Before jumping into your home search, you’ll want to make sure you’re as prepared as possible. Keep reading to learn 5 tips—from financial prep to negotiations—to help streamline your experience.
1. Connect With The Right Realtor
This might seem like it goes without saying, but it’s important to mention—because not just any realtor will do. Just like homes, not all realtors offer the same experience.
You’ll want to research a few agents to determine if it’s the right fit. Be sure to work with an agent who:
- Works in and is familiar with your area
- Has experience representing the types of homes you’re interested in
- Has connections to other reputable professionals (financial services, lawyers, contractors, etc.)
- Has positive reviews/referrals
- You feel comfortable and compatible with
After all, you are making one of the biggest purchases of your life. You don’t want to take a chance by working with the wrong person.
The right realtor will also be able to help you understand the current market, and ensure you avoid common obstacles so your search is positive, and your interests are protected.
2. Make Sure You’re Financially Prepared
Before you start looking at homes in West Toronto, make sure you have a mortgage pre-approval so you present as a serious buyer to sellers, and so you don’t waste time looking at homes outside your price point
There are a variety of property types available in Toronto’s west end, from bungalows to multi-storey estates, and you need to know exactly what your purchasing power is so you can plan a strategic home search.
Your agent should be able to refer you to vetted financial representatives who can help you obtain a pre-approval and estimate your total buying costs (including closing costs, etc.) and what your ongoing payment obligations will be.
3. Outline Your Wish-List
From lifestyle to functionality, you need to get specific about what you’re looking for in a new home in West Toronto. You should consider the type of real estate you’re interested in, and also the neighbourhood you want to call home.
- Are you looking for a property that’s close to transit or along your commute route?
- Do you need a home near good schools?
- Should your property have outdoor space?
- Do you prefer an open or closed layout?
- Should your home be designed for entertaining?
Think about your lifestyle, and what you want it to look like in the future. Consider what your ideal day-to-day consists of and make a list of your new-home must-haves, and must-have-nots—so you’re conscious about what to avoid as well.
From Humber Valley to High Park, West Toronto has some of the best neighbourhoods in the city, abundant parkland, exceptional restaurants, great schools, and excellent access to transit and major roadways.
Creating well-defined criteria will help ensure your home search is efficient and you don’t become burnt out along the way. It’ll also help your real estate agent quickly source the right homes among the abundance of listings on the market.
4. Make The Most Of Your Search
After you’ve secured your financing and you know exactly what you’re looking for in your new home and where in the west end you want to live, it’s time to start the search.
You’ll want to keep an open mind while you house hunt, so you have the greatest opportunity of finding a home, quickly.
Keep in mind superficialities like floors, fixtures, and even layout (to a certain extent) can be remodelled. While it’s important that your new home checks most of your boxes, keeping an open mind can help you get a great house at potentially better value.
Something you can’t remodel is the location. This is something you’ll want to extensively research with your realtor, so you know you’ll be happy in your community for as long as you plan to live there.
5. Maintain Your Credit & Minimize Spending
Before you’ve secured the home you want, you shouldn’t take on any new debt, open new credit accounts, or make significant purchases.
The mortgage pre-approval isn’t a guarantee for a loan, it simply shows that you’re qualified for the stated loan amount.
If you do anything to impact your finances or credit standing, like get a car loan or open a line of credit, you could jeopardize your pre-approval.
Buying a home is an exciting, and complex undertaking. Working with the right realtor, and getting your finances and criteria in order before you start your search will greatly increase your chances of finding your home sooner, and having a positive experience.
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