If you’ve been following Toronto real estate news over the past few months, you’ve probably heard a lot about the hot selling market we’re experiencing.
Following the mass work-from-home movement of this year, the real estate market has seen an explosive rise in activity. As many homeowners have recently listed their downtown properties in search of life outside the downtown core, a highly-competitive buying market has evolved for their homes.
With this sudden flood of desirable Toronto properties up for sale, it’s more crucial than ever to make sure you approach the buying market with caution.
To learn how to safely buy a home in Toronto in this red-hot selling market, read our four top tips below.
Getting Financial Approval
The first step toward buying a home is determining how you plan on financing your purchase. You can start by getting pre-approved for a mortgage.
As a buyer, there are many different sources for learning about and obtaining a mortgage, including:
- banks
- caisses populaires
- mortgage companies
- insurance companies
- trust companies
- loan companies
- credit unions
Looking for some personalized advice? A personal financial advisor will be able to assess your credit and eligibility for a loan.
Checking Out Listings
We always recommend you begin searching for listings through a reputable real estate-specific listings page, such as that of a professional real estate website (like our own). We’re also there to ensure that you see properties that match your criteria as soon as they hit the market.
If you’re feeling nervous about the condition of properties on the market, rest assured that sellers are obligated to disclose any existing issues that they’re aware of with their home.
Why it Pays to Use an Agent
Enlisting a qualified local real estate agent to help you buy a property is a smart move. This simple step could end up saving you a significant amount of time, stress, and money down the line.
With their industry experience and expertise, an agent will be able to help you expedite the process of buying a home. Along with many other services, a real estate professional should be able to help you:
- Perform an accurate Comparative Market Analysis
- Negotiate the best price for a home
- Clarify any pre-existing renovation codes
- Analyze lawyer fees, land transfer taxes, closing costs, moving expenses, and other hidden costs
- Provide you with seasoned buying advice to avoid making a poor long-term investment
Getting a Home Inspection
Receiving a professionally-verified inspection for the home you want to buy could help you make a safer purchase.
It’s vital that you have a clear and definitive idea of the condition of the home you’re buying before negotiations. Any major faults with a home could require an overwhelming amount of time, effort, and money to fix.
When getting a professional home inspection, it’s crucial to have a full report detailing the condition of things like your home’s foundation, ventilation, plumbing, and electrical work, heating and cooling systems, roofing, and overall structural integrity.
Are you ready to start looking for your next home? At Sidorova Inwood, our professional real estate team has the knowledge and experience to help guide you through how to safely buy a home in Toronto. Contact us today to learn more.
