First time buyers: What you need to know

Although the phrase “buyer beware” may be on your mind when buying your first piece of real estate, you can rest assured knowing your Toronto real estate agent is there to help make this transaction a stress-free success. Many first time home buyers buy real estate with their hearts and not their heads, which can lead to unwelcome surprises or overpaying, possibly making them house poor.

It is crucial to make a list of your must-haves and compile your priorities for your real estate purchase that you feel are most important. Is it location? Would you consider re-locating out of Toronto to the suburbs for bigger real estate? Or do you need to be in Toronto? Perhaps a specific neighbourhood in Toronto is what motivates you? What type of real estate do you prefer, a condo or house? Referring back to your list when you are looking for your first Toronto home will help narrow your real estate search criteria, saving you time and effort.

Working with a buyer agent will really help keep you on track to getting a Toronto real estate property you like, within your budget and must-have list. Your real estate agent will be able to use this information to help find you the right house at the right price. When you are looking at open houses, remember that your buyer agent works for you and a listing agent works for the seller. Be careful what information you divulge to the listing agent, as they could use this as leverage against you, should you decide to put in an offer. It is best to have your Toronto real estate agent bring your through the house; after all, they know exactly what you’re after.

Your Toronto real estate agent has a network of professionals they know and trust to help you get the home you’re looking for. Getting pre-approved for a mortgage through a broker will help keep you from over-spending. Having a home inspection done will outline all of the necessities that need to be worked on. This realistic information will help clarify if this can all be done within your budget, or give you negotiating leverage toward the real estate purchase.

If you are moving to a new Toronto neighbourhood, getting information from insurance agents and city planners will help prepare you for unwanted future surprises. Will the green space near your Toronto real estate be developed? Are there any condos going up in this neighbourhood? How will this affect the value of your new home? Some Toronto neighbourhoods may have differing regulations with regard to certain things such as; parking by-laws, converting your basement into a rental, building permits for additions etc.

Using your Toronto real estate agent’s list of experts will help make this transition into home ownership just as it was intended to be: satisfaction and pride of ownership.

Anil Khera

Your Toronto Real Estate Agent