Preparation is key when it comes to buying a house in 2018. You need to have a solid understanding of your finances, your needs, and the area, before you can even begin to look for your forever home.
If preparing to buy a house is one of your new year’s resolutions, here’s what you need to know to get started…
Your Credit Score & Lenders
Getting your finances in order is one of the most important steps you can take when it comes to seriously preparing to buy a house. Buying a house in 2018 has even become more nuanced, as the Bank of Canada’s mortgage stress test has put more emphasis on potential homeowners. Figuring out how much you can afford, and how qualified of a buyer you are, will play a huge role in determining the house you’ll end up in.
Understand the Costs
The total cost of a new home goes beyond the final sale price, there are closing costs, potential upgrades and renovations, and the cost of moving (amongst others). When you buy a home, you’re buying much more than the sale price might suggest. The best way to start preparing to buy a house is by understanding how much you are truly going to end up paying.
Analyze Your Situation
What do you need in a new home? Are you looking for more room for a growing family? Do you want to downsize into something smaller and more comfortable for your needs? Really assess what it is that you need from a new home, so that you can lay a good foundation for what you need when your search begins in earnest.
Which area would suit your best? When it comes to buying a house in 2018, you need to get a better lay of the land. Toronto is a city of neighbourhoods, and it helps to start with a better understanding of what you can find, and where it is located. Do you belong somewhere in Downtown Toronto? What about the exciting neighbourhood of Riverdale, or Leslieville, or the quaint Roncesvalles? Start doing your research now, to make a more informed decision later.
Work with An Expert
When it comes to knowing the homes, the neighbourhoods, and being able to understand the process, working with the right real estate agent is invaluable. In order to find the home for you, in the perfect area, and to negotiate with your needs at heart, you need to ensure that you work with someone who has area knowledge and experience.
Ready to work with a real local expert? We can help you when it comes to buying a house in 2018, all you have to do is reach out. Contact us, and we’ll get started right away.