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Ultimate Checklist For House Hunting In GTA

By Condos HQ - Jul 27,2022

Congratulations on making the decision to start looking for a home! You can now start your search, but where should you start? The procedure might be thrilling for some people but intimidating for others. Making a house searching checklist might be the best resources you have to help calm any fears and increase excitement. There are several things to consider if you’re considering searching for a new home to buy. You’ll be asking yourself the questions from this blog, covering all the essential elements to a successful home purchase.

 

• What kind of home do I want?

1. 1. 1. Choosing a neighbourhood and location wisely.
      2. Considering features that are important (size, layout, no. of bedrooms, extra space, parking, etc.)
         

• Have I calculated my expenses and defined my budget?

1. 1. 1. Evaluating down payment and closing costs.
      2. Calculating how much mortgage you can afford.
         

• Do I have a legal advisor?

1. 1. Finding a realtor to house hunt. 
   2. Hiring a lawyer for legal interests and contract reviews.

What kind of home do I want?

If you’re considering purchasing a home in GTA, you’ve probably already heard about the various types of housing that are available. We have semi detached homes, detached homes, apartments, and condos, to mention a few. 

1. Choosing a neighbourhood and location wisely.

Consider your needs when evaluating the places. Check to see whether the province offers any tax incentives or benefits to new residents. Of course, if it’s also convenient to grocery and convenience stores. You will have to compromise on this choice and renounce one or two requirements. You should be on the lookout for the following, among other things:

Amenities offered, Commute to a supermarket or convenience shop, Convenient public transportation, History of the area (criminal records); Districts with better schools (if needed); Rates for vehicle insurance.

1. Considering features that are important.

Stover asserts that even though a home may have tons of square feet less space than its neighbour’s property, a well-designed home will appear larger. Amazingly, having a kitchen and living room that are open to one another can make a room appear larger than it actually is. If you value an airy, light atmosphere in your house, keep an eye out for properties with logical layouts and open areas.

Have I calculated my expenses and defined my budget?

When creating a budget, you should consider how much you can spend as well as ways to raise your credit score. Above average Credit score ensures mortgage flexibility and gives you the freedom to even customise down payments.*

1. Evaluating down payment and closing costs.

Even the thought of making a down payment scares some people away from buying a home. What if we told you that you could now choose a payment plan with a down payment of less than 20%? You stand a decent chance of being eligible for that. At the very least, be sure to inquire!

Saving for a down payment and a mortgage can be a stressful time. Make sure you can afford the number of down payments before beginning the entire procedure and start saving accordingly. Moreover, offer more than just the deposit sum.

1. Calculating how much mortgage you can afford.

Request pre approval from your bank or a mortgage broker. You can look at houses without worrying about interest rate changes if you have a pre approval! When you are serious about making a down payment on a home, make sure you do this. For 90 to 120 days, an advance approval can lock in the interest rate. Await a decrease in interest rates!

Do I have a legal advisor?

It might be challenging to deal with all of this information while trying to make a living here. Typically, we seek out a “One Step Solution,” or an agent! It’s a significant choice, and getting professional assistance is far more trustworthy than doing it yourself. Who better to assist you than someone who truly comprehends your needs?

1. Finding a realtor to house hunt. 

Find an agent and discuss the paperwork and deals in the locations you are interested in. It’s usually preferable to have a professional assist you with the best discounts if you don’t have any experience with real estate. They will even assist you in locating better, possibly unknown spots. Additionally, don’t be afraid to inquire about home warranties.

1. Hiring a lawyer for legal interests and contract reviews.

To protect your legal rights and evaluate any contracts, hire a lawyer. Keep up with the papers and be aware of the procedure. A lawyer can ensure that your process is sped up and completed on time.

All of this enables you to take pleasure in the amazing experiences that come with living in a home that is perfectly suited to your needs. You can kickstart your research, find your GTA neighbourhood at Condos HQ!