From Renter to Owner: 6 Steps to Follow

1. Assess Your Borrowing Capacity

Before embarking on the search for your first property, you must carefully assess your borrowing capacity. By scheduling an appointment with your financial planner or mortgage advisor, you can get an accurate picture of the value of the possible mortgage. They will review your credit score, debts, investments, the amount available for your down payment, etc. Together, you can develop a solid and clear financial plan so that you can purchase a home that fits your budget.

A variety of financing solutions are at your disposal to help you achieve your goal of homeownership

• Mortgage loan
• CMHC Subvention
• First home savings account (FHSA)
• Home Buyers’ Plan (HBP)
• Tax credits
• TFSA
• Novoclimat program
• Municipal programs
• Home equity line of credit
• Rental with purchase option
• Personal loans
• Personal donation

Then, your mortgage advisor will help you get a mortgage pre-approval from a financial institution. You will know the maximum amount of the mortgage to which you could be eligible, estimate your mortgage payments and guarantee an interest rate for 60 to 130 days (depending on the lender). In addition, a pre-approval can be a strong argument with sellers; it demonstrates your seriousness.

2. Calculate Additional Costs

Besides your down payment and mortgage, there are other costs to consider when buying a house.

• Inspection fees
• Appraisal fees
• Notary fees
• Tax adjustments
• Moving costs
• Transfer duties (welcome tax)
• Etc.

3. Say Goodbye to Your Lease

A few months before leaving for the home of your dreams, plan to terminate your apartment lease within the time limits prescribed by law. You’ve never been so happy to send a non-renewal notice in April!

4. Determine Your Needs

Before visiting homes, it’s important to prepare your own list of criteria and preferences.

Some questions you should ask yourself:

• What type of property are you looking for? (Single-family, income property, condominium, new, used)
• What environment do you prefer? (City, countryside, suburbs, new neighborhood, old neighborhood)
• What nearby services are a priority for you? (School, public transportation, hospital, fire or police station, shopping center, close to work, etc.)
• What are your needs inside your new home? (Number of rooms, bedrooms or bathrooms, type of heating [electricity, gas, oil, bi-energy], storage, brightness, etc.)
• Are you ready to do renovations? (Kitchen, room division, exterior cladding, etc.)
• What are the important aspects for the exterior? (Parking, garage, yard, pool, etc.)
• Do you intend to operate an office or business there? (Accountant’s office, psychologist, hair salon, etc.)
• Do you intend to house your parents there? (Intergenerational property)

Define the key features you’re seeking in a property. Consider factors such as the number of bedrooms, neighborhood, proximity to work, nearby schools, and available amenities. Essentially, compile a list of must-haves to assist your real estate agent in locating your ideal home.

Select property type

• Single-family home
• Semi-detached
• Duplex
• Townhouse
• Condominium
• New homes

Choosing your location and neighborhood

• City
• Suburbs
• Countryside

5. Use a Proprio Direct Real Estate Broker

Proprio Direct has a team of almost 700 real estate agents ready to help you, no matter where you are in the province. When you choose us, you’re getting the benefit of decades of experience from a trusted Quebec company.

A broker’s job is to:

• Guide you to properties that meet your criteria and provide you with privileged information;
• Inform you of current market conditions and those in your area;
• Discuss your needs and desires, analyze them to ensure they are aligned with your budget;
• Organize visits according to your availability;
• Coordinate the work of other professionals you will use during the process and benefit from their network of qualified resources;
• Prepare purchase offers and negotiate on your behalf with the seller and their broker;
• Ensure that all required documents are compliant, properly completed and that deadlines and conditions are met;
• Assist you with mortgage financing to take advantage of the best offers;
• Inform you of government programs for which you may be eligible, for example, the Home Buyers’ Plan (HBP) as well as legal solutions for your lease, if applicable;
• Accompany you to the notary’s office to finalize the transaction.

6. Become a Homeowner

After finding the ideal property and negotiating a competitive price, with the help of your Proprio Direct broker, all you have to do is go to the notary’s office to sign all the papers related to the sale of the house. With just a few more signatures, you’re a homeowner!

Welcome home!