So, you’ve decided to purchase your very first home, and you don’t know where to start? Then this article is for you. There are a lot of moving parts when it comes to purchasing real estate, and so you must pay close attention to all the details – contracts, discussions with your realtor, your obligations, & an understanding of market conditions just to name a few.
By preparing answers to these questions below, you can expect a more streamlined interaction with your realtor and an overall better experience.
o Location/neighbourhood – Choosing a location will affect your lifestyle. Would you like to live nearby transit or a highway? What schools do you want your kids to attend? Where are the nearest groceries? Do you want to live near a park that you can take your family and pets? Each community has its own character - research on the areas that most interest you.
o Budget – Do you have your mortgage pre-approval letter? If not, meet with your mortgage broker to figure this out first - time is money, and the market goes very quickly in the GTA. Do you have enough to cover your closing costs? These include legal fees, land transfer tax, insurance, moving costs, new furniture & others. Try not to stretch yourself too thin and focus on the properties that are within your budget.
o Maintenance fees – If you are purchasing a condominium, you’re required to make regular monthly payments to the condo corporation - for operating expenses and building maintenance. Determine how much condo fees you can afford as part of your monthly budget. In general, the older the building is, and the more amenities it has – then the higher the maintenance costs will be.
o Set time aside for real-estate activity – Activities include property showings, meetings with your realtor, mortgage broker, lawyer, property inspector & insurer. What days and times are you available throughout the week? Also let your realtor know how you’d like to be contacted – email, phone call or text.
o Possession date – Are you required to move out of your current home on a specific date? Are you starting a new job, and need to move from out of province? Legally, you can only move into your new home starting from the possession date – so be sure to know when you have to move in.
o Preferences and Requirements- What are your ‘must-haves’, and what are your preferences? Think about location, size, number of beds, washrooms & amenities. Some questions to ask yourself - are you working from home? Can your family members share a room? How far away do you want to live from work?
o Parking & Locker– In condos, some places include parking, while others do not. Do you prefer indoor or outdoor parking? If you need a locker, look at the size of the locker and assess whether it is enough to suit your needs.
o Amenities – Do you want the convenience of walking to your own gym or swimming pool? Have access to a party room to host events? Or do you want your own private ensuite laundry?
Once you're finished thinking through these questions & have your answers written down, then finding the right property will be much easier. This also shows your realtor that you’re well prepared & committed to finding your first-time home.
If you want to know more on how to get yourself started in finding your first home, feel free to reach out to me at vince@vinceleerealty.com to discuss further.