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First Time Home Buying Tips

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Buying a home for the first time can be a daunting and stressful business. Just saving for the down payment on a property in the Greater Toronto Area can be tough enough – for those just starting out, you might want to consult our article on budgeting over here //bit.ly/1wXnmYX to get an idea of how to budget when trying to save for the purchase of Toronto real estate. Once you have saved up enough cash for a down payment on your pad, there are a few things to consider before rushing out to visit open houses. Read on for a few tips that will help savvy first time-home buyers navigate the sometimes tricky waters of buying a house.

1. Know your neighbourhoods

As simple as that sounds, knowing your Ontario neighbourhoods involves more than just knowing what streets make up a community – it includes knowing the demographics, the transportation, the community services, the facilities and the available schooling. Whether you want a specific community for it’s proximity to your work or it’s abundance of nightlife will definitely determine the areas best suited for you and your family’s lifestyle. A couple of good sites delivering such information can be found here //bit.ly/1xuaM4Z and here //bit.ly/13OXiTP.

2. Know your budget

While we will all sometimes get carried away when house-hunting and wander into properties that are clearly out of our budget range, be prepared to know exactly how far out you can comfortably go before ending up house-poor. Set a realistic sliding scale of minimum and maximum price projections and then stick to it. And remember – always create your budget using your NET salary to have the clearest understanding of what you can afford.

3. Know what you want

We all want as much as we can get from a home, but realistically there will be certain elements that will make or break a sale. The best thing to do is to sit down and write out all of things you absolutely must have in a home and all of those elements you would like to have in a home. By knowing what you want and what you can live without, you will more easily be able to narrow down your choices when out hunting for homes.

4. Know that you are pre-approved

Once your budget is set, your down payment is saved, your list of must-have’s is created and you know your top-three neighbourhoods, it is now time to start searching for the right mortgage lender. Getting yourself pre-approved is necessary in a hot-market. Some sellers won’t even consider offers from a buyer who doesn’t already have the backing of a financial institution. Knowing that you are pre-approved for a mortgage will also give you confidence when you are house-hunting and will make securing that perfect property far easier when you do find it.

5. Know your realtor

Although finding a realtor might seem straight-forward, there are many elements that go into getting the right pairing for you. Firstly, you need to feel comfortable with your agent. Secondly, you need to be 100% sure that s/he is working for you and not for themselves. The best place to find agents is through family and friends, colleagues or other sources of referrals. A good agent will sit down and talk to you to find out what it is you’re looking for before anything else. Once they have a handle on what you want and the neighbourhoods that interest you, only then will they begin their search for you. Be prepared to go through at least one or two agents before you find the right one.

As long as you are prepared, house hunting can be a fun and memorable experience.

Toronto Homebuyer’s Budget

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Buying your first home in Toronto – or anywhere for that matter, requires you to have a sizeable down payment as well as money for the closing costs, which can run into several thousands of dollars and for which many first-time buyers are unprepared. The best way to find money for your downpayment is to put together a proper budget that will take into account all of your fixed and variable expenses and to live according to that budget for several months prior to starting your home search.

The very first thing you must do when setting out to make a budget is to track your monthly expenses for a good three months in order to establish your spending patterns so that you have an accurate snapshot of your monthly expenses. Once you have a good idea of how much you spend for your variable expenses, then you will be ready to sit down to create your home buying budget.

