Planning to enter into real estate in Ontario by purchasing a home? Yes, this is a dream for everyone to eventually buy a home for their family. Before making a decision of buying a home, you must keep a few things in mind in order to get the maximum benefits of investing in real estate. Spare some timeto understand and getfamiliar with certain information that will prove beneficial at the end. Make the process of buying a house less stressful. Here are few important tips that may be helpful to you before you begin your search for a house in Ontario.
- Know about your builder: One must know the reputation and credibility of their builder. Look for the previous projects that your builder built and get feedbacksfrom some of their occupants.
- Be careful about the contract: It is very important to know about the details of the agreement of purchase and sale document. There are a lot of additional documents that accompanies the agreement of purchase and sale. Your realtor can assist you with this.
- Pre-approve mortgage: You must check your credit score before getting a mortgage for a property. With acceptable credit score, you will get a mortgage with reasonable interest rate. You must check the payment schedule for better financial planning.
- Think of hiring the services of a real estate advisor: Buying a property is a big decision. Thereforeit is advisable to search for a reputable realtor who can help you in the real estate market in the area you intend to buy a home. Ensure you get references about the real estate agent. Also, confirm the realtor’s licence is active and that he or she is registered. A registered/licenced realtor is governed by RECO.
- Know your affordability: You must be clear about your budget and affordability. Don’t go beyond that. Try negotiating the best price for your home.
- Look for the Amenities: Before finalizing the home, you must look for sufficient parking space, other amenities like a swimming pool, gym, parks, playground for kids, availability of medical facilities, grocery store, schools, bank, and other preferences you feel necessary.
- Inspect the house: Before finalizing the house, you must inspect the house preferably with the help of an experienced professional (home inspector) to ensure that there are no seepages; proper working of electrical, air conditioning system, etc.
- Understand Future growth of investment: You must choose a location inhopes of future growth of the property you are buying.
- The Legal status of the property: You must ensure that the property is not involved in any legal matter.
- Know the actual cost of the house: It is very important to be aware that the basic price of the home is not the only cost to be incurred. There are other expenses as well related to the purchase price of the house like registration fee, house insurance, inspection fee, commission of the realtor, etc. This knowledge will help you arrive at the actual cost and helps in planning your budget for the purchase.
Take some time to educate yourself about the points listed above. As the decision to invest in buying a house is important, ensure that you end up in a house that you want.