Greater Toronto Area Blog

The Annex neighbourhood in Toronto, Ontario




Like most achievements in life, acquiring a house makes its owner happy and self-fulfilled. While this could be an easy and stress-free process, rushing to buy a property without thorough research, especially in Toronto, can be a nightmare. However, to free yourself from the stress associated with buying a house in Toronto, this research is just for you.

  1. Create Provision For Down Payment

Buying a home in Toronto or any city or province in Canada means you must have saved up a down payment for the said house. You should note that having just this down payment is not enough. Ensuring that debts are paid off in entirety before saving up for the down payment is also very important. Remember you must be clean and debt-free sandwiched with a 3-6 months’ worth of savings to cover certain emergency expenses

  1. Get Pre-Approved For A Mortgage

Getting pre-approved for a mortgage shows how determined a buyer is about acquiring a house. When it comes to getting pre-approved, endeavor to discuss with moneylender regarding your financial status. With that handled, they will, in turn, submit loan for preliminary underwriting. Having Pre-approval in Toronto isn’t a guarantee of getting a mortgage. Therefore, if credit drops, you risk not being eligible to get a mortgage.

  1. Get yourself a Real Estate Agent

When it comes to buying a home in Toronto, having someone who understands the real estate market and knows the ins and outs of the city is concerned is key. Hiring the services of a real estate agent is a huge plus when it comes to buying a house in Toronto. These agents will help keep you up to date with recent real estate trends, properties and home for sale. They would also come in handy when it comes to striking the best deals for houses.

  1. Go House Hunting

When it comes to house hunting, be sure to begin your search on some of the most prominent real estate websites for your ideal home. Also, you could also enquire form other homeowners in the neighborhood or better still work with an agent you trust.

  1. Table an Offer

Exciting Part, now that we have the perfect home, lets submit an offer and of course sign an agreement with the seller(s). This offer must and should be robust and backed by a mortgage preapproval sandwiched with a flexible timescale just so the deal plays in your favor. Your real estate agent will now come in handy to support you though this process as well as providing much needed advise.

  1. Home Inspection

Hurray the offer for the home is Good , lets gets cracking on the inspection of property.  The kitchen, bathroom, living room, garage, septic tanks just to be sure.

  1. Close the deal with a Real Estate Lawyer in Toronto

Are we satisfied ? then bring your lawyer on board to close the deal and have all documents Signed. Once you arrive this stage, you are minutes away of calling your dream house your home.

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