There is nothing more fulfilling than purchasing your dream home. This is because it's the place where you'll live, have a family, build your future, and create the kind of life you so envision.
Seeing that buying a property is one of the most significant investments you'll ever make in your life, keep in mind that a homebuyer's journey isn't a walk in the park. There are many factors to consider—from choosing a house to getting a mortgage down to closing the deal. There are also plenty of paperwork to submit, ongoing negotiations to pull off, and financial considerations to make.
Fret not, as we've prepared a rundown of three basic steps to take when planning to purchase a home in Toronto:
1. Initial buying steps
- Know what you want: The home buyer's journey begins with a vision of your dream home. To materialize it, you have to know exactly what you want. Be very specific in terms of the home's aesthetic value and overall functionality. Also, think of the location, floor plan, the number of rooms you need, the amenities, and your lifestyle, among others.
- Set your budget: Remember that your finances are instrumental in the direction of your home-buying journey. Of course, you'll only invest in a house that you can afford to buy. This is why you must check your overall budget and various funding options to make the right decision.
- Check for properties: Once you know what you want and how much you have, go ahead and scout for potential houses in Toronto. You often have the option to search online for property listings or get some recommendations from friends and colleagues.
- Find a realtor: Once you have decided on a few worthy prospects, it's about time to look for a real estate agent in Toronto who'll help you out in every stage of the purchase process. Be sure to work with a highly reputable one who has robust industry knowledge, excellent negotiation skills, and a high level of expertise in the real estate market.
2. The buying hunt
- Look for a mortgage lender: At this point, you'll start looking for the right mortgage from different lenders. Whether a conventional or unconventional mortgage, there are various loans available in the market. Once you find the right lender, the initial step to take is to get a mortgage pre-approval.
- Check property showings: With the list of housing options you've checked and recommended by your realtor, the next course of action is to visit property showings. Be sure to jot down notes to see if the features match your needs. Ultimately, be highly critical in your house selection and final decision.
- Negotiate and settle on an offer: If you've arrived at a decision for a particular house, you or your real estate agent will negotiate with the seller, where both parties will come up with a specific offer.
- Perform home inspection: The final step in your buying hunt is the thorough house inspection. This will ultimately determine your final decision on whether or not you'll purchase the house.
3. Closing the deal
At this point, you've already taken all the necessary steps that have led you to your dream house. After the house offer and inspection, the chances are that you are pleased with the property and offer. At this juncture, you'll settle all closing fees, and both parties will then sign the final agreement – a step closer to your dream home!
At this point, we've covered the three key steps in a home purchase—initial buying steps, the buying hunt, and closing the deal. Be sure to follow the practical steps outlined above and work with a realtor to have an expert assist you every step of the way. By doing so, you'll be on the right track in your home buyer's journey, which will ultimately turn your vision of a dream home into a reality!
Are you looking to purchase a house? Let our real estate agent in Toronto, Ontario, assist you every step of the way! We're specialized in residential and commercial properties in the Greater Toronto Area (GTA). Whether you're a first-time homebuyer, an investor, or looking to relocate, contact us today to get started!