Tips for first-time homebuyers

Toronto Commercial Real Estate Report

first time home buy

Buying a home is one of the biggest investment one makes in his or her lifetime. It therefore becomes very important that before investing, you all the due diligence to ensure you have a nice and family friendly home. Especially if you are a first-time home buyer, it even becomes more critical. To start with the home buying process, consult a popular real estate agent in your area. A good real estate agent to not only help you find a suitable home but can also be your source for all types of information about the home. The salesperson also has all the required information about the potential property such as what was the historical sale price of that property or if there is any inherent issue with the property.

Explore multiple homes

You should never be satisfied with seeing just one or two homes. Ask your real estate agent to show multiple properties and never settle for any compromise. Even if you’re not able to find a good property within a month or so, never be disheartened or make any decision in haste. Home buying is the largest investment you make in your lifetime and therefore even if you have to spend more time, give your best shot. Before confirming any property, check the transaction history with your real estate agent. Make sure the house does not have any critical structural issue which cannot be rectified. Also make sure the house is not under any lien or dispute. Make sure the neighbourhood is good. If you have small kids, make sure the schools are not very far from your home. Also make sure that the home is close to some commercial Plaza where you can buy your day-to-day groceries or other home utilities. Any suitable community centre near your home is always an added advantage. Finally, make sure the home is not very far from your working place. Daily commute in the Toronto area can be a huge problem especially if you are residing outside the Toronto area and works close to the downtown Toronto.

Choose a good real estate agent

Choosing a good real estate agent is as important as choosing a good home. Make sure the real estate agent has the relevant experience and knowledge about the real estate. Do not get solicited by your acquaintances. Ask your real estate agent about the history of a selling experience, his reviews and if possible some references. The real estate agent can make a world of difference in your property buying. A good real estate agent is the one who can get you the best deal for your home. If he or she knows the market and the trends, then have made a good choice.

Never Skip Home inspection

Never buy a home waving an inspection clause unless the home is very new. Inspection is one of the most important condition that needs to be laid down when signing the offer. Get the home inspected by a certified home Inspector and make sure any small modification or urgent repair is included before the final offer is made. This will save you from expensive maintenance down the line when you on that home.

Don’t exceed or stretch your budget limits

Never go over budget with your home. Budget is one of the most critical aspects when buying a home and therefore never ever indulge in price bid war how so much you liked the home. Always control your budget and plan your upper limit when putting an offer to the property. Eventually it is the you who has to pay the mortgages and taxes and therefore factor in all the monthly payments before you take any initiative.

Get preapproved for your mortgage:

A Mortgage is another important step toward securing a good home. Before buying home, it is advised that you get preapproved from your bank or mortgage broker. Preapproval brightens your chances of securing a deal in the hot real estate market. If you’re buying a home and make an offer, the seller will give you a preference if you are preapproved on your mortgage. Preapproval also helps you evaluate your limits in buying the home. For example, if your bank has preapproved you for 600,000, you know that any property within that amount is within reach and you don’t have to worry about getting your mortgage done once the offer is accepted.

Look for opportunities:

It is very important that if you are in a hunt for a home, you or your real estate agent is up to date on the new listings. Try to get an appointment as soon as a new listings comes in the market. Being a seller’s market, the faster you see a home the better are your chances to get the home. If your real estate agent is good, he will send you the new listings as soon as they come in and make quick appointments. Don’t waste time and schedule your appointments on weekends because everybody does that and and you do not want an opportunity.

We make buying a home for the first time buyers on new immigrants a seamless process. If you are looking to buy a home in and around the GTA area. Contact us and we assure you that we will get you the right home within your budget and on time. We are never satisfied unless you are. Our aim is that everybody should on a good home and we will do everything it takes to make it happen for you.