Title: easy. Before making the big move,

Title: Homebuyer’s Guide To Purchasing A Home In
Ontario, Canada


The whole buying
a house thing can sometimes be a little overwhelming at times. And honestly, it
should be, considering it is one the biggest purchases and investments for a majority
of us. All those hours one spends working and saving every single penny for
your dream house are all realised when you find that one particular house that
matches your vision of an ideal house. But it’s not all that easy. Before
making the big move, there are hundreds of factors that need to be taken to
consideration in order to maintain financial stability and a solid ground even
after the big purchase. Also, understanding the whole buying process in your
region, in this case, Ontario, managing finances and mortgages and whatnot,
there’s a whole list of things one needs to keep in mind before making the
final decision.

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And because we
are only human, we tend to miss out on things sometimes. So here’s a quick
guide for every home buyer who is planning to buy dream-house in Ontario,


Create a budget


Before getting
on with the buying process, a person needs to have a budget planned out. It
should ideally include all the upfront costs like the amount to be paid as the downpayment,
closing costs and ongoing costs that will follow. For instance mortgage payments, insurance, property taxes
bills and routine repairs and maintenance. One often tends to ignore the latter
but that is the part that takes up most of your income during the initial time
following the purchase. Creating a detailed budget plan will help you narrow
down an exact price that you can you comfortably afford and manage.  


Get-approved before starting the house
hunting process


Real-estate market has evolved a lot during
the last few years. So much so that there are all these unwritten rules that
needs to be followed to get real estate agents to attend to you properly. And
most of them wouldn’t do that in the present day scenario if you are not
pre-approved for mortgage.  Now, some of you might not be
familiar with it. A preapproval in general terms is a written commitment from a
lender confirming that they are willing to lend the buyer the maximum credit
amount at certain of interest rate. The approval is completely dependent on
your credit, income and the down payment.

Also, if you
cannot manage the traditional 20% down payment for the mortgage, you always
have other options but for that through research needs to be done.


a realtor


having an agent is not compulsory. It does makes things better because there are many factors
and things first-time buyers tend to miss out on. Thus, having somebody around,
who has a deep knowledge of the market makes things easier. A good realtor can
make this complicated experience a breeze while acting as your very own
advisor, consultant and negotiator, all at the same time.


Now for the ones who decide to go down the
other road and do all the legwork themselves, narrow down all your requirements.
The location, size of the house, any special features you need and your future
plans, everything should be taken into consideration before beginning the house
hunting process. Also, one needs to remember that even though you are pre-approved
for mortgage, just like you, the lender is also under no obligation to go through
with the pre-approval if your financial situation changes before the purchase. Hence
it will be obsolete.


Make an offer


After narrowing down on your dream house,
make an offer of purchase to the seller i.e an agreement of purchase and sale.
Being a legal contract, this document is prepared by a real estate agent or a
lawyer and should have all your details. It also carries all the address of the
house in question, the amount you are offering to pay for it, any added
information or clause from your end and the final date, when you’ll take the
possession of the house. This agreement is finalised only when all the
conditions mentioned in the contract are fulfilled.


Get the house inspected


Although, it’s completely up to
the buyer but hiring an inspector might save you from a real disaster, especially,
when it comes to resale homes. In majority of cases, there are many tit-bits
that tend to get ignored by the first time buyers but an inspector will give an
honest account of all the problems and condition of your not-so-dreamy house.
Also make sure to add this clause in your offer, because the inspection might
change your mind about buying the house and if the clause is mentioned in your
agreement, it will allow you to negotiate the pries and repairs with the seller
or just withdraw our offer altogether. 


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