Purchasing a Toronto home is by far the biggest purchase most Canadians will ever make. If you are thinking about purchasing a home in Canada’s most populated city there are a few steps you should take before you’ll be able to successfully move into the home of your dreams.
- Secure Financing – this is a step that many put in the wrong order. Often people go out looking at all the wonderful Toronto homes for sale without first knowing exactly what they can afford. By contacting a lender first, you will be able get a pre-approval that lets you know exactly in what price range you should be looking for a Toronto home. Doing anything else would be putting the proverbial cart before the horse.
- Find a Realtor – sure you can hop in the car on a Saturday and drive around looking for “FOR SALE” signs, but is that really the most efficient way to search for homes. One of the main things that a real estate agent is a good for is providing access to the Multiple Listing Service (MLS). This list will allow you to find out exactly what homes are available for sale and at what price (all of which may not have a sign posted in the window or on the front lawn). The agent will be able to listen to what you’d like in a new home and put schedule viewings based on your desires which will allow for a more targeted search.
- Choose a Prime Location – where you choose to buy a Toronto home may just be more important than the actual home you purchase. You’ve heard it time and time again “Location, Location, Location” and it rings just as true when it comes to Toronto homes. Is crime in the area low? Are the schools high quality? Is there a park or a lake nearby? What about restaurants and entertainment? The answers to all of these questions will greatly affect the price of the home. The goal should be to get the most for your money in terms of value. It is also important to think about the future and whether or not this Toronto home is one that allows you to build equity. In addition, consider the homes potential for resale.
- Type of Home – once you know the area(s) you are thinking about buying in you must now consider the type of Toronto home you want to purchase. Do you have a growing family that would benefit from the space offered in a single family home that would have a yard where children could play? Or are you a single person who travels often and likes the maintenance free life that condo living can provide? Knowing these answers up front can also create a more simplified search process.
Once you have done these first 4 steps you will find that you are well on your way to locating the perfect Toronto home for your future!