Steps to buy a house in Toronto
Buying a house is perhaps one of the most difficult decisions you make in life. Not only because of the huge amount money you are investing, but also because you and family are going to spend the best time of life in that lovely place. The process is also not very easy. You have to […]
Buying a house is perhaps one of the most difficult decisions you make in life. Not only because of the huge amount money you are investing, but also because you and family are going to spend the best time of life in that lovely place. The process is also not very easy. You have to go through a rigorous procedure to own a house. The scope of the article is not to make you specialized person, rather to make you knowledgeable enough to start the job.
Are you ready to buy a house?
You certainly have some savings to invest. You can roughly estimate the amount you need to borrow and what amount you have to pay monthly. Then you can decide if your financial health is good enough to afford a house.
Measure your financial strength from a specialist
If you think, you are ready. Now this is the time to verify how much amount loan you are entitled to get. Get a pre-approval. Pre-approval is usually valid for 90 days.
Find an agent
Finding a right agent is the most crucial decision you have to make. Pick an agent who has enough experience and, and above all, who you can trust. An experienced agent will guide you through the whole process.
Looking for House
It’s good to list out what are things you must want in house. Look online resources to find the house/condo that meets need and falls within budget. Make a list. Research on the neighborhood. Pick the best among list. Making a decision for a house is perhaps very difficult to make. Remember nobody ever gets perfect house. Try to pick the best one.
Formal offer for the property
Offering for a property is a delicate, leaves a little room for the mistake. This is a legally binding documents which includes price, specifications and other details. You might land in bidding war, an experienced realtor would guide you through this process.
Finalize the offer
Once your offer is accepted, you will be able to submit the security deposit. At this stage , your lender would perform appraisal and verify the financial information. A home inspection has to be done as well to close the deal.
Close the deal
This is the final step when legal and financial obligations are met. Usually attorney and lender are involved in the process. Now you are proud home owner! Chill!