Etobicoke real estate has changed dramatically over the last few months. There are more houses and condos on the market which means more selection for buyers. Prices of detached houses have come down. We know the market and can help direct you to the best opportunities.
The process of buying a house in Etobicoke can seem a little daunting. To successfully purchase a home or condo in this market, it’s crucial to have guidance and support from a professional. Let us share with you the important process of buying a house in Etobicoke successfully.
THE PROCESS OF BUYING A HOUSE IN ETOBICOKE
- BEFORE BUYING A HOUSE IN ETOBICOKE YOU NEED TO PRIORITIZE WHAT IS IMPORTANT TO YOU
- ONCE YOU HAVE YOUR PRIORITIES, YOU NEED TO DETERMINE HOW MUCH YOU CAN AFFORD
- How big of a mortgage can your income and lifestyle support?
- Have you gotten pre-approved for a mortgage?
- How much of a down payment do you have?
- Have you thought through the closing costs and other additional costs like land transfer taxes and lawyer fees?
- BEFORE BUYING A HOUSE IN ETOBICOKE, YOU SHOULD SELECT A REAL ESTATE AGENT
- Go local – someone that works in the neighbourhoods that you are interested in is an asset.
- Look for an agent with a strong track record in the neighbourhood.
- Choose an agent that deals with homes in your price range.
- Talk to past clients that have used the agent – were they happy with the service?
- NOW YOU ARE READY TO START EXPLORING DIFFERENT NEIGHBOURHOODS AND PROPERTIES
- Spend time in the neighbouroods – walk the neighborhood, and if you get the chance, talk to neighbours to get a feel for the area.
- Ask your real estate agent to educate you on recent sales and what’s currently on the market.
- Only view properties in your price range. It will only frustrate you to fall in love with a property that you cannot afford.
- ONCE YOU FIND THE RIGHT HOME, MAKE SURE YOU’RE READY TO PUT IN AN OFFER. YOUR OFFER MAY BE HIGHER OR LOWER THAN THE ASKING PRICE DEPENDING ON HOW MANY PEOPLE ARE INTERESTED IN THE PROPERTY. HERE ARE THE BASIC COMPONENTS OF YOUR OFFER.
- DEPOSIT – typically around 5% of the purchase price. It will be applied to your down payment when the home closes. It shows good faith that you intend to close on the property.
- INCLUSIONS – the things you would like the seller to include in the purchase price.
- CONDITIONS – standard conditions include home inspection and financing.
- CLOSING DATE – the date that you own the home.
- CONGRATULATIONS – YOU HAVE BEEN SUCCESSFUL WITH YOUR OFFER. NOW IT’S TIME TO THINK ABOUT THE CLOSING PERIOD:
- Arrange for any agreed-to visits to your new home so that you can take measurements and plan for any renovations and décor.
- Get recommendations for trusted tradespeople for any work that you may want to do once the home is yours.
- Get recommendations for trusted professionals such as real estate lawyers, mortgage brokers, and movers.
- Get moving tips that will help alleviate potential stress from the move.
- YOU’RE ALMOST THERE. HERE’S WHAT TO THINK ABOUT ON CLOSING DAY
- Your lawyer will have you sign all the documents a couple of days before closing.
- Once the seller’s lawyer receives all the funds for closing from your lawyer, the home will close and you will receive the keys for your new home.
When it comes to the process of buying a house in Etobicoke, we’re always here to help.
It All Starts With a Home Buyer’s Consultation
Let us help by guiding you through the buying process and reviewing how we can best help with your search.