Money Saving Tips When Buying a House

Buying a house is a unique experience; one must balance personal needs and desires to find the perfect home. Now, is the perfect time to buy a home in the thriving real estate market.

  • The first step in buying a home is choosing the location you would like to live. This step may be different for everyone. Are you looking for a home close to your place of work to minimize your commute time? Do you want your children to attend a particular school? Or do you prefer an area away from the hassles of city life?
  • Once you decide on a location, contact a real estate representative. Real estate professionals have access to more home listings than the general public and their resources and networking abilities make it easier to find homes that fit your expectations.
  • When researching the locations provided by your real estate representative, take pictures of the home, which will help you compare and choose later on. Take a mental note of how you felt walking into and throughout the home.
  • Be sure that you don’t go over your budget and find out what the property taxes are for the particular home you are looking to buy. Ignoring these steps may create financial insecurity if a personal emergency were to arrive.
  • If you are choosing a home in a new development, make sure you understand all fees associated with the home. For older homes, invest in a home inspector who can tell you if all the electric, gas and plumbing systems are in working order. Also, find if you may need to invest in home repairs in the near future. Have at least three different quotes for renovations if need be.
  • Choosing a home with a basement can bring in extra income if you decide to make it into a basement apartment. If not, it could be a great place for the family to gather and to store extra belongings.
  • Get quotes on home insurance, and understand that if your home has a pool, or other such amenities, home insurance may cost more.
  • Do your own research; drive by desired neighborhoods and ask residents how they like living in the area. Read the local newspaper and learn about similar home listings in the area and compare prices.
  • Hire a lawyer; legal documents are easier to understand when you have a lawyer assisting you. An attorney can protect your interests by interpreting all the legal language in closing documents. Always read all the fine print included in every document.
  • Look for a lender that can provide you with the lowest interest rate and closing costs. Taking this step can potentially save you hundreds of dollars a month and tens of thousands over the life of the loan.

Understanding the challenges, costs, and other details associated with buying a home will make the process easier. This should be an exciting moment in your life so take your time and enjoy the course. You will enjoy your new home for many years into the future.

For More Information Contact Neil Stephen, Broker, FRI, CRES

Bosley Real Estate Ltd., Brokerage

Phone: 416.322.8000 Fax: 416.322.8000