Title: Homebuyer’s Guide To Purchasing A Home In Ontario, Canada
The whole buying a house thing can sometimes be a little overwhelming at times. And honestly, it should be, considering it is one the biggest purchases and investments for a majority of us. All those hours one spends working and saving every single penny for your dream house are all realised when you find that one particular house that matches your vision of an ideal house. But it’s not all that easy. Before making the big move, there are hundreds of factors that need to be taken to consideration in order to maintain financial stability and a solid ground even after the big purchase. Also, understanding the whole buying process in your region, in this case, Ontario, managing finances and mortgages and whatnot, there’s a whole list of things one needs to keep in mind before making the final decision.
And because we are only human, we tend to miss out on things sometimes. So here’s a quick guide for every home buyer who is planning to buy dream-house in Ontario, Canada.
1. Create a budget
Before getting on with the buying process, a person needs to have a budget planned out. It should ideally include all the upfront costs like the amount to be paid as the downpayment, closing costs and ongoing costs that will follow. For instance mortgage payments, insurance, property taxes bills and routine repairs and maintenance. One often tends to ignore the latter but that is the part that takes up most of your income during the initial time following the purchase. Creating a detailed budget plan will help you narrow down an exact price that you can you comfortably afford and manage.
2. Get-approved before starting the house hunting process
Real-estate market has evolved a lot during the last few years. So much so that there are all these un-written rules that needs to be followed to get real estate agents to attend to you properly. And most of them wouldn’t do that in the present day scenario if you are not pre-approved for mortgage. Now, some of you might not be familiar with it. A preapproval in general terms is a written commitment from a lender confirming that they are willing to lend the buyer the maximum credit amount at certain of interest rate. The approval is completely dependent on your credit, income and the down payment.
Also, if you cannot manage the traditional 20% down payment for the mortgage, you always have other options but for that through research needs to be done.
3. Choose a realtor
Although, having an agent is not compulsory. It does makes things better because there are many factors and things first-time buyers tend to miss out on. Thus, having somebody around, who has a deep knowledge of the market makes things easier. A good realtor can make this complicated experience a breeze while acting as your very own advisor, consultant and negotiator, all at the same time.
Now for the ones who decide to go down the other road and do all the legwork themselves, narrow down all your requirements. The location, size of the house, any special features you need and your future plans, everything should be taken into consideration before beginning the house hunting process.