The secret to budgeting is to be as realistic as possible. Here is a breakdown of the major categories you must include in your budget breakdown:

Total monthly income (Net, from all sources including any government assistance)

Fixed Expenses:
Rent (Mortgage & property tax)
Electricity
Gas & Water
Maintenance/Condo fees
home Insurance
Cable
Internet
Television
Cell phone
Car (payment)
Car Insurance/registration/licence

Variable Expenses:
Gas
Repairs (car maintenance)
Transportation (public)
Medical/Dental
Groceries
Clothing
Pet
Entertainment
Vacation
Misc

Debt repayment (credit cards, line of credit, etc…)

Emergency Fund
Savings

Total Expenses

In the end, your total monthly expenses must be lower than your monthly income. If it isn’t, then you have to adjust to ensure that it is. Next, you should adjust your current rent/housing allotment to include what you would expect to pay if you bought a house in the price range you are targeting. Remember that you should factor in whatever taxes you will anticipate paying for the house. You should also then adjust your electricity and other fixed expenses to reflect what the higher costs would be for the house. The difference in cost you should put aside in a savings account for your down payment.

By doing this, you will get used to living with the costs of what you can expect the costs to be when owning your own home while also saving towards that eventual goal.

Real Estate Resolutions

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Entering the Ontario property market can be a daunting thought. However, with the New Year just hours away, there’s never been a better time to buckle down your short list of Toronto real estate goals to start the next twelve months off on solid footing. You can now sweep away the old to make way for the new and if you plan on purchasing a home within the next year, then planning for it and budgeting for it are the best ways to ensure that you will be bringing in 2016 in a new home.

While the Toronto property market does not show any signs of slowing as yet, there is hope for those hoping to either enter the real estate game for the first time or to move up to a more luxurious home and neighborhood. In one of our previous articles, found here //bit.ly/1wWtlPf we cover up-and-coming neighborhoods in the city that still offer very good value for money while in this article over here //bit.ly/1xq0sui we talk about the city’s most prestigious neighborhoods. In a third article found here //bit.ly/1wDaJS5 we discuss how urbanization is going to be keeping housing prices up in Canada’s most popular cities including Toronto.

To join Toronto’s real estate game you need to first put together a realistic budget of just how much home you can afford. Next, you need to research those neighborhoods with the kind of homes and services you want in order to lead the kind of lifestyle you envision for yourself. Once you have a budget and a short list of the neighborhoods in which you are interested, next you need to decide what features you want in a house. After listing all of the features important to you, whittle that list down to “must-haves” and “would be nice to have” columns. The “must haves” will be those elements that you definitely want in a home. Although it might sound silly to do this, it is important because, depending on your budget and the neighborhoods you want, you might have to comprise to get the most that you can afford.

Lastly, when looking for a new place, you need to get a hold of a good realtor who can show you the ropes of property buying and who can steer you toward the best deal and those properties offering the most value for your money. A good realtor will not only help you find a home, but they will only show you the kind of home that would interest you, in the communities of your choice.

Once all of these elements are in place, you are sure to find the perfect pad for your family.

Real Estate New Beginnings

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Buying a new home is one of the best examples of declaring a new beginning. Not only does it signal a shift from what you are leaving behind, but it gives you a chance to make a mark on what you are heading to. Whether you are a first time home buyer or a veteran house flipper, finding that perfect dwelling is always a fantastic feeling.

The Toronto real estate market provides significant challenges for buyers of all stripes. Given the city’s red-hot property sector and the price tags that most homes in the city boast, it is no wonder that preparing to enter the home ownership market requires forethought, discipline and a lot of careful planning. However, it is not a challenge that is insurmountable and so thousands of homebuyers close on their next residence every year.

Moving can be an emotional time for all parties involved. If you are a first time homebuyer then the feeling of owning your own place is definitely heady and sometimes overwhelming. If you are transitioning to a larger home, then you can experience the joy of moving up in the property game; in either scenario you are leaving one way of life behind and starting a new one. These new beginnings can be fraught with anxiety over moving costs, notarial fees, taxes and other ancillary elements involved in home ownership, but it also includes such happy moments as getting the keys in your hands for the first time and entering the house as the new owner, choosing the paint palate you want and dressing the windows with your favorite treatments. A new home is a chance to start all over; to really imprint your design ideas and stylistic vision to a property.

