Congrats! You’re ready to purchase a home, perhaps the biggest investment of you life!
I stay current on GTA real estate market news and trends. Making sure to take the time and effort to prepare my clients for the buying process and living in this great city, I offer plenty of tips and tricks.
1. Get pre-approved for a mortgage
This should be your first step as you’ll save time, seeing only homes you can afford. You can better manage your money, knowing your monthly payment amounts, as well as how much your down payment will be. Your pre-approved status may give you more negotiating power, as the seller is more likely to give it serious consideration because you have a solid financial foundation.
2. Find an agent to represent you
A good agent can show you reasons not to buy a property, protect any information that could hurt your bargaining position, negotiate the best possible price for you, show all properties you’re interested in that fit your criteria and budget. A good agent will also connect you with the service providers that are required for a purchase (inspectors, lenders, lawyers etc.) if necessary. Best of all, the buyer agent’s services are free to the buyer.
3. Know your limits and develop a wish list
Make sure you have a set budget in mind, it is not a good idea to be “house poor.” Set a realistic budget and make sure that includes any fees, upgrades and moving expenses.
Know your neighbourhoods. Visit my neighbourhood page to learn all about GTA neighborhoods and their maps to help educate you on the location.
To develop a wish list you must answer the following questions: What neighbourhood do you prefer? What school systems do you want to be near? How close must the home be to certain amenities (public transit, shopping etc.) Are you willing to renovate? How many bed/bathrooms do you need? Do you want a condo, town-home or house?
To find out your priorities and your “must haves” download this PDF— Home buyer checklist
4. Home hunting
You may see several homes in one day – bring along your notepad (or tablet!) and camera to take photos of the tour and what you like/don’t like.
Let’s make a deal. I am here to help you make an offer that’s right…. for you. I have an extensive amount of experience in negotiating and will move at the pace that is most comfortable for you.
5. Making an offer
An offer is a formal, legal proposal to purchase a home. If the offer is accepted by the seller, it is legally binding. The seller can either accept your offer, reject it, or make a counter-offer. A counter-offer is an offer to sell you the home but with some changes made to your offer, such as a higher price or a different closing date. Some of the conditions that are common to be in your offer are: A financing condition which allows you time to arrange a mortgage. An inspection condition that will allow you to inspect the property and a status certificate condition (condo only) that will allow you to review condo documents.
You found your dream home and your offer is accepted. What’s next? Below is a step-by-step process that I will walk you through.
- You submit an initial agreed upon deposit (certified cheque or bank draft) to me and I submit it to the listing brokerage.
- A copy of the contract is given to you, the sellers, the mortgage team and your lawyers (I can recommend some of the best in the GTA).
- We schedule an inspection of your property (again, I will recommend some of the GTA’s best).
- Prior to closing inform all utility, newspaper, cable, phone, credit card, alarm system and internet suppliers of your upcoming move.
- At the closing, you will receive final transaction documents and the keys to your new home!
- On the day of closing inspect all appliances, heating, plumbing and electrical systems to make sure that everything the seller promised is in order.
- We’ll make sure that the seller removes all waste from the property and arrange fire insurance coverage well in advance.
- At this time, you can confirm that there was no damage that occurred during the move.
It is of the utmost importance to have the following professionals be part of your team while buying real estate in Etobicoke and the GTA.
- Lawyer specializing in real estate law – keep in mind that their fee is usually a flat fee rather than an hourly rate
- Mortgage broker
If you don’t have any of these professionals at your disposal I will recommend someone that has provided my previous clients with top notch customer service.
7. Buyers estimate of closing costs
For an estimated breakdown of closing costs, please CLICK HERE.