortgage representative at 1-844-626-2476.


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