Home Ownership 101


Choosing a home is one of the biggest decision you’re going to make in your life and you have to be right about it.

As a buyer, here’s what actually happens. A home has been placed on the market for which the seller has established an asking price as well as other terms. In effect, this is an offer. You have three choices: accept the seller’s offer and create a contract; reject it and not make an offer; or suggest different terms and make a counter-offer. If you choose this last option, the seller may accept, reject or make a counter-offer.

Inevitably, home buying process has to deal with bargaining between buyers and sellers. This is the point where the value of an experienced REALTOR® is clearly evident because he or she knows the community, has seen numerous homes for sale, knows local values and has spent years negotiating realty transactions.

How can you be sure that you have found the right place for you? In Toronto real estate listings, you’ll find various types of houses from condo living to horizontal developments. More so, you have to put in mind that a house is shelter, but a home is far more. It’s where you live, relax, and entertain friends, raise families, and work. A home is where you spend much of your life, and so choosing a house is a huge decision.

Another guideline that might help you is to look at as many homes as possible, something made easy by Toronto Real Estate Listings, where you can quickly and easily view huge numbers of homes, check prices, take video tours and view extensive neighbourhood information. Once your choices have been narrowed, you can then contact a local realtor to find specific information and options.

The next big question is- can you really afford it?

Getting pre-approved means you have a very good idea of how much you can borrow, what loan programs will most likely work best in your situation and how much home you can afford.

How reliable is a pre-approval? While pre-approval is not a loan commitment, it’s still necessary for lenders to check such items as appraisals and the latest credit reports. Despite fluctuating interest rates, pre-approval nonetheless provides a reasoned, careful analysis of what you can afford. After all, loan officers are routinely paid only when loans are originated. It doesn’t make much sense for loan officers to suggest high loan limits that later can’t be delivered.