« Competition Bureau versus CREA | Main | Toronto's 'tiny house' for sale »
Tips for Toronto home buyers
1) Get pre-approved for a mortgage before you make an offer.
When you are trying to buy a house in a competitive market, your offer to purchase should contain as few conditions as possible. An offer that is conditional on obtaining financing is often a deal killer. The seller may accept a competing offer for less money rather than take the risk that you won’t be able to raise mortgage money. A pre-approval letter from your lender tells the seller you are ready and able to commit.
2) Know when to quit.
When you act on emotion, rather than reason, you may end up paying too much money. This can happen when you fall in love with a particular house and start fantasizing about how great it will be to live there. Another reason you may be driven to pay too much is that a bidding war triggers your competitive instincts and you must buy the house at all costs – which you will regret later.
3) Set enough money aside to cover closing costs without having to forgo eating for a couple of months.
You’ve put together a down payment. Be aware that there is also a long list of expenses you may have to pay at closing, depending on where you live and who your lender is. Closing costs can add up so get your real estate agent to compile a list of other expenses.
4) Coordinate the date you take possession and your moving date.
If possible, avoid a situation where you’ve got to camp out with relatives or find a short-term rental because you must vacate your old house or apartment before you can move into your new digs. Moving once is enough.
5) Insist on a home inspection.
The first really cold day you spend in your new house is way too late to find out that the furnace doesn’t work. The one condition you should always include in an offer to purchase is a home inspection. Find out how much it will cost to fix any defects and have the seller fix them before you agree to buy or deduct the estimated cost from the final price you offer. If the seller won’t help bear the costs, and you want to go ahead with the purchase, make sure you can afford the necessary repairs on top of your mortgage.
March 24, 2010 in Buying Toronto Real Estate | Permalink
TrackBack
TrackBack URL for this entry:
https://www.typepad.com/services/trackback/6a00d8341c51e453ef01310fd8b37d970c
Listed below are links to weblogs that reference Tips for Toronto home buyers:
Comments
You can get useful tips fro Toronto home buyers. Useful post
Posted by: Virtual Offices | Oct 19, 2012 1:35:54 AM
I am unable to quite see it from your end in all my honesty. Maybe that’s since I’m very new on this field but I will keep reading and shoot an email when I’ve one or two questions if you don’t have anything again this?
Posted by: geomarketing | Feb 15, 2011 6:45:22 AM
Toronto condominiums have a good market and there is a wide array of them to choose from,however,it does not mean that you should pick one over the other because you feel pressured to do so.Once you’ve made your pick,stick to it.Get as clear as possible an idea what their charges will be beforehand.Buying a home is not something to rush into; neither is selling.Even after the latest slowdown in the pace of sales,there may be times when you will lose if you snooze.
Posted by: Digital piano | Jan 26, 2011 1:45:56 AM
Your real estate agent is a great resource too and will be able to provide you with valuable information.The quality of steel must be good if you are using for your own bathroom taps otherwise timely renovations is essential for our home bathrooms.
Posted by: electric guitars | Jan 9, 2011 11:03:45 PM
Great tips for buyers! Good article, thanks for putting this up.I really like reading these types or posts.Your real estate agent is a great resource too and will be able to provide you with valuable information.
Posted by: laptop sleeve | Jan 7, 2011 12:32:02 AM
The comments to this entry are closed.
