Buying a home is a crucial moment in the life of every person and every family. Most of the time, this happens once in a lifetime, and it determines the entire future path of the respective person, which is why it is a very emotionally loaded event. Choosing a new home and having to move are memorable and worthwhile events, but the financial implications should not be left aside.
In all the hype and excitement of the moment, you may not be taking everything into account and could risk making some financial mistakes. That’s why you need to consider certain things so you can take full advantage of your potential dream house and all the best deals it has to offer on the market.
First of all, you should constantly check the active listings available in Toronto or other cities that are of interest to you so that you are aware of the market price. Here are some simple steps you need to follow in order to get the house you want at an affordable price!
Most of the time, your biggest enemy is time, but if you know how to manage it, it can become your best ally. If you rush when deciding on a house, you risk missing out on the best deal you could get from the market. That’s why it is recommended that when you start house hunting, you take your time and don’t jump into making decisions.
Housing prices constantly fluctuate, and it’s good to track them closely for a longer period to get the best price. Unless you’re in a strained or compacted time frame, it’s best to always be on the lookout for new listings and only make a decision when you’re 100% that that is the perfect home for you.
Make Up Your Mind
The most important thing when looking for a house is to know what you want. This will save you time, and you will know precisely what you are seeking. Establish a goal beforehand, then do your best to reach it.
You first need to understand what is available in the market to do this. Look at real estate listings, and write down what you like and don’t like about a house, so you know exactly what the features of your ideal home are.
Once you know the details you like about a house; another very important aspect is the neighborhood you want to move to. Check out the neighborhood and see if its amenities meet your needs. Look for more information about schools and parks in the area if you’re going to start a family or pet-friendly places if you have pets and intend to take your pets around the community.
Also, see how close it is to your workplace and how easy it is to commute. Don’t forget that the time you add to commuting will add to the cost of the house, as the cost of transporting from and to your points of interest will leave less room for budgeting.
Decide On a Budget
Obviously, when it comes down to buying a house, the most significant emphasis falls on the financial aspect. That’s why knowing how much money you’re counting on is extremely important before you start negotiations. The sum needs to be calculated very carefully, and you should not forget to include the different types of taxes in your budget so that you don’t come out on the minus side at the end.
Plus, once you know how much money you have, you know what houses to look at. This way, you won’t end up falling in love with a place you can’t afford.
Find a Good Realtor
Most of the time, by working with a good real estate agent, you will get the best deals on the market. The estate agent will know exactly what you are looking for and the amount you are willing to spend and will only show you houses that fit within these parameters. Their services will save you a lot of hassle and work from running around trying to find something you might not be able to obtain.
More importantly, realtors often hear or know about deals that may not have reached the market yet. It’s possible that some of these deals that aren’t on the listings yet to be the perfect home for you. Contact a real estate agent to find the best deals.
If you want to secure the best deal on your house, you need to be a good negotiator. You have nothing to lose by negotiating, quite the contrary. You stand to gain if you are confident; you have the chance to get the house you want at a considerably lower price than the one it was listed at.
Don’t hesitate to offer a counteroffer because there is always a chance that you will be able to lower part of the initial asking price. To be able to get the best offer, you need to know the local real estate market and how much houses are selling for. That way, you’ll make an informed counteroffer and have a better chance of winning. A real estate agent may also help with this.