Shelling out hundreds of thousands of dollars can be scary, stressful and super exciting all at the same time! Buying real estate is investing in your financial future so we’ve broken down the top 5 things you need to know before getting started!
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Location! Location! Location!
The three most important words you will need to remember when buying real estate. Your location will dictate everything about your purchase.
Let’s take Leslieville for example. You want to be here for the restaurant scene, proximity to the core and easy transit access BUT your budget is only $950,000. You can either buy a 2 bedroom semi-detached, a stacked townhouse or a condo and still be walk-able to all of your favourite amenities!
What Can You Afford?
Buying real estate without knowing what you can afford is like buying a car without a license. What’s the point?
Getting set up with a mortgage broker, either an independent or with a bank, will help you identify WHAT you can get in your dream location! Whether you’re looking at a traditional mortgage or a private lending option, you need to have your finances in order before you get started!
Think Of Your Future!
What are you doing 5 years from now? Getting married? Do you see a mini-you running around? A career change? You always want to think of your future when buying real estate.
The average person moves every 3-5 years and it’s usually due to a lifestyle change. While you may be trying to figure out today, keep tomorrow in the back of your mind!
Look Beyond Decor!
Grandma Ethel’s 1984 floral wallpaper and shag carpeting can all be replaced. The 10/10 location and solid foundation is what you’re buying! The best part of buying your new home is throwing in some sweat equity to make it your own!
Your realtor should have your best interest at heart and that might mean NOT using family, a friend or your neighbours – sisters – dog walkers – cousin. A local Realtor will not only guide you in the right direction but will also make sure you are buying a solid investment that will pay off in the long run.