After years of renting a place to live, you may feel ready to make the leap from tenant to homeowner. The advantages of owning property in the city can be numerous, including the opportunity to build equity, set down roots and have something to call your own. But before making the leap to buying property, it's important to be sure you are actually ready. Buying a home isn't a decision you should make impulsively. Assessing a few important areas of your life will help you determine if you are ready to buy a home in Toronto.
1. Make an honest assessment of your financial situation
Buying a home is a large financial commitment that you can't take lightly, and neither will the bank when you apply for a mortgage. You'll need a regular, stable source of income to be sure you can pay your mortgage each month, and savings to help you secure the property you want. Not only should you have a down payment, you'll also want to have some extra money saved in case of unexpected home repairs once you move in.
2. Look at Your Long Term Life Goals
If you truly aren't sure what your future holds, tying yourself to a property long term might not be the right move. Take some time to assess whether you'll be happy staying the in the same spot long term or want to move on quickly. Even if you don't anticipate staying in the same place long term, you can still purchase a home and make money on your investment by selling it for more than you paid. However, if you plan to sell quickly, you'll want to invest in a property that is likely to appreciate quickly.
3. Determine Where You'll Get Your Down Payment
If you don't have money saved to put down for a home purchase, you can look into assistance programs, cash in investments you may have made, or approach family members to help you get the initial amount together.
4. Narrow Down Your Search Area
As you enter the process of looking for a home, the entire process will be made easier if you have an idea of what you are looking for and in what part of the city. This will save you time and energy as you begin your search.
If you've determined that you are ready to buy a home in Toronto, Lilford Taylor can help you with the rest. Our experienced team can help with every part of the process from listing to accepting an offer for your property. Contact us today to get started.