Condo Buying Guide for First-Time Buyers in Toronto
Home buying is one of the largest investments that you can make in your life. Knowing more about this process can help you in making a better decision. Sit back and get prepared to learn how to purchase a condo or house in Toronto.
Knowing the amount of money that the bank can lend you
The lender will always look at your debts, credit history, your down payment, and monthly income if you are pre-qualified for a mortgage. The pre-approval is done in writing. It will help you in knowing the amount of mortgage that you can get.
The amount of money borrowed is determined by the price range of the available homes. Knowing the amount of money that you are qualified for is helpful in eliminating the uncertainty of financing. Again, it will give you more time to focus on house hunting efforts. Financing will help you in finding a perfect home for your dream.
Developing your wish list
Get to know what you want and what you need. This is very critical when it comes to the home buying process. Knowing your nice-to-haves and must-have will help you in making an informed decision. For instance, it is important to know about the number of bedrooms and the size of the outdoor space needed. What about floors, appliances, and counter-tops? Choosing a favourable location is another big decision that needs to be made.
Picking your team
Purchasing a condo or a house is one of the biggest purchases that you can ever make. Buying a property is an involving process that you cannot do alone. Home buyers are advised to pick great real estate agents who can work exclusively with them. They also need lenders to take them through the financing options. Hiring a real estate lawyer is also advisable. This is the professional who takes you through the legal aspects when you are purchasing a property. Doing research and asking for recommendations from your family or friends can help you in finding the right professionals.
This involves looking at the available houses and listings. An agent can help in getting a custom listing that matches your criteria. It can also be done by previewing properties online or screening listings electronically. This is then followed by going out and looking at the available homes. By so doing, you will get an opportunity of feeling about the neighbourhoods, asking questions and refining your wish list. Once you have finalized the best home to buy, you should make an offer and then finalize your deal.