The day is here when you finally feel tired of paying rent to someone else, and you decide it's time to own a home. As a first time buyer, your first consideration is a Toronto Condominium Listing because you feel it is the most affordable route at this time. But before running off excitedly and looking into every Toronto Condo on the market keep in mind these deadly mistakes that people make in their search for independence and home ownership and try to avoid them.
Not Getting Pre-Approved for a Mortgage
Perhaps you have some credit problems in the past, credit card debts that you have fallen behind on or a student loan that you have been slow in repaying. All these bad credits can affect your credit rating and the bank's decision on lending you money as well as the amount and the interest rate they will charge you.
Even with a good credit score, there is no way that you can know what kind of mortgage a bank will offer you if you do not ask. Without a pre-approval, you will need to make any offer on a Toronto Condo Listing conditional upon financing. In the seller's eyes, this can be quite a turn-off. For assistance and more info, get in touch with HomeVista.
Not Hiring a Buyers Agent
The majority of first-time buyers of Toronto Condo Listings make the mistake of not hiring a buyers agent to represent their interests before they start their search on new and resale condos. If you are buying a resale condo and end up buying from a listing agent, they have the legal responsibility of looking after the seller's interests and not yours. You will need to have a buyers agent to get you through the potentially confusing legal obligations involved in this type of purchase.
It is common to find a financial institution pre-approving to give you a spending amount that is higher than you expected. Many first times Toronto Condominium buyers make the mistake of thinking that what the bank thinks they can afford and what you can comfortably manage are sometimes far enough apart to create financial problems in your future. You need to sit down and make a list of all your monthly expenses including rent to figure out what you can comfortably manage.
Many first time buyers overlook the need for a home inspection on a Toronto Condo Listings. In fact, they take it to be a waste of money. A home inspection is essential as it helps you identify any troublesome areas in the house and be able to negotiate on the price. Keep these in mind when looking for the best Toronto homes for sale HomeVista has to offer.