Preparing to Buy

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Preparing To Buy House in Ontario

Make sure you’re ready

      1. Decide if the timing is right
      2. Be prepared to make sacrifices
      3. Remember your home will require constant care
      4. Have your finances in order
      5. Manage your debt
      6. Consider your family’s future needs

Decide what you want

      1. Carefully consider the options available
      2. Prioritize your lifestyle needs to find the best property fit
          2.1 Urban – big city living
          2.1 Suburban – modern neighbourhoods
          2.3 Small Town – close community living
          2.4 Rural – country living
      3. Learn and understand real estate terms
          3.1 Single-family Detached – free standing house; styles range from a single-story suburban bungalow to a three-story Victorian
          3.2 Semi-detached/Linked - two houses that share a common wall; usually less money than a fully detached home
          3.3 Duplex: a building zoned for two families
          3.4 Town House - comprised of several homes with a common style and joined in a row
          3.5 Condo – you own 100% of the unit and have access to common facilities such as gym rooms, party rooms, and pools. Have to pay condo fees for the building's overall maintenance.
          3.6 Resale – an older home that may or may not have been renovated and upgraded
          3.7 New – a home being developed and built where you will be the first owner

Sell your current home

Usually people cannot afford to manage two homes and the associated mortgage payments at the same time

visit Sell Your Home

When should you sell?

      1. Seller's market – when there are many people looking for homes, but there are not many available on the market
      2. Buyer's market – when there are many homes for sale, but not many people are buying them
      3. The time of year can also affect how quickly you can sell and buy a property
      4. Winter sales tend to be slower, spring sales are tend to be quicker

If you need to sell fast

Ask a REALTOR® for help establishing a price and for making your home look attractive without making you look desperate.

      1. Sometimes you can time your current home's sale with the future home's purchase
      2. Can make the sale of your home "conditional"
      3. Can try to extend the "closing period" to have more time to find your next home
      4. Smart to enlist a REALTOR® for professional services, just like you would hire a mechanic or dentist

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