If you’re wondering where to start when planning to buy a home in the GTA, there are three main steps you should take to set yourself up for success. We’ve laid out the important factors you need to keep in mind while planning your home purchase. Keep reading to learn how to prepare. 

1. Getting ready to buy your home

The first thing to do when planning to buy a home (whether you’ve done this before or not) is brainstorm. Write out everything on your wish-list so that when you’re ready to view properties, you know exactly what you’re looking for. Consider the following:

• Your ideal location. Are you dead-set on a specific area or are you flexible?
• Your preferred type of home. Real estate in the GTA is incredibly varied, so you have a number of options to choose from. Consider whether you want to buy a detached, semi-detached, duplex, high-rise, townhouse, new home, or resale property.
• Your budget. This will be an important factor in determining what type of home you’re able to purchase, and where. 
• Market conditions. Is it a buyer’s, sellers, or balanced market? Your real estate agent can help you determine current conditions and plan accordingly.

Once you have a foundation for what you’re looking for, your buying journey will feel like a breeze. The more detailed your preparation is, the easier it will be for your agent to help you find exactly what you want.

Find out how our full-service buying approach helps you get ahead of the competition.

2. Preparing your finances

Besides the mortgage and down payment, there are other costs to keep in mind. It’s a good idea to work out exactly what you want and what you can afford before you begin your home search. 

Remember to be specific! 

After all, you don’t want to suddenly come to the realization that your dream house has come with a nightmare of bills and expenses. Determining exactly what you can afford can be accomplished by meeting with your bank or a mortgage broker and negotiating a pre-approved mortgage. 

There are many types of mortgages and many different terms. One of the benefits of working with a real estate agent is access to their network—they’ll connect you to reliable, trustworthy mortgage professionals to help you get the right terms for your needs. 

Remember to research all your options! 

This ensures that there are no surprises once you’re ready to make an offer. Once you’ve figured out your monthly expenses and what you can afford, you can start your search. Patience, flexibility, and an open mind will help you find the right home for your family and lifestyle. Having your foundation set means smooth sailing once you start house hunting. 

Learn how our personalized buying plans empower your transaction.

3. Professionals you need to work with

We always recommend partnering with a licensed real estate professional when buying a home in the GTA, but there are more industry pros that you’ll probably need to work with during your time in-market. It’s important to be as diligent with your search for these professionals as you are with your buying agent search. 

• Contractors

If you want to make some changes to your new home to make it your own, you’ll want to hire a credible contractor. Be sure to ask for sample work, get estimates, and ensure your contract is as detailed as possible (project tasks and timelines, specific costs, etc). Ask for referrals from your network to be connected with professionals you know have completed satisfactory work.

• Lenders

Technically, a lender is anyone who will give you money to pay for your new home. There are private lenders and institutional lenders, like banks and credit unions. Even your brother-in-law can be your lender. But, you want to choose a lender with the market expertise to provide the best possible rates and terms for your mortgage. 

• Mortgage Brokers

This is a person who will do the leg work in finding the lender which offers the mortgage terms and conditions that are right for your individual circumstances. Much like an insurance broker, mortgage brokers work for you and can offer you an unbiased referral. A good mortgage broker will be connected to all major lenders through the mortgage market.

• Lawyers/Notaries

A lawyer is there to process the required documentation, and represent your best interests. 

• Home Inspectors

Inspecting your new home before you take possession is a highly important step. Having the property analyzed by a qualified home inspector will give you the added confidence that you’ve made the right decision. Be sure to verify the qualifications of the inspector because there are no government standards or licenses for home inspectors. Verify the inspector is a member of Provincial Association of Certified Home Inspectors (PACHI) or Ontario Association of Home Inspectors (OAHI). This is your assurance that they have met their education requirements, have the experience and carry E&O Insurance.

• Insurance Brokers

Home insurance is important. You need it to make sure your property and valuables are protected. A broker offers independent advice and can save you time and money. 

• Sales Representatives

As we mentioned, working with an experienced licensed real estate agent is key to having a positive experience, and keeping your interests protected. Not all agents are created equal, so it’s important to research and interview the people you want to work with. Get referrals, ask about their transaction history, and choose someone you get along with—after all, you’re going to be partners on this journey, and it could take some time! 

A good agent will make you feel confident, always look out for your best interests, and have relevant expertise. They’ll help you:

• Fine-tune your wish-list list.
• Access exclusive market information.
• Screen potential homes.
• Arrange appointments.
• Become educated about your preferred neighbourhoods.
• Connect with trusted industry contacts.

Get to know Team Rajpal and our extended network here.

If you’re buying your first or fifth home in the GTA, you need to take a systematic approach so you end up successful. By writing out your wish-list, preparing your finances in advance, and working with the right professionals, you’ll have a straightforward and simplified experience. Partnering with a licensed, experienced real estate agent is always beneficial. Your agent is your resource, so why not take advantage of an industry expert when making one of life’s largest investments?

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