After spending hours viewing houses and searching online, you found the most perfect home in Brampton for you. Only to get outbidded a few days later. We have a seller’s market across Canada, which means there will be many bidding wars. All buyers are just as motivated as you are. At the same time, you don’t want to rush into buying the first house in Brampton you like. Always ask yourself “What if the house doesn’t appreciate in value after a few years?” Buy the house in a neighbourhood that’ll yield good returns in the next 3-4 years. Look at the schools, amenities at walking distance, public transit options, and distance from major highways and offices.
Here are 6 tips to help you buy the perfect home in Brampton without overpaying:
1. Prepare yourself financially
Start house shopping only when you’re 100% percent sure you have the down payment and closing costs ready. Ask yourself questions like “What is my income to debt ratio?” “What is my monthly house budget?”
Even if you have the down payment ready for a $1 million house in Brampton, you might not have the capacity to make huge monthly payments. Many factors play a role including student debt, kids’ education, and elderly care for parents. Your total household debt shouldn’t exceed more than 36% of your income.
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2. Shop around for mortgage
Finding the right mortgage plan will save you thousands of dollars in the long run. Get quotes from multiple lenders at the same time using an experienced mortgage agent in Brampton. Take your time and research about the different mortgage options, variable vs fixed, and term period.
3. Always get pre-approved for mortgage first
Pre-approved mortgage has become a must-have before entering the housing market. It’ll also give you a clear idea about how much you can afford. My biggest tip as a woman realtor in Brampton is look at homes that are $100,000 to $200,000 lower than your pre-approved amount. You’ll likely need to overbid and having that extra wiggle room makes all the difference.
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4. Make a detailed checklist of house must-haves
Think with your head and not your heart when you’re out house shopping. Even better would be to make a list of must-haves and want-haves. The things under your must-haves are non-negotiable. If you find a gorgeous house in Brampton that’s perfect but missing an open kitchen that you want, skip it. The better you know what you want, the simpler the process would be.
5. Work with an experienced realtor
As a realtor I’ve come across many clients who’ve had bad experiences working with agents. Every person’s build differently and I am not saying that those agents are bad at their job. It’s more about whether they listen to your requirements, pressure you into buying a house to meet their goals, or force you to outbid. Meet with the agent and see if you can build a rapport. You’d be spending several hours together during the whole buying process, so good rapport is essential.
Hi! I am Catherine Nacar, Brampton’s best reviewed real estate agent and I am here to answer any questions you have.