Spending hundreds of thousands of dollars can be scary, stressful, and super exciting! Buying real estate is investing in your financial future, so we’ve broken down the top 5 things you need to know before you start!
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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.
Take the example of Leslieville. You want to be here for the restaurant scene, proximity to the heart and easy access to public transportation BUT your budget is only $ 950,000. You can either buy a 2-bedroom semi-detached, a townhouse, or a condo while still being within walking distance to all of your favorite 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, independent or bank, will help you identify WHAT you can enter the location of your dreams! Whether you are considering a traditional mortgage or a private loan option, you need to have your finances in order before you start!
Think about your future!
What are you doing in 5 years? To marry? Do you see a mini running around everywhere? A career change? You always want to think about your future when buying real estate.
The average person moves every 3 to 5 years and this is usually due to a change in lifestyle. As you try to figure it out today, keep tomorrow in the back of your mind!
Look beyond the scenery!
The 1984 floral wallpaper and Grandma Ethel’s shag carpet can all be replaced. The 10/10 location and the solid base are what you buy! The best part of buying your new home is throwing in some sweat capital to make it your own!
Your real estate agent!
Your real estate agent should have your best interests at heart and that could mean NOT using family, friend or your neighbors – sisters – dog walkers – cousin. A local real estate agent will not only guide you in the right direction, but also make sure that you are buying a solid investment that will pay off in the long run.