If you are considering investing in real estate, talk to a home buying lawyer in Toronto first. Don’t let this exciting time become overwhelming. Instead, keep these tips in mind.
Be Clear about What You Want
While house hunting can be a great opportunity to get ideas and potential options on other homes in various neighbourhoods, it can also be easy to go overboard. To avoid extending your budget or spending extra time searching, be clear in your mind of what you are looking for. This is vital before any Real Estate Agreement is signed.
Get Prior Approval for a Mortgage
If a mortgage loan is required, research the process or getting a mortgage pre-approval before placing an offer on a home. While you can still put in an offer with a condition for financing, sellers will take your offer more seriously if they know you already have pre-approval for a mortgage. Depending on the lender, a mortgage pre-approval can be good for up to 120 days, which means you can lock in at a lower interest rate now before you officially buy a property.
Look for a Property That Suits Your Budget
Before searching for your dream home, evaluate your finances. Deciding on a fixed budget with a low ceiling will help prevent your emotions from getting the best of you when house hunting. It’s all too easy to start upping the budget once you get a taste of what’s out there. In order to get any form of house financing, you’ll need proof of a stable income as well as a down payment. Buying a house is the largest investment you can make. It is important to stick to your budget.
Get a Home Inspection Before Purchasing
The house buying process can be an exciting time for every home buyer, especially first-time house hunters. In the excitement, the importance of having an inspection performed by a certified home inspector can be overlooked. A thorough inspection can uncover potential and existing damage hidden deep within the walls, floors, roof, and foundation.
Hire a Real Estate Agent to Simplify the Search Process
The housing market is a competitive field. Hiring a professional real estate agent to help navigate through the massive selection of available homes can be beneficial. The realtor has a vested interest in finding the right home to fit the needs and desires of you and your family. They have experience in the buying process, which in the long run, can save you time and money.
Leverage Incentives for First-Time Homebuyers
Be aware of any and all government and organizational first-time homebuyers’ incentives. With the rising costs of home ownership, there are programs that offer loans and grants to help with the purchase. Other incentives can include reduced provincial rates on land tax and rebates.
Hire a Real Estate Lawyer for All Legal Work
Have the legal experts at Zinati Kay – Real Estate Lawyers help you get all the paperwork in order for your dream home! As a leading real estate lawyer in Toronto, we have been working with people with the buying and selling process for 25 years. Contact us to inquire about our services and to get a quote from a top-notch real estate lawyer in Toronto.