The first thing you do before you house hunt in Toronto is to firm up your budget so that you can narrow down your search. This is also one of the first things that a Toronto real estate agent will ask you. A great way to figure this out is to sit down with a mortgage broker and calculate how large a mortgage you can comfortably carry.
You now have to ask yourself what type of lifestyle you want. Are you looking for the carefree maintenance of a condo or do you want more privacy with a detached or semi detached home. The type of home you want and your price range will then help narrow down the neighbourhoods that you can live in.
The neighbourhood is another lifestyle decision. Are you looking for the cool and trendy Queen West scene or are you willing to accept a little grit and grime and buy into an up and coming neighbourhood such as Leslieville.
Do some research, talk to various Toronto real estate agents, home owners, and check various online home sites to get as much info about the different neighbourhoods as possible. Don’t forget to visit the neighbourhoods at different times during the week to get a true sense of the area. Once you have developed a short list of neighbourhoods engage a real estate agent to start pulling together listings for your review. Visit as many homes as possible; take note of the amenities, the area, layout, finishes, and the price. It is worth visiting properties that you know you do not want because it will help you to better identify what you actually want and need.
Once you have decided on the neighbourhood then you can start to list out the specific characteristics that you are looking for in your home. Always be brutally honest with your toronto real estate agent. Tell your agent your prioritized wish-list. This will allow them to identify which listings are worth viewing and those that are not. The better they understand you the better they will be able to service you.
Maintain notes from each house visit. Structured notes along with pictures of house will serve you well when you are at home comparing the different properties that you have seen. The notes may include: what you liked and disliked about the house, what the area was like, what really stood out for you, how close it is to the local grocery store, how you felt about the property, and don’t forget to note the price.
First movers’ advantage is very important as homes are going at multiple offers again. Have your agent set up automated email notifications so that as soon as a property is listed you are notified about it.
Listen to your real estate agent. They should act like a consultant and present the relevant pros and cons of each listing without imposing personal bias about the house to the buyer. You need to find an agent you trust so that you are comfortable taking their advice.
Most importantly be ready for a long search as sometimes it can take months for the appropriate property to come onto the market. Patience is especially important during this process.
