When you start thinking about buying a home, all kinds of things start floating through your mind. And everyone has an opinion about what you should be doing. What things should you consider when you buy a property? Whether you are buying your first home, looking for an investment property or have done this before, here are some things to consider:
Location is still important!
Is the neighbourhood what you need or want it to be? Or is it headed in that direction? You can change your house but it is pretty hard to move it!
The process might take longer than you think
Reconnaissance missions to various neghbourhoods, automatic listing updates and patience, can all be part of a great plan. Sometimes the first house is the right one. But sometimes it isn't!
Figure out what you can afford
Get pre-qualified for a mortgage with someone you trust (we can recommend someone). And then go one step further. Just because you qualify for a mortgage doesn't mean you can afford it. What does your particular lifestyle allow for? Make sure your Property Purchase doesn't prevent you from making other life choices that are important to you.
Maybe you will have to go to War - a Bidding War
If you are looking in a desirable neighbourhood, this is not uncommon. If this is the case, make sure you talk about the possible scenarios before the emotion of the offer night comes into play. You will want to have your financing in place and feel confident in the structural integrity of the property. We are used to these events! We will guide you through the process, devise a strategy with you, and negotiate hard for you!
Figure out your Closing Costs
The purchase price is just a part of the story. Land Transfer Tax can be a big number - especially within Toronto (use our calculator) and only pertains to purchases (not sales). Legal Fees will usually be no more than $2,000, but depend on your specific scenario. CMHC insurance is usually added to your mortgage amount and applies if you put down less than 20% of the purchase price as your downpayment (use our calculator). Don't forget to pay your Movers - or pay for pizza & beer for your loyal friends!
Before your weekends are dominated by Open Houses and your browser history only displays realtor.ca, let's chat! The story of how you bought your house needn't be filled with drama and tales of woe. Let us put our experience to work for you and see why spending more time and thought at the beginning can save you time, money and take the drama out of your Buying Story.