When it comes to finding a home in or around Toronto in the current real estate climate, it can be easy to get discouraged. Here are some important aspects to look for, procedures to follow, and matters to discuss when searching for a new home.
Set a Firm Budget
Figuring out how much you can afford to spend is the first step necessary before house hunting, factoring in a down payment and monthly mortgage payments going forward. Most people require a pre-approval from a reputable financial institution to increase their chances of making a quick offer upon finding a home they wish to buy. As bidding wars may ensue, avoid the temptation to increase your spending limit beyond the parameters you and your lender have set. Chances are, it will be rejected anyway.
Keep an Open Mind on Location
As a commuter city, with growing traffic congestion but increasing efforts to improve public transit, many Toronto residents live over an hour away from where they work. If having three bedrooms and two bathrooms, a garage and driveway, backyard, and possibly even space for a rental unit in your garage are top priorities, you may need to compromise on geography.
However, there are many areas impressively developing beyond the central and downtown borders. The city has numerous pockets growing in both popularity and population. Pay attention to schools, restaurants, and other amenities in the neighbourhood, as well.
Find the Right Realtor
A professional real estate agent will have significant expertise, and greater insight into what homes are available, demographics, and price patterns both in buying a new home and—if applicable—selling your current one.
As with most major financial matters, while you may not require the help of a professional, it is often better to receive advice from someone with industry knowledge. Overall, they can help you find the right home within your budget and in a suitable location.