Congratulations! You’ve decided to buy a home! But, what’s next?
Even if you’re still thinking about buying, there are two essential questions you should ask yourself before you begin browsing: What can I/we afford? What are the most important characteristics?
Calculating an appropriate budget narrows down your search right away and allows you to map out future financial obligations. We recommend starting with your Gross Debt Service (GDS) ratio, the percentage of your gross household monthly income allocated for monthly housing expenses, such as your mortgage, taxes, heating costs, and maintenance fees (for condominiums). It’s generally advised that your GDS ratio should be 32% or less of your gross household monthly income. Keep in mind that this does not include one-time expenditures like your down payment, lawyer’s fees, home inspection, and HST on new houses. While it’s only an estimated amount, a pre-approved mortgage can also be helpful to make more informed choices.
Once you have a ballpark price range, build a list of features you can’t live without. Consider your current and future needs. Do you need to be close to a subway line?
How long is your commute to work? Is nearby schooling a factor? Do you need a certain number of bathrooms?
With a practical budget and necessary traits ready to go, you’ve created a framework to move forward in the most efficient manner. Now, let’s find your new home!
From figuring out the current real estate market to a specific marketing plan, selling your home doesn’t have to be overwhelming. One of the first steps is to figure out how much your home is worth. When it comes to pricing your property, unfortunately there isn’t a calculator that will give you the most competitive price. Therefore, it’s important to first consider the location and condition of your home: What year was it built in? Have you done any recent renovations? How is the plumbing? Flooring?
We’re ready to help our clients from getting an appraisal and setting a competitive price to making sure your property is staged to appeal to a wide audience and arranging showings to make sure you get the most from your property.