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Michael Park Broker
Royal LePage New Concept, Brokerage Independently owned and operated
Office: 416-223-3535Mobile: 416-417-4326

Top 10 things you need to know when buying a home

August 23, 2013



1. Don't buy agressively if you're not going to stay put.

If you won't be remaining at one place for at least a few years, then owning a property is probably not the best for you at the moment. With all the closing costs, you might end up losing money if you sell a year or two later.

2. Make sure your credit is good

You'll most likely need a mortgage when you're buying a home. It's best to have your credit history as clean as possible. A few months before going house hunting, get a copy of your credit report. Make sure everything is correct and fix any problems you discover.

3. Purchase a home within your budget

Budget, budget, budget! It's crucial to know what your budget. People say that you can buy a home that runs about two times your annual salary. You can use many online calculators to get a better grip on your income, debts, expenses, etc.

4. If you can't put down the usual 20 per cent, you may still qualify for a loan.

There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a small down payment.

5. Buy in a district with good schools.

Even if you dont have school-age children, this is great advice. When it's time to sell, the usual top priority for many home buyers is the school districts. This helps boost up property values.

6. Get professional help.

Even though the Internet gives you access to many home listings, it's better off using a professional agent. They can help you with the paperwork, give you step by step guidance and strategize during the bidding process.

7. Choose carefully when it comes to mortgage rates

When picking a mortgage, you want to choose the one where you can save the most money in the long run.

8. Get pre-approved

We can't stress enough how important it is to get a pre-approval from a lender. You don't want to fall in love with a house and make an offer only to find out you can't get your financing.

9. Do research before bidding.

It's good to know what comparables have been sold in the area. So when it comes to bidding for the home you like, you know what's reasonable and what's not.

10. Hire a home inspector.

It's important to have a professional home inspector check out the property. Preferably an expert who has been inspecting homes for years. They will help you point of possible repairs or damages and what it could cost down the road.

Tagged with: home buying real estate toronto
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Michael Park Broker
Royal LePage New Concept, Brokerage Independently owned and operated
5 Glen Cameron Rd Unit 5
Thornhill, ON   L3T 5W2

Phone: 416-223-3535Mobile: 416-417-4326Fax: 905-597-7731
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