Five Tips for House Hunting in Toronto

July 20, 2013

Five Tips for House Hunting in Toronto

So you think you’re thinking about buying a home – that’s great. Buying property is a huge investment with many aspects to it. From fun perks to money matters, there are a number of things to keep in mind when house hunting. Here are some tips to get you started.

1. Do drive-throughs

If you’re ready to buy a home, you probably already have an idea of what neighbourhoods you’d like to live in. Take a drive, bike ride or walk through the areas and take note of the homes up for sale. You may want to strike up casual conversations with current residents for insider information about what the areas are really like. Also, scope out the neighbourhoods at different times of the day – you’d be surprised at how much things can change.

2. Set priorities

Create of list of the deal-breakers and wish list items associated with what you want (or don’t want) in a home. How many bedrooms do you need? Do you care whether or not the basement is finished? Having a list will help you think rationally as you hunt for your new home.

3. Speak to a financial advisor

Buying a house can feel overwhelming, especially if it’s your first time. You may think you have enough for the initial down payment, but have you considered all of the additional costs that come with home ownership? What if interest rates increase? When is the last time you checked your credit score? Speaking to someone who knows the ins and outs of the business can save you a lot of time, money, and stress.

4. Be nice to your real estate agent

Real estate agents know what the real deal is – it’s their job. So it doesn’t hurt to have your real estate agent on your team 100%. If you want them to go out of their way to find you your dream home, go out of your way to make sure they like you – be considerate, be kind, and communicate openly.

5. Think ahead

You may be 25 and single now, so the tiny condo for an exorbitant price downtown may do just fine. But do you plan on living with anyone else? What about children or pets? Investing in a home isn’t just about finding a place to live, it’s also about planning for your future. Think about the goals you have and keep them in mind when exploring home ownership possibilities.

The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This newsletter was written, designed, and produced by Lionel Khoury, for the benefit of Lionel Khoury, Investment Funds Advisor with Investia ECGI., a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this newsletter comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities. Mutual Funds are offered through Investia Financial Services Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the Fund Fact sheet or prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.