Manitoba may be an ideal place to live if you are looking for great housing opportunities and reasonable costs of living. According to the Canadian Real Estate Association, you can find houses for sale at an average price of 277,670 dollars. This figure is impressively better than houses in British Columbia which can cost up to 728,044 dollars. You can even save more even if you are in a family household, particularly 17,000 dollars more in savings as a family of five than a similar setting but with an Ontario house. Thus, it would be an investment-forward choice on your part to move to any Manitoba community.
Before setting your move-in date, you should consider certain house buying features before saying yes to any real estate agent. Doing this can allow you to improve your current financial situation, giving you the increased purchasing power you need to have a more relaxed, improved quality of life. For your proper orientation, take note of the following:
- Residence Period and Required Downpayment
Manitoba house sellers and other real estate professionals may recognize certain terms and conditions for your down payment if your residency period in the country is different. For example, if you have been in Canada for at least three months, you may be required to pay at least 35 percent as your down payment. As such, you may need to stay in Canada longer than six months to a year, depending on where you want to stay and the homes for sale near you.
To ensure you can have a more reasonable down payment, you should consider buying at a later date. If you are also up to it, look into the possibility of paying your mortgage’s down payment later down the line, especially if your real estate agent and house loan provider is willing to do so. Doing this allows you to secure your dream home and your new life in Manitoba.
- Mortgage Pre-Approval
Many home sellers often have mixed feelings about certain buyers like you when you show your intentions for acquiring their property. While you may show them that you are willing to pay, they want to have a deeper understanding of your current income, debt, and other relevant financial factors. Thus, it would be best to undergo the pre-approval process, which can also be beneficial to your house buying process.
To get pre-approved by your mortgage company, you first have to get pre-qualification, which is a way for them to determine how much you can afford to have through financing your house. It gives you relevant insights into your buying capacity and the type of housing you can acquire.
Once you are pre-qualified, you can go for pre-approval, meaning that you have a written commitment with a lender. With these documents, you can show your homebuyers that you are more serious than other prospective buyers. In other words, you have a higher chance of getting the house you want.
- House Inspection
Many houses for sale nowadays have virtual viewing and online transactions to stay compliant with COVID-19 guidelines, primarily social distancing. While these technological tools can give you an inside look into a house you may want to purchase, you may need a more thorough survey done to address any major repairs and preventive maintenance concerns.
Thus, it would be best to have house inspections accomplished before signing any purchasing agreements. Ensure that your real estate agent can also help you with this to guarantee convenience and client satisfaction.
As a future homeowner or real estate investor, making informed house buying decisions is a must. Thus, ensure you pay attention to the things mentioned above and weigh your options carefully. Meanwhile, if you want to look for prime Manitoba properties, ensure that you have direct connections to get the most out of your venture into this promising community.
Are you buying a house in Manitoba and need an experienced real estate agent’s assistance? Get in touch with me, Chris Low. I am well-versed in buying and selling both residential and commercial properties in Brandon and Virden. With my help, you can conveniently acquire the home of your dreams, get favourable mortgage terms, and make investment-worthy decisions. Consult with me today!