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.


Read full post
Categories:   Agincourt South-Malvern West, Toronto | Aileen-Willowbrook, Markham Real Estate | Annex, Toronto C02 Real Estate | Avondale, Brampton Real Estate | Banbury-Don Mills, Toronto C13 Real Estate | Bay Ridges, Pickering Real Estate | Bay Street Corridor, Toronto | Bendale, Toronto | Birchcliffe-Cliffside, Toronto E06 Real Estate | Cabbagetown-South St. James Town, Toronto C08 Real Estate | Central, Ajax Real Estate | Church-Yonge Corridor, Toronto C08 Real Estate | Cliffcrest, Toronto E08 Real Estate | Corktown, Toronto C08 Real Estate | Danforth Village-East York, Toronto | Danforth Village-East York, Toronto E03 Real Estate | Dorset Park, Toronto E04 Real Estate | Dovercourt-Wallace Emerson-Junction, Toronto W02 Real Estate | East End-Danforth, Toronto E02 Real Estate | East York, Toronto E03 Real Estate | Greenwood-Coxwell, Toronto E01 Real Estate | Guildwood, Toronto E08 Real Estate | Home Renovations Toronto, Bathroom Renovation | Kennedy Park, Toronto E04 Real Estate | Kensington-Chinatown, Toronto C01 Real Estate | Mimico, Toronto W06 Real Estate | Moss Park, Toronto C08 Real Estate | Mount Pleasant West, Toronto C10 Real Estate | Pleasant View, Toronto C15 Real Estate | Regent Park, Toronto C08 Real Estate | Rockcliffe-Smythe, Toronto W03 Real Estate | Runnymede-Bloor West Village, Toronto W02 Real Estate | South Riverdale, Toronto | South Riverdale, Toronto E01 Real Estate | Tam O'Shanter-Sullivan, Toronto E05 Real Estate | The Beaches, Toronto | The Beaches, Toronto E02 Real Estate | University, Toronto | University, Toronto C01 Real Estate | Waterfront Communities C1, Toronto C01 Real Estate | Waterfront Communities C8, Toronto C08 Real Estate | Waterfront Communities, Toronto | Willowdale East, Toronto C14 Real Estate | Woodbine Corridor, Toronto E02 Real Estate | Woodbine-Lumsden, Toronto E03 Real Estate | Yorkdale-Glen Park, Toronto W04 Real Estate