Top 4 Buyer Tips

Top 4 Buyer Tips

Tips for buyers are the first thing on any realtor’s website. A lot of the same information seems to be repeated over and over, so we’ve thrown in some additional information that’s not found elsewhere – we hope you find it candid and most importantly, helpful!

Use a mortgage broker for budget advice: it’s free.

Knowing what you can spend on a home is important. Not only the sales price of a home, but your monthly mortgage payments too. A mortgage broker can help you figure out your budget.

A mortgage broker is not a lender, but they have access to all of the local rates (as well as unadvertised rates) and can help you find the best one. They aren’t working for a lender who wants to only sell you their rate. They are working for you, but you’re not paying them: they’re paid by the lender you choose.

Mortgage pre-approval

A mortgage pre-approval is essential. The lender will run a full credit check on you (rather, they should – make sure they do) and provide – in writing – the amount you are approved for. It’s important to do this before you start shopping, because:

You’ll know how much you can afford, and you won’t end up looking at homes you can’t afford – and being disappointed.

You might be able to afford more, allowing you to find a great home you didn’t think was in your budget – preventing you from merely “settling.”

You’ll avoid making a purchase that you may regret down the road. Nobody wants to be house poor… make sure you know your financial “comfort zone” and stay within it.

Work with a realtor that you can trust: it’s free. 

As a buyer, working with a realtor is free. The seller pays your realtor’s fees. However despite that, the realtors’ best interests and “fiduciary duties” are owed to you, the buyer.

And honestly, if you can’t trust them, find someone you can, and that specializes in what you’re looking for.

How to handle an offer situation

Information is abundant on how to prepare for buying a home and whether you can afford a home. But what about when you’re knee-deep in the home buying process? The time has come to make an offer! Make sure you:

Stay calm and keep your emotions in check. You’re about to make one of the biggest investments of your life, and mixing emotions and investments is always a bad idea. If you ever feel overwhelmed during the offer process, your realtor is there to help and a good one will ensure that you are always informed and therefore in control.

Know the strengths and weaknesses of your offer. It’s obvious you want the house for less money, and of course, the seller wants more. Finding a middle ground can be challenging, but with a strong negotiating strategy, you will be happy with the outcome.

If you follow these tips, you’ll already be ahead of most home buyers. And if you want any assistance navigating the sometimes tricky waters of first-time condo or loft buying, feel free to contact us!

- Paul Stavro-Beauchamp &Robert Van Rhijn

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Welcome to SelectCondos.ca!
Robert Van Rhijn and Paul Stavro-Beauchamp
Toronto has just over 300 condos to serve the more than 2.5 million residents in its core -- but not all are equal... How do you know what to buy and what to avoid? SelectCondos is the only Toronto condo based website that weeds out the bad and mediocre condos. Here, condos must meet a strict criteria of livability and strong investment potential to be listed. How have we done this? Scroll down to see.
For more information, contact:
Paul Stavro-Beauchamp | Robert Van Rhijn
Slate Realty Inc.
51 Wolseley Street (Queen & Bathurst)
office: 416.720.8080
fax: 416.981.7608
cell: 416.818.0393 (Paul)
cell: 416.912.6445 (Robert)
paul@slaterealestate.ca
robert@slaterealestate.ca
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Top 4 Buyer Tips
Criteria:
Our goal is simple: we want our clients to avoid condos that could pose problems down the road or become poor investments. That's why we've included only the most reputable Toronto condos and loft developments on this website. How are they qualified? Here are some of the criteria used:
· Safe & secure location
· High ratio of owners to renters
· Easily accessible -- well connected
· Award-winning developers
· Area that appeals to broad demographics
· Low "days on market" for sold properties
· Reasonable maintenance fees

Want to learn more about how we qualify condos? Click here, or feel free to read some of our articles. If you're looking for any assistance, contact us.