Patricia: 416-879-2094
patriciakatzrealestate@gmail.com
PatriciaKatzToronto RealEstate Facebook
1. Do your homework-some questions to answer:
- find out about how much house/condo you can afford?
- what neighbourhood is right for you?
- what do you need in a home; eg. bedrooms, baths, parking, space to rent out?
- can you do some fix-ups or do you only want a house/condo in move-in condition?
- check out the internet to find out about house prices, neighbourhoods, amenities etc.
2. Contact an agent after determing neighbourhoods, affordability, needs etc:
- your full-time professional real estate agent will provide a contract outlining responsibilities of buyer and agent
- make sure you understand the contract and what you are signing
- ask questions and seek independent legal advice if you wish a 2nd opinion
3. Ask your agent:
- age and condition of the property's systems, such as plumbing and electrical
- if permits were pulled for any renovations
- to provide 3 names of professional house inspectors
- to find out recent sales of similar properties in the same neighbourhood
- to provide the names of 3 real estate lawyers if you don't have one
4. Budget for the following:
- legal fees
- Land Transfer Tax(es); Ontario Land Transfer Tax & for a Toronto purchase, Toronto Land Transfer Tax
- mortgage Insurance if necessary
- utility hook-ups
- home inspection
- home appraisal
- survey for freehold property if necessary
- status certificate for condo
- title insurance
- moving costs
- some house/condo re-decorating, repairs
5. The offer to buy:
- make as detailed as possible
- outline what will be included, light fixtures, appliances, survey, keys etc
- conditions re professional house inspection, mortgage financing, sale of your existing home, and or other factors which are important
- if you are involved in a bidding war: enter with a strategy; keep in mind what you want in a home, what is the maximum you are willing to spend and what conditions must be met. Once your rules are set, stick to them. It can be tempting to waive your conditions (such as home inspection and or mortgage financing) but think carefully before doing this!
6. Expect the Unexpected:
- does your closing date on your new home/condo align with when you need to move out of your existing home
- have a contingency plan in case the dates don't match up
- if the Seller of your new home doesn't or can't move out on the date set for your move-in
A registered real estate professional can help you navigate the many steps and decisions involved in the home buying process.!
Patricia Katz, Broker: 416-879-3094
Sutton Group-Associates Realty Inc., Brokerage
