Buying Your First Home in Toronto
Are you thinking about buying your first home in Toronto? Congratulations, this is going to be one of the most exciting and most nerve-wracking decisions of your life so far and certainly one decision you’d like to get right.
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Here are some of our best tips for buying your first home in Toronto.
1. Getting Pre-Approved for a Mortgage
The first steps to buying your first home are to get pre-approved for a mortgage. Whether you’re using a mortgage broker or your bank, getting a pre-approval done ahead of time will help you avoid disappointment in the long run! When you pre-qualify for a mortgage your lender will look at your income, your down payment, your debts and your credit history. Your pre-approval should be in writing and include a guaranteed interest rate. Now that you know what you can afford you can start to create your must have list. Update: the mortgage rules are changing in 2018. Click here to read our blog post that outlines how they will effect you so you can plan accordingly!
2. Create Your Must-Have Dream Home List
What must you have and what can you live without? Do you need to live close to the TTC or 401? Do you need an outdoor space? Could you do without a third bedroom? Realistically, this list needs to be in line with what you can afford! What Toronto neighbourhood do you feel the most ‘at home’ in? For more information on Toronto neighbourhoods, click here.
3. Book a Buyer Consultation
Sit down with a kick-ass agent (like the one’s on our team!) for a consultation. We offer a very comprehensive buyer consultation that our clients have found to be very useful before we start looking at properties in person. We’ll sit down and review properties and areas together online.
We’ll talk to you about costs associated with buying your first home and what you can afford, home operating costs, the different property types (condos vs. freehold, etc.), current market values, understanding financing and financing options, the elements of an offer and finally completing the sale and the role of your lawyer among many other things. We’ll also review your list of Must Have’s and Would Like’s so that we can help you find your dream home that much faster. We will work through the list together and get you on the right track to your first home purchase!
4. House Hunting
Finally, the part you’ve been waiting for! We’ll start sending you custom listings that match your criteria along with screening listings for you, previewing listings, taking you to look at homes that interest you and finding out any other information that you’ll need to make an informed purchase.
Throughout this process, you’ll be able to revise and refine your Must Have list and narrow down your ideal Toronto neighbourhood. When you find your perfect home you will instinctively know, you may begin to envision how your furniture will be arranged in it or what colour you’ll paint the living room walls but never underestimate that gut feeling!
There’s nothing more satisfying for us than seeing our client’s excitement when we help them find the perfect property. Whether you want a fixer-upper or something turn key, big or small, in the city centre or in a more family oriented neighbourhood, we’ll work with you for as long as it takes to find you the best match!
Are you thinking of buying? Could you benefit from my first time home buyer consultation?
All you need to do is say “hello,” and we’ll handle the rest.