Buying any property is a very difficult and very responsible business. If it’s about buying a house, then the hassle of choice and purchase is twice bigger than with an apartment. Buying a house costs money and excludes mistakes. There is a risk of buying other people’s problems or, worse, getting into the clutches of scammers. If you are looking for affordable homes for sale in Toronto, then you need to pay attention to several things. Therefore, for a safe buying, it’s better to plan the procedure in advance. Below we will tell you what to look for when buying a house.
Stages of buying a house
- Select an area and study the prices;
- Find ads for affordable homes for sale in Toronto from the owners or contact the real estate agency;
- Pick 5-10 objects and visit each of them with relatives and a builder you know;
- All the members choose the best option and check the documents with a lawyer;
- Interview neighbors about the cost of housing, as well as possible fires in the house;
- Try to get a discount and go out for a deal.
In addition, be ready to:
- Browse all ads for homes for sale in Toronto and not find anything;
- Spend 2-3 times more time searching than planned;
- Spend from 10 to 30% more money on buying than planned;
- Find your own option and refuse to purchase because of legal problems.
Remember that the cost of a house is determined by the standard of living around it, and not by the number of square feet. The richer the neighbors are – the more expensive your home is!
Risks when buying a house
Of course you want to buy a house cheaper, and in which case, sell it more expensive or at least for the same price. But when you are in a hurry and try to save on everything, you risk buying property on emotions. Such races often end with additional spending on connecting communications and overhauling.
Let’s say you chose the cheapest option and saved on buying. And then you learn that the foundation was cracked and living in a house is dangerous. Or the seller promised you to connect the house to all the installations. And in the end, it turns out that the new owner of the house needs to pay for everything.
When you want to find cheap homes for sale in Toronto
Miracles also happen – urgent sales of houses because of the move, unpaid mortgages or divorce in the owner’s family. But even if you’re lucky – you have to compete for the object with real estate agents. To get ahead of the realtor with an urgent sale – leave the owner a small deposit at the first meeting. So you buy a priority for a couple of days. Even if you buy another house, the discount for urgency will cover these costs. You do not need to strive to buy the cheapest house. Real estate is not a supermarket, there are no shares or discounts.
- A lawyer for the initial verification of documents;
- Preparation of missing references and extracts;
- Independent assessment of the cost of the site and the house;
- Payment of duties and taxes.
The amount in the contract and taxes when buying a house
The amount you see in your contract is not all you need to pay when buying a home in Toronto. One of the things you need to pay is a Land Transfer Tax. It is best to calculate this tax prior to looking for homes for sale in Toronto. For example, if you are buying a home in Toronto for $400,000, you will have to pay around $8,000 extra. But, if that is your first time buying a house, then you will get a discount.
You should also keep in mind that after buying a house in Toronto there are other stuff you need to pay. Those are, for example, adjustment costs, home insurance, home inspection, etc.
What else to pay attention to when looking for homes for sale in Toronto
- Specify the date of construction and the period of ownership of the house;
- Learn about the plans for the development of the territory;
- Refine the material of walls and roof, the presence of a basement and the date of construction;
- Personally check the availability: water, gas, light, sewerage and Internet;
- Ask to show receipts for housing for summer and winter;
- Put the heating in winter mode and check the temperature of the batteries;
- Ensure the legality of the buildings in the backyard and around the house (garage, shed, etc.);
- Communicate with future neighbors – you will live next to them;
- Talk about the price only with the owner, or those who have the right to sell the house;
- Avoid realtors who rush you to make a decision;
- Check the presence of a certificate of ownership, act of putting the house into operation.
- Make sure there are no debts to pay taxes and utility bills;
Where to find affordable homes for sale in Toronto
Before you start checking all those things we mentioned, first you need to find houses to check. Since we live in the 21st century, all the information we need we can find on the Internet. You just need to google it and you will find a lot of websites with homes for sale in Toronto. One of the most famous ones is craigslist.org. Now all you need to do is to look for the house that is right for you. And, of course, to be careful and not to let anybody trick you.
Once you find and buy your house in Toronto, the next step is hiring reliable Toronto movers. They will take care of everything. They can provide packing supplies, pack and move all of your stuff, whether it is local move or long distance move. And if you don’t want all of your stuff to be in your new home, you can always use their storage services.
Have fun in Toronto!