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Buying a property in Ontario

Are you looking to buy a property in Ontario? Here are some trips and tricks that may come in handy. Read on..


Meet with a mortgage broker and find out how much you can afford to pay to buy a real estate property in Ontario.


While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved by a financial institution. You’ll also avoid being disappointed when going after homes that are out of your price range.

With Pre-Approval, the buyer applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you’re interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property.

Costs for pre-approval are generally nominal and lenders will usually permit you to pay them when you close your loan.


List of Needs & Wants

Make 2 lists.

The first list should include items you must have (i.e., the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.).

The second list is your wishes, things you would like to have (swimming pool, hot tub, den, etc.), but that isn’t necessary.

Realistically for first-time buyers, you probably won’t get everything on your wish list, but it will keep you on track for what you’re looking for.

Representation by a Professional

Hire your own real estate agent, one who is working for you, the buying agent, not the selling agent. In the real estate sales process, there’ll be 2 agents. Buying agent for you and a selling agent for the party who is selling the house/property.

The agents will work on behalf of their respective parties in preparing the agreements, negotiations, the legal documents and other related activities during the sales process.

Focus & Organization

In a convenient location, keep all the items that will assist you in maximizing your home search efforts handy. Such items may include:

1. One or more detailed maps with your areas of interest highlighted.
2. A file of the properties that your agent has shown you, along with ads you’ve cut out from the newspaper, if any.
3. Paper and pen for taking notes as you search.
4. Instant camera to help refresh your memory on individual properties, especially if you’re attending a series of showings.
5. Location: Look at a potential property as if you are the seller.

Be Objective

Instead of thinking with your heart when you find a home, think with your head. Does this home meet your needs? There are many houses on the market, so don’t make a hurried decision that you may regret later.

Be Thorough

A few extra dollars well spent now may save you big expenses in the long run. Don’t forget such essentials as:

1. Include inspection & mortgage contingencies in your written offer.
2. Have the property inspected by a professional inspector.
3. Request a second walk-through to take place within 24 hours of closing.
4. You may want to check to see that no changes have been made that weren’t agreed on.

All the above may seem rather overwhelming. Having a professional represent you and keep track of all the details for you is highly recommended and ease all your efforts.

Please email me or call me directly to discuss any of these matters in further detail.

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