Becoming a homeowner is a major milestone in life, and if you're buying a house in Toronto, there are a few key elements you should keep in mind during the process. From the financial preparation to walking through your new front door, here are our top tips to consider during your house hunting journey.
1. Evaluate Your Finances
Some home buyers have spent years saving up for a down payment, but that doesn't have to be the case in every scenario. The best way to evaluate your price range is to pre-qualify for a mortgage at your bank. With this information, you can then start researching the different neighbourhoods of Toronto to see which is in your price range.
This is a great point to go ahead and bring in a realtor to help you evaluate your price setting and keep your house goals realistic.
2. Consider the District
Each individual or family is going to need different things when it comes to their neighbourhood and community. Do you have small children that will be going to school for the next several years? That is a major factor to take into consideration when choosing a neighbourhood for your house hunt.
But if your children are older, you might be willing to drive them to school for a year or two across town so you can be in a neighbourhood better suited for the empty-nester you will soon be. Or maybe you don't plan on having children at all, which means other determining factors will come into play. It's important to reflect and research all the ends and outs of each neighbourhood so you can make the best decision for your lifestyle.
3. Decide What You Can't Live Without
Now that you know your price range and your top choices of neighbourhoods, you should consider the things that your new house NEEDS to have. How many bedrooms does your family require? Do you need a large backyard for your pet? Make a list of must-haves, but also a list of things you'd like to have, but that you are flexible on. This list is important to keep with you on your house hunt!
4. Start the Hunt
If you haven't contacted a realtor yet during the process, this is the point where having an expert on your team will make the process exciting instead of daunting. And that's important because the actual house hunting is the best part! You'll attend showings and see inside the current homes on the market. Keep your must-haves list in mind, and be prepared to make an offer quickly, as houses in Toronto can go fast.
Because the housing market in the Greater Toronto Area is competitive, be sure to choose more than one house to make an offer on, just in case you don't get your first pick.
5. Closing the Deal
Once your offer is accepted, you're nearly there! You'll then book a home inspection of the house and an appraisal before finalizing your mortgage approval. All that's left is to sign the papers and hire a moving company.
Buying a house is exciting, and having an expert on your side makes all the difference. Call Nancy at 416-985-1486 or Dave at 416-894-4079 at GTASelling.com to start your journey as a homeowner off on the right foot.
