You’ve barely had time to put away your winter gear, but it’s time to gear-up if you plan to enter the housing market for the first time this spring! May and June are typically the busiest months for residential real estate sales in Toronto and the GTA. That means there are plenty of opportunities to find the right home. The better prepared you are to grab the opportunities when they arise, the more chance you will have of making a successful entry into the market.
1. Find a Good Real Estate Agent:
The agent you choose can make a big difference. Talk to friends and family for advice and recommendations and be sure to do your research. Further, having a Buyer Agent represent you is extremely important. Don’t forget that the Listing Agent works in the best interest of the Seller, so as a Buyer, you want an Agent supporting you and only you. At the end of the day, make sure you have a high comfort level with whomever you choose.
2. Create Your Wish List:
Provide your Agent with as many criteria as you can about the type of home you are looking for including location, price, features, and amenities. Create a divide between WANTS and NEEDS – there’s a difference!
3. Get Pre-Approved for a Mortgage:
First-time Homebuyers are often disappointed after finding the right home, only to have financing problems get in the way of completing the sale. Talk to your real estate agent or mortgage broker about your mortgage options and pre-approval. Not only will getting pre-approved set you at ease, but it will also allow you to bring a stronger offer (no financing condition!).
4. Be Aware of All the Costs:
Your mortgage is by far the largest, but by no means the only expense you need to be prepared for when buying a home. You will have costs such as a deposit, home inspection, land transfer fees, lawyer fees, movers, etc. Keep in mind that as a first-time Homebuyer, there are rebates available for you!
5. Have the Home Inspected:
Nowhere is the saying “buyer beware” more true and important than in real estate transactions. There are no guarantees when buying a home. Once the sale is closed, you are the new owner and any issues with the home are your responsibility. A home inspection helps you avoid unpleasant and costly surprises.
Are Your Ready to Buy Your First Home? It’s difficult to ever be fully prepared for such a major purchase and change in your life. It’s an exciting time! Following the guidelines above will help make it a rewarding experience.