Buying your first home can be one of the most exciting and rewarding experiences in life.
Sure, it can feel a bit scary at times too–after all, buying a home is a big investment to make–which is why being thoroughly prepared and accurately informed is so important.
Here is what you should know before buying your first home in Toronto:
What’s your budget?
Making sure that you’re financially prepared to buy a home is the first step towards smart homeownership. Meeting with a mortgage specialist to get pre-approved will provide you with a realistic budget and a better understanding of your finances, making it easier to find a home within your means. You’ll also want to set aside funds for other costs and fees, like repairs, the land transfer tax, lawyer fees, and moving expenses.
What are your needs?
Are you looking for a detached home in an established neighbourhood? What about schools? Do you need an income suite? Do you need a “move-in ready” home? These are just some of the questions you should ask yourself before starting your home search. Think about your current lifestyle, but also consider your plans for the future; you ideally want to buy a home that will fit your needs for years to come.
What neighbourhood is right for you?
Buying your first home in a community that you love will make a world of difference. If you aren’t familiar with the local neighbourhoods, take some time to explore them firsthand to get a true feel for each area. Remember that it pays to keep an open mind; your dream home may not be in your first choice neighbourhood, but that doesn’t mean you’ll love it any less. Be sure to ask your Realtor about Toronto’s up-and-coming neighbourhoods, because you never know which community could have your new go-to coffee shop or your next favourite brunch spot!
How I Can Help
I truly enjoy guiding first-time homebuyers through this exciting process. It’s a real thrill to get to know them, help them find a home they love, then negotiate and win a bidding war. If you’re looking to buy your first home and need a helping hand, don’t hesitate to give me a call or text at 647-898-4663 or send me an email.