Home Buying Top Related Questions
Buying a home is probably the largest financial investment most individuals will make in their lifetime, but the benefits usually outweigh the challenges. Asking the right questions and doing your homework prior to buying a home is essential.
Here are answers to Toronto homebuyers’ most frequently asked questions:
Questions to ask when buying a house
The top questions to ask your agent when buying a home:
1) Can I afford what this house is likely to sell for?
2) What issues do you see in this house?
3) How does this house compare to other homes in the area and my budget?
4) What is the zoning, and can I build what I want in the future? There are many other questions to ask your agent about a house – the most important thing is to hire an agent you can trust and who will take the time to guide you and answer all of your questions.
What to look for when buying a house
The most important things to look for when buying a home are:
1) Choose the neighbourhood first and foremost (lifestyle is so important);
2) Choose the style and size of home you like;
3) Buy a structurally sound house that has been well maintained;
4) Choose a house that is between two homes that people have pride of ownership in
How to buy a house in Toronto
The key steps in buying a house in Toronto are to first and foremost hire a top producing real estate agent who is trustworthy and professional. There are a lot of real estate agents, so be sure to choose wisely. Walk the neighbourhoods you like on weekends and weeknights, get a good sense of what you most want. Begin the property search with your real estate agent will set up a pretty match to ensure that no homes are overlooked. Make an offer when you see what you like. The agreement of purchase and sale will be given to the lender and your lawyer to handle the necessary steps to complete the closing of the home sale.Get a mortgage pre-approval before you begin your search for a house. Find a house that you love. Do the necessary due diligence to discover and latent and patent defects. Make an offer on the house. Secure the purchase. Close on the house. Sound easy? Well, it certainly can be with a great realtor!
Where to buy a house in Toronto
There are dozens of wonderful neighbourhoods in Toronto with many great houses. When deciding where to buy a house in Toronto, consider the lifestyle you want to live, accessibility to transportation, dining options, and the area’s safety. Many Torontonians have loved living downtown as the accessibility to work, arts and culture has been of great importance. Living in midtown and North Toronto is more family-oriented and quiet.If you want guidance as to the best neighbourhoods in Toronto, we can help. It’s a conversation about what matters most to you when it comes to where you want to live. Downtown Toronto? Midtown? West Toronto? Danforth? There are many great areas to buy a house in!
How much do you need to buy a house in Toronto
Having a budget for buying a home in Toronto is essential. You may be able to put as little as 5% downpayment (depending on the mortgage lender, your credit score, and your income); f you put less than a 20% downpayment on the house, you will be required to pay for mortgage insurance (added to the total borrowed amount). If you are purchasing a home for more than $1 million, you will have to put at least 20% down.
When should I buy a house in Toronto
The best time to buy a home in Toronto is when you are ready. It’s actually that simple. Don’t try to time the market. It’s impossible. Honestly. Here is the most important factor: If you have the money, the financing in place, and you see a home you love, it’s worth buying the home. When it comes to the best season to buy a home in, keep in mind that the Spring market (late January through to late June) has the most listings, the Fall market is the second business time of the year (September through to December). Remember that your dream home doesn’t “choose” when to come out, so be ready
How to buy a second home
Buying a second home can mean a few different things. Is this an investment property? Is this a recreational property? For many homeowners, there has been a lot of fo equity growth in their primary residence. Accessing this capital via a Home Equity Line of Credit can be a great way of pulling money out of your home for another second property. Just like any home purchase, you need to hire a top producing realtor to ensure that you are making the wisest decision possible—someone who will take the time to understand what you want and need. Get your financing in order, have a 5% deposit on hand for an offer and get started.
Extra costs when buying a new house
There shouldn’t’ be any extra costs when buying a new home, not working with a professional, knowledgeable real estate agent. No surprises should arise. Lawyer fees, appraisal, land transfer fees, etc. will all be detailed ahead of time.
Closing costs when buying a house in Toronto:
1) Lawyer fees and disbursements – generally $1200-1500;
2) Depending on the mortgage lender, there can be an appraisal fee – approximately $500;
3) Depending on the mortgage lender there may be insurance fees to set up a high ratio mortgage;
4) Land Transfer Taxes, be sure to use a Land Transfer Tax calculator before making an offer.
How to buy a house with no down payment
Buying a house with no downpayment is not practiced with the major banks or secondary lenders. The risk is too high for Canadian banking institutions when a buyer has no equity in the property. This was a more common practice in the United States of America several years ago that failed badly – costing the economy a lot of money and homeowners their houses.
Don’t see an answer to your question? Feel free to leave a comment or contact me and we’ll get right on it!