When we are contemplating big things like buying a house it can get a little overwhelming. However, like any goal in life, buying a house be made much easier when you come in with the right approach.This following guide breaks down the home buying process into a couple of steps. Hopefully when you browse through this article, you will see that buying a home in Toronto can be a smoother process than originally thought.
When we are contemplating big things like buying a house it can get a little overwhelming. However, like any goal in life, buying a house be made much easier when you come in with the right approach. This following guide breaks down the home buying process into a couple of steps. Hopefully when you browse through this article, you will see that buying a home in Toronto can be a smoother process than originally thought.
Once you are dead set on buying, you need to understand your needs. Will you eventually want to put in a pool? Will you need a larger home for your growing family? What kind of neighbourhood are you looking to move into?
Before you begin looking at house, you need to settle on a budget. It’s important that your keep your budget somewhat flexible before you start seeing what is out there. You also need to factor in what kind of down payment you are willing to pay. The more money you put into the down payment, the more you will be able to save over the course of future monthly payments. Sitting down with your banker and getting pre-approved for a mortgage is advised. If you’re looking to do a little number crunching, you can use our home affordability calculator by clicking here.
Keeping these things in mind, you are free to go window shopping! You can go searching for houses according to the different neighbourhood surrounding you, check newspaper listings, websites, or even drop by any open houses that are being held in your area. Looking for houses can be really fun and exciting! You can browse listings using the smart listings search on my website, here.
Once you narrow down your specifications, a Toronto realtor will be able to provide a list of homes that best suit your exact needs and specifications. A great realtor will be able to take your budget and specifications and by using their deep understanding of the housing market be able to find you the dream home you are looking for.
Moving is commonly referred to as the most stressful moment in one’s life. A solid realtor knows that and their sole purpose is to make it as easy as possible.
Once you and your agent have found your desired home, it’s time to make an offer. When your realtor knows how much you are willing to pay and specific terms you want outlined in the sale, they will go to bat for you. They will negotiate, help make the terms and conditions in the buying process more transparent and easy.
There are many details that a realtor will be able to use to his or her advantage when negotiating price. Renovation costs, updating appliances, and other types of costs can be factored into the deal. Realtors have a wealth of experience in negotiating offers and counter offers if they should arise.
At the final stretch, there are closing payments that need to be made. These costs can include mortgage application fees, legal fees, inspections. Once you jump through those final hoops you can finally take comfort in knowing you have purchased a new home.
Looking to become a first time home owner? The you’re in the right place. Buying a new home is a big decision, and due to the large sum of money being transferred, you want to be sure you have all of your bases covered. One thing every new homeowner should be taking advantage of is the First-Time Home Buyers’ Tax Credit (FTHBC).
In 2009, Revenue Canada introduced FTHBC to benefit first time home buyers like yourself. If you qualify, you are eligible for a 15% income tax credit on a maximum of $5,000 of home purchase costs from the year your purchased the house. Land transfer taxes and legal fees serve as some examples.
In order to qualify for this credit, you must meet the following requirements:
Your home must also meet the following requirements:
Looking for more helpful advice on buying a new home in the GTA?
Look on our website for more information, or read our blog section for further insight.
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