So you think you’re ready to begin the process of buying a house in Toronto? Well, you may want to think again. Oh-so-many prospective home buyers across the GTA are actually quite unprepared when they first call up a real estate agent, in many ways. Trust us, it happens all the time.
No buyer wants to waste time when the Toronto housing market is so hot, so rather than have an inaugural meeting with a real estate agent where you learn about all of the things you should have had ready, the $ell With $ue Team is going to help you get prepared.
It doesn’t really matter where you’re planning to buy a house, because from Oakville to Aurora to Barrie, these are the things you should have ready.
Your Mortgage Pre-Approval
First and foremost, if you’re looking to buy a home in Toronto (or anywhere, for that matter) you need to have a mortgage pre-approved. Not only will this save a lot of time in the home-buying process, as you won’t need to wait on an approval when you’re ready to go look at homes, but it will also give you a clear picture of your price-range making an offer.
To obtain a mortgage pre-approval, you should have a salary letter and your last three years of tax returns at the ready. From there, head into a bank or financial institution to talk to a mortgage broker who can provide you with various options.
It is crucial to remember that not all mortgages are the same. Rates, terms and conditions and penalties can all vary from mortgage to mortgage. This is why it is so important to talk to a mortgage broker who can ascertain which is the best deal for you.
A major mistake many Buyers is obtaining a mortgage pre-approval from multiple institutions, thinking that it will give them more options to work with. Unfortunately, that never works out, because every time you make an inquiry into a mortgage pre approval, your “beacon score” (another term for your credit rating) is lowered. Basically, the more inquiries you make, the lower your beacon score, so it’s always best to go to one mortgage professional and get pre-approved through them.
Of course, the $ell With $ue team has several mortgage brokers who would be happy to work with any client. We can assure the upmost service, allowing you to obtain the best mortgage and keep your credit score intact!
Figure Out What You Want, Exactly
All too often are we called in by a prospective buyer, only to learn that they have NO clue what they want in their new house. Sorry, Buyers, but knowing that you want to purchase a new home isn’t enough, you need to know what you want!
Now, you don’t need to get into the nitty-gritty details, but you should have a broad sense of what type of real estate you want to invest in. The two major pieces of information you should have ready for your Realtor is your ideal type of home (bungalow, two-story, side-split, etc.) and location. You’d be surprised how simply knowing the ideal housing type and preferred area can help narrow down the search when buying a home in Toronto.
With that information in mind, creating a “new home wish-list” is the next step. Just think of exactly what you want out of a new home, or even specific features (e.g. fireplace, large backyard, fireplace), all of which will then help us during the home-search.
Or, if figuring out what you do want is a little too difficult, create a list of things you don't want. In much the same way this will eliminate many prospective properties on the market, making both you and your Realtor’s life much easier.
The Right Realtor
In the grand scheme of things, finding a home is the easy part, finding a real estate agent who has a wealth of experience working in the Toronto housing market and has a full team of experts ready to meet your every need, now THAT’s hard.
All Realtors aren’t exactly equally when it comes to their expertise and experience, and since buying a home is one of the largest investments many make in a life, you’re going to want someone who is perfect for the job.
The $ell With $ue Team has done it all, and many (if not all) of us have been in your shoes as the Buyer, too. Rest assured our Team is equipped to facilitate the home buying process every step of the way.
For more on finding the perfect real estate professional, head to our brief guide.