As the cost of living goes up, many Canadians are discovering that home ownership can be the best solid investment. Before taking a leap into the housing market you should check out these 26 tips for smart home buying. In many cities, people are finding it tough to own a home right in the heart of the GTA and have been pursuing places such as Simcoe County which offers a reasonable commute into the GTA all while still being able to purchase at a reasonable price.
1) Start saving for a down payment early
2) Check your credit
3) Pause any new credit activity
4) Hire a professional Realtor that understands what is involved in purchasing a home and to help with the buying process.
5) Make sure you have a good lawyer
6) Seek financial qualification, to determine how much mortgage you can afford.
7) Crunch the numbers with your financial banker or mortgage broker; you will need to put money aside for closing costs, moving, land transfer tax and lawyers’ fees.
8) Be prepared to see a variety of home styles: bungalows, townhomes, 2 storey homes, split levels etc
9) Depending on how long you plan on owning your house, will depend on how big you should purchase. Make sure there is room to grow. This is where it is crucial to work with a Realtor who can best understands your future wants and needs.
10) Visit the neighbourhood at different times of the day and evening. Does it suit your lifestyle?
11) Choose a home with a great view and curb appeal. Not only will it make day-to-day life more appealing, but it helps with resale later.
12) Southern and Western exposures are most desirable with the best resale but homes can get quite warm.
13) Avoid a layout that you cannot work with
14) If you fall in love with a home and notice it’s a high traffic neighbourhood consider if this will bother you in the future.
15) Make sure there is enough parking spaces for you
16) Consider if the home offers enough storage
17) Examine appliances for age and signs of wear and tear
18) Examine the windows & doors
19) Examine the exterior – roof, eavestroughs & downspouts
20) Make note of the condition of the home – flooring, walls, stairwells high traffic areas
21) Find out what monthly costs are for heat, hydro, cable, internet etc
22) Find out what property taxes are.
23) Visit the home at least twice, if you can, before making your offer.
24) Know what comparable homes in the area have sold for
25) As for offer price, listen to and discuss with your Realtor.
26) When you are ready to make an offer, make it conditional on home inspection
27) Go into the offer with your best offer but leave a little wiggle room for negotiations.