With the old year coming to a close and a new one just around the corner, if you were thinking about purchasing or selling your home, now is the time to start getting your financial house in order so that you know exactly how much you can afford to spend on a mortgage. In the New Year, we will discuss how to put together a proper budget so that you can most accurately forecast just how well you can afford to live with the fixed expenses that a home and mortgage entail.

Starting anew is always a fun yet intimidating experience than can be made less so with simple preparation. We look forward to helping you start your New Year off on the path that will lead straight into the home of your dreams.

Home for the Holidays

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The Toronto real estate sector has given countless families the opportunity to celebrate the holidays in the comfort of their very own residence. Owning your own home means being able to decorate it as you wish, being able to create rituals and being able to build memories that will carry through for a lifetime. Our own memories of holiday happiness are all directly linked with our familial homes and the fun of gathering there with family and friends every year to celebrate during the festive season.

Even though it has been years since we have all grown up and left the nest, we all inevitably flock back to our parents’ homes every holiday season to decorate our trees, bake seasonal treats and catch up with all that we have missed in each other’s lives over the past year. Sometimes it is the one time of year where we can all get together given the distance that separates us and the hectic schedules all families tend to fall into when children are young, careers are on the rise and time is at a premium.

Finding the perfect home for your holiday celebrations can be tough when faced with a red-hot property market such as what we have experienced over the past decade-and-a half in Toronto and its surrounding suburbs. However, when there is a solid financial plan in place and you have the assistance of an experienced realtor behind you, then locating that hidden gem in the location of your choice is possible.

Although holiday home sales are few and far between, sometimes it is the best time to find a great deal. Usually people tend to put house hunting on the back burner for the holidays in order to focus on preparing for the festive season. However, Toronto properties that have been languishing on the market or new listings can sometimes be had for very good prices when owners want to start new by closing the year with a sale.

Regardless of when you purchase your home, owning your own pad will mean having a place for your family to experience the joy of the holidays for years to come.

Toronto Home Decorating Ideas for the Holidays

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During the holidays Toronto homes turn into stunning examples of creativity and originality as homeowners enthusiastically decorate their properties to reflect the festive atmosphere. Not only does a decorated home add to the beauty of the structure, but the softly reflecting lights brighten the snow surrounding the property and add a gentle, ethereal glow to the setting. Driving down streets where each home is decorated in this manner can be a truly enchanting experience – something that we’re sure most of you recognize.

Getting your home ready for the holidays doesn’t have to be a huge, expensive undertaking. While the traditionalists will want to trim their houses with lights, there are simple, easy ways to spruce up your dwelling for the season without breaking your bank or spending time-consuming hours stringing lights up. A great way to brighten your home is to simply add colorful, holiday-themed accents to the existing structures of your house. For instance, tie an ever-green branch and a sprig of holly to your mail box using red ribbons, or create a tower of trees in your unused flower pots using extra ornaments and hot glue.

Holiday wreaths can easily be made out of twigs and branches twisted around a metal frame using florist wire – add a few ornaments and tie it off with a wide, colorful ribbon and you have home-made beauty for your front door. Another DIY idea for a holiday wreath is to create one by hot-gluing extra ornaments together to form a circle; again, tying a bright ribbon around it is the ideal way to hang it. If you are worried about scratching your door, cutting a strip of felt and using hot glue to secure it to the back of the wreath will create a soft barrier between it and your door.

When it comes to lighting, instead of using traditional lights that cost a fortune in electricity, it is worth investing in LED lights that will last longer, provide the same kind of glow but will also save on energy costs. Another great idea when it comes to exterior holiday lighting is to purchase solar-powered lights. Relatively new to the market, these lovely lights charge during the day to twinkle at night. Perfect for people who don’t want the hassle of plugging lights in, turning them on and worrying about removing them after the holidays, they can be purchased at any number of big box stores as well as online.

Toronto homes never look better than during the holiday period. If you want some terrific decorating ideas, you can always turn to the internet for hundreds of inexpensive and creative ways to spruce up your place for the season.