It’s happened: your life has changed, and a big move is on the horizon. The year you become ready to buy a new home in Toronto will no doubt be memorable. Every buyer wants to achieve the best possible outcome—a smooth purchase and the home of your dreams.
All of it begins with a promise to yourself; this year, you’ll take a few simple steps toward this goal.
Here are a few ideas to consider, whether you’re planning to buy your first home, downsize, or upgrade to a larger space.
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Reach Out to a Real Estate Agent
You don’t have to wait until you’re ready to place an offer to connect with a West Toronto real estate agent. The Sidorova Inwood Team has plenty of advice and tips to give! We’d love to help you even from the first steps of your journey.
We don’t tell you what you need. We listen to you, then we’ll work with you collaboratively to create your successful home buying plan. Many of our clients have already found and secured their dream house, while enjoying a seamless process and outstanding support.
Finding the right Realtor® early on makes every step easier and more streamlined. Our team comes with a network of vetted and reputable professionals to help with every stage of your move. If you need a lawyer, a mortgage broker, a moving service, or a skilled contractor, we’ve got you covered – every time.
Keep an Eye Out for Listings
Finding the perfect fit means having premium access to listings as soon as they become available. Not every home reaches the MLS®. Luckily, our team has the connections and the resources to open more doors to you. We are not passive about our search. If we need to dig deeper, we’ll scour the neighbourhood and even knock on doors until we find options we know you’ll love.
Once you have some worthy contenders, it’s time to look deeper to ensure your home really is the right match for your needs. Our team is committed to helping with this, too, by analyzing the market data to determine the most realistic price and arranging for home inspections. Our goal is to get you turning the keys into a place you love, and our trained negotiators will make sure you don’t pay a dime more than necessary.
Do you want to know even more about how we help West End Toronto buyers? You can learn all about our high-level service right here.
Understand Your West Toronto Neighbourhoods
You’re not just buying a roof over your head when it comes to West Toronto Real Estate. You’re about to become part of a well-loved community. No matter what your background or lifestyle preferences, there’s a beautiful West End neighbourhood where you will feel right at home.
This is why you need a team like ours, who lives and dreams about real estate all day long. We know these communities inside and out. With our help, you won’t just find a great community; you’ll find a place that feels like it was made just for you.
Which West End Toronto neighbourhood is right for you? The posts below could help you choose the best of the best:
- Best Toronto Neighbourhoods for Active Retirees
- Best Toronto Neighbourhoods for Foodies
- Best Neighbourhoods In Toronto For Young Families
Map Out a Plan
Now that you know the value of working with a full-service real estate team, you can begin mapping out a winning plan to find your home. Toronto’s market may have its challenges, but being prepared ahead of time will give you a competitive edge.
If it’s your goal to reach this milestone within the next year or two, here are even more practical tips to get you on your way.
Start Saving Now
First and foremost, you’ll need to set aside the funds for your down payment. The amount you’ll owe will depend on the cost of the home you’re buying.
In Canada, if your property is less than $500,000, your minimum down payment will be 5% of your purchase price. If it’s between $500,000 and $1.5 million, it’ll be 5% of the first $500,000 and 10% on any amount above that. The minimum for a home over $1.5 million is 20%.
Saving for your down payment is typically the biggest obstacle between you and your new home. However, government programs like the Home Buyer’s Plan and the First Home Savings Account can help. In addition, small steps add up substantially over time, especially the ones below:
- Pay down your debts: It’s hard to make strides when you’re in debt. Start by paying down the ones that have the highest interest rate, since they’ll take the biggest bite out of your potential savings.
- Cut down your costs: From ordering takeout less often to parking one of the family cars for a while to save on insurance costs, determine where you can trim down your spending.
- Set up automatic savings: Consider setting up a dedicated bank account and having a certain amount automatically deposited into it from each paycheque.
- Try to grow your income: Are you in a good position to ask for a raise or do some freelance work? Selling valuable items you could live without (like that second car mentioned earlier) can also bring in some cash.
If you’re a first-time buyer ready to take the plunge, you may also enjoy A Guide To Buying Your First Home In Toronto.
Talk to Your Financial Advisor
A piece of property may be the biggest investment you ever make, so seeking out financial expertise just makes sense. Your lender will tell you how much you’ll likely be approved for, but that’s not the same as knowing how much you can afford if you have other financial goals in mind. For example:
- When do you hope to retire?
- Do you want to help put your kids through university?
- What would happen if you found yourself unemployed in the near future—and your home’s value suddenly dropped?
It’s all about knowing which steps to take so you can achieve positive outcomes and creating contingency plans for the unexpected. The property you buy will have an impact on it all, which is why talking to a professional who can help you think ahead and run the numbers is so helpful.
Get a Mortgage Pre-Approval
While many buyers forgo it, mortgage pre-approval is very important. For one thing, it matters to sellers. They want to know you can afford their home, that you have your ducks in a row, and that you’re serious about buying. Having a lender comb through your finances to tell you how much you’ll likely be approved for shows sellers you’re prepared.
Mortgage pre-approval can also help you determine how much home you can afford and start planning for future payments. That said, this amount should be used as a starting point. You know your ongoing financial situation better than anyone, and you should take stock of all the factors involved when you’re budgeting.
As a concrete first step towards buying a home, why not resolve to obtain mortgage pre-approval? If you need help finding a lender you can trust, ask a trusted local real estate professional.
Ready to start looking for your next home? Our listings represent some of the best in West Toronto. You can see what’s currently on the market right here!
Create a Property Search
If you’re starting your search for a home this year, you probably have a pretty good idea of what you’re looking for. But most buyers find that when it comes time to narrow down their criteria, there’s a lot more to consider than they thought.
Before you start searching, think beyond your budget, the number of bedrooms you’re looking for, and your ideal neighbourhood. You’ll want to take it a step further by considering the features you consider must-haves versus those that are nice-to-haves.
You may also want to extend your search beyond your dream community. Doing so will allow you to expand your pool of potential properties—and find fantastic homes that fall within your budget.
If you’re ready to start your buying journey, get in touch with our West Toronto real estate agents today at 416-769-3437 or info@sidorovainwood.com.
