House Hunting Dos and Don’ts

Posted on 27th April 2017
Tags: Toronto, gta, homeowners, mortgages, house hunting,

House Hunting is tough, there’s no doubt about it. It’s stressful and time consuming and there’s a lot to know if you want to do it right.

Here’s some dos and don’ts that can help guide your hunt and make sure you make an offer with confidence on the best home for you.

Do set a Budget

A lot of hunters think that a few thousand dollars paid over 25 years is so big deal. While you shouldn’t let your dream home slip away, every dollar counts and there will be interest paid on every dollar borrowed for the purchase. It’s okay to be flexible but still wise to set a budget.

Do Invest in a Home Inspection

You need the trained eye of a professional to inspect the plumbing, appliances and to determine if there’s any lingering problems or potential ones on the horizon. The average person doesn’t have this knowledge or these skills, making a professional home inspection a worthy investment.

Do Shop for a Rate

The interest rate and associated terms are crucial to your financial health so make sure you are getting the best deal. To do this, you need to shop around and be well informed about the future prognosis of mortgage rates to see if waiting a bit makes sense.

Don’t Trust Every Word of a Listing

Listings are ads. They are designed to intrigue and entice, to compel the reader to take the next step. There’s also a lot of grey area and it’s easy for agents to play with wording. How new do “new appliances” have to be for it to be accurate? Impossible to answer and those who craft listings know that.

Don’t Overbid just for the sake of Winning

Bidding on a house or condo is thrilling. The anticipation can be a rush and that moment where your bid is chosen is a feeling of total euphoria. It’s important to know that while winning is great you want to pay fair value, which means curbing any impulses to blow your opponent out of the water.

The biggest do of all is to surround yourself with knowledgeable professionals that you trust and who can guide you on what to do and what not to do, helping you come out on top.

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More about the author...

Bob Aggarwal

As Co-Founder and President, Bob Aggarwal has been instrumental in creating an inclusive and customer-centric corporate culture at Canadalend. These policies and procedures have catapulted the company into being one of the largest volume Mortgage Brokerages in Ontario since its inception in 2005. Starting his career as a Broker specializing in small to medium businesses he has since expanded to include the residential, commercial, and consumer markets. He continues to guide Canadalend to date and enjoys spending time with his family when not closing deals.