Canada is a highly desirable place for life. Toronto, as one of Canada`s biggest and most developed cities, is a favorite destination for so many. People dream of buying an apartment in Toronto but find this venture to be impossible. While it is not the easiest thing ever, living through the Toronto moving adventure of your dreams is everything but impossible. That is why we are here, to guide you through buying your own apartment in Toronto.
Step 1 to buying an apartment in Toronto – Getting the mortgage
Unless you are in a very good financial situation and have been saving your entire life, the chances are you are going to need a mortgage to buy an apartment in Toronto. So, logically, the first step is finding out whether you are eligible for a mortgage. What should you do to find out if you are financially capable of buying a property in Toronto? Go to your local bank and ask to speak with a lender. You need to submit your income, down payment, debts and credit history. After looking into all of these document, your lender will decide whether you can handle a mortgage. Moreover, he or she will decide on the amount of the mortgage you can take. After getting pre-qualified for a mortgage, and knowing the amount of money you can get, you may proceed to the next step.
Step 2 to buying an apartment in Toronto – Finalize the wishlist
This may arguably be the crucial stage of your venture. Finalizing the wishlist should be your priority in the upcoming days. You need to decide which features you want your new apartment to have. The things you absolutely must decide on are:
- The square footage of your new home.
- The number of rooms necessary.
- Deciding on the neighborhood is crucial when buying an apartment in Toronto.
- Knowing what you do not want your new home to have.
For those of you moving your office to Toronto, the rules are similar. You need to know how much you can spend, and decide what you can get for that money. It might not be perfect, but it is what you can afford.
Step 3 to buying an apartment in Toronto – Go house hunting
Now we get to the exciting part. Buying a property is always exhilarating, as well as scary. But, for the most part, house hunting is fun! You get to see different houses and apartments and to dream about your future in them. Is there anything more perfect?
In order to approach house hunting carefully, you should first shortlist a couple of apartments online. This way, you will not have to attend so many open houses, but only the ones you especially like. When you do visit the ones you like, pay attention to the neighbors, as well. These are the people that will be around for years to come.
Hire a real estate agent
Buying a property in Toronto will probably be the most expensive purchase in your life. Therefore, getting some help in the form of a real estate agent is highly advisable. The real estate agents are the ones that will do the entire work for you. The only thing you need to do is to make a final decision on the apartment of your dreams.
Step 4 to buying an apartment in Toronto – Make an offer
The housing market is always competitive. Usually, a lot of people are competing for one apartment or one house. So, when you find the apartment of your dreams in Toronto, waste no time. Make an offer they can`t refuse. Of course, sometimes the seller will make a counteroffer to get more money from you. But, your realtor should have more than enough experience and be able to turn the things in your favor.
Once the seller accepts your offer, the next thing for you to do is to provide the deposit. In most cases, the deposit is usually up to 5 percent of the purchase price. You need to be prepared for this because you might have to pay a larger amount of money on short notice. However, this is one of the last steps of your journey to buying an apartment in Toronto, so you should be happy. We only have one more.
Step 5 to buying an apartment in Toronto – Hiring Movers
So you have found your dream home and you are ready to move in. What now? Now it is time for the last step on our list – hiring reputable movers. High Level Moving and Storage Toronto will handle your precious possessions with utmost care. You can be sure of that. Consider yourself lucky if all you have to do is hire local movers. It is much easier to move locally than long-distance. Of course, capable movers are equipped to deal with any type of move.
However, whatever you do, try to stay away from last-minute moves. Moving companies are sometimes overbooked, so you might not get the ones you initially wanted if you wait for a long time.
As you can see, our 5-step guide to buying an apartment in Toronto is pretty straightforward. Five steps are all that is standing between you and a wonderfully exciting life in Toronto. Don`t believe us? Just take a look at some of the music festivals in Toronto. There are hardly any livelier festivals around the world. We assure you that the rest of the city is equally interesting. So what are you waiting for? Take matters into your own hands and become a part of this colorful city as soon as possible. Good luck!