If you’re a first-time home buyer in Toronto, there’s a lot you need to know. If this is the most substantial investment of your life, it’s important that you have the information you need to make the most informed decisions possible. Check out this handy list of tips to know before hitting the market.
Confirm You’re Pre-Qualified for a Mortgage
Before you consider buying a home in Toronto, make sure you have a realistic number on what a bank is willing to lend. Your pre-approval will be in writing and should be guaranteed somewhere around 90 days. This will give you peace of mind when looking for a home that you know how much you can spend. This also prevents you from getting in over your head with financing down the road.
Know What You Want
This is maybe the important thing to consider before starting your house hunt. What do you know you need, what would be nice, and things you know for sure you don’t need? This includes how many bedrooms, do you need an outdoor area, and what size kitchen is important? By thoroughly understanding these points at the outset, you can go a long way in utilizing your time the wisest. Click here to browse current properties on the market.
Considering this is one of the largest investments of your life, trust the process in the hands of knowledgeable real estate agent. Getting a referral or doing a little research is an excellent way to go. Also, if you feel the need, do interviews. These people are working for you, so make sure they’re right for the job.
The House Hunt
Now that you have everything in line, it’s time to start looking for your dream home. You’ll usually start with your real estate agent sending you listings customized to your needs. Once you’ve decided on a property you like, the next step is an in-person visit. The process will repeat until you have found your perfect home.
Making the Offer
Now that you found the spot comes one of the most critical steps, the negotiation. This is easily one of the most exciting yet stressful parts of the process. Once an offer has been submitted, the seller will either accept, reject, or counter. This is where it’s best to have an experienced agent who will know how to navigate the give-and-take nuances of a deal.
Closing the Deal
You’re there! The closing process involves finalizing that all the legal and financial obligations have been properly met. This usually takes a team effort involving you, the lender, and sometimes lawyers.