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5 key things to know when buying a home

Thursday Jan 04th, 2018

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In Canada, most of us put off searching for a new home until the spring or summer, when the snow has long melted away. But purchasing real estate in the winter can be a smart move since the market is often cooler and there's less competition from other buyers. If you do decide to buy this winter, here are some tips from the Ontario Real Estate Association to keep in mind.

1. List your priorities. Before you start searching, write up a list of things that truly matter to you in a home, so you can be sure to get what you want and avoid getting sidetracked with features that may be impractical. Things like public transportation, cultural diversity, entertainment hubs and space for a home office can be deciding factors depending on your unique needs and preferences.

2. Start with an expert. While DIY is a great option for many tasks, finding your dream home is not one of them. Real estate transactions can be complex and often involve lawyers, bankers and surveyors. A Realtor is an expert in matching people to their ideal residences and can help you navigate the process from start to finish. Your Buyer Representation Agreement outlines the details of the relationship with your Realtor.

3. Scope out the neighbourhood. You will want some serious intel on the area you're going to be calling home. Take some time to explore the neighbourhood — walk the streets, strike up conversations with passersby, eat at local restaurants and check out community amenities like parks and recreation centres. If you have kids, be sure to visit the local school.

4. Get pre-approved. You don't want to wait until you find the perfect place to make an appointment with your bank to know if you can afford it. Before you book any viewings, schedule a visit with your mortgage broker to get pre-approved for a mortgage and set a realistic housing budget that you can manage.

5. Blend emotion with logic. Our emotions can sometimes play a big role in deciding whether something feels right. Although it's important that your new home inspire positive feelings, ensure you are making a smart, well thought-out decision. Get an inspection, verify the list price, and ensure your offer is fair and reasonable for the current market.

Find more information at www.orea.com.

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