Buying a home is an exciting process where homebuyers get to explore various listings and prices in the market, but before it is time to tour homes, they have to think about finances, affordability and how to get the best mortgage deal when buying in popular locations such as Toronto, Markham, Vaughan or Richmond Hill. Here are a few pointers for what really counts to get your dream home in the price range you can afford.
Hire a professional real estate agent for a better and safer home buying experience
Buying a home is a sensitive matter that has its challenges (legal work, finances, etc.), so playing it safe and working with a professional real estate agent who knows the local market is probably the best thing you can do. A professional real estate agent will educate you on how the market works and the potential pitfalls and risks you should avoid. You will also benefit from their connections as they can refer you to reputable real estate lawyers, home inspectors, lenders, etc. You will want the advantage of having someone work with you and looking out for your best interest. Check out what you can expect from working with Susan Macarz.
Get a mortgage pre-approval to find out more about your finances
A mortgage pre-approval, even if not formally required, will help you on multiple levels. First of all, you will find out how much house you can approximately afford which will help you focus only on homes within your budget. On the other hand, it will gain you an advantage in the market. In a competitive market such as Toronto, Vaughan, Markham, Richmond Hill and other GTA hotspots, sellers are more fond of potential GTA homebuyers with a pre-approval.
Find the right lender and not just any lender
Lenders have different policies and different mortgage packages, and in order to find the best deal that is in line with your needs, do your due diligence and get to know in detail what each lender offers. You will be happy to find out how many different options are available. However, pay attention to the mortgage package as a whole and not just to the lowest interest rates. Lower interest rates can sometimes be compensated through hidden fees. Make sure you understand everything a mortgage offer actually entails. Your real estate agent can help you with this, too, so make sure to seek their advice.
Make the best out of what your budget covers
You may not be able to afford a five-bedroom and six-bathroom, but you will probably be able to afford a nice lovely home that covers all your needs. It is important for homebuyers to distinguish between their needs and wants in this situation. Make a list of the things that are non-negotiable (e.g., the number of rooms that are a must, locations and neighbourhoods that are acceptable to you, decent condition of the home), and the things that are nice-to-haves (an en-suite bathroom, a big walk-in closet, a gourmet kitchen, etc.) to find out what you can and cannot do without in your home.
As one of the most experienced real estate professionals in Toronto, Susan will help you navigate real estate terminology, find listings that match what you want, and provide extensive information about North York, Toronto and other neighbourhoods. She’s here to make house-hunting and selling of your home easier for you. Contact Susan now to get started, or browse her real estate listings.
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