BUYING A HOME IN 7 STEPS

Crunch the numbers and define your budget. By getting pre-approved for a mortgage in advance, you can go into your home search with a clear understanding of your true affordability, and a competitive edge when it comes to negotiating on an offer.

Have a little extra money for the closing costs – estimated at 3-5% of the price of the home.  For first time buyers, this could be less with the potential rebate on land transfer taxes.  Land transfer taxes will likely be the biggest portion of your closing cost.  Then you will need to have money for a lawyer.  Other costs could also arise during your closing such as appraisal fees, application fees from some lenders, cost of a survey, home inspection fees, insurance (mortgage, title, home insurance), property tax and moving.

Click the link to calculate your closing cost : 

https://seiflawfirm.com/real-estate-transactions-tools/closing-cost-calculator-ontario-toronto/

Before you narrow your search down to individual homes, consider what geographical area is best suited for your lifestyle.  Keep the convenience factor in mind: how close is it in proximity to the amenities you use regularly?

Put pen to paper (or pull out your phone) and create a list with three sections: must-haves, preferences, and deal breakers.  This will help you gain clarity and you’ll refer back to it often when comparing homes.

Clients are often unsure what they can get for their particular budget.  I like to show clients a home at the same price in different neighbourhood.  So, you know what you can get in the less expensive neighbourhood compared to a more established one.  Then, I find, the buyer will have a better idea if they would like to buy a smaller, less renovated home in a better, central neighbourhood or vise versa.

Have your deposit in a chequing account with a major bank so that it can be easily accessible when you decide to make an offer.  The Toronto market can vary widely.  In a fast market, you may find yourself in a bidding war to get the place you want. So, you need to know how to act accordingly. 

I will be with you from start to finish keeping track of the details of your home up to closing.  I am also available after closing with a top-notch list of professional who could help you with any fixes or improvement on your home.