Tips for buyers
1 It's all about location
Whether you're a first-time buyer, investor or existing homeowner, you need to understand the best locations for your investment. "Buying the smallest house on the best street versus the largest house on a less preferred street will reap big rewards when it comes time to sell." As an investor, a condominium that is near public transit or a university is a good move.
2 Think about a condo
There's a surplus of inventory in the condominium market, so your realtor should be able to negotiate a good deal for you when it comes to buying a condo.If you're buying as an investor, rather than a first-time homebuyer, you will want to consider leasing out your suite for the next four to five years before selling,
3 Know your credit rating
It's best not to just assume your credit rating is in order. To avoid getting any surprises before you meet with a lender, check your rating first so you have time to resolve any issues that might stand in your way of buying. You can call either Trans Union of Canada at 1-800-663-9980 or Equifax Credit Information Services Canada at 1-800-465-7166.
4 Know your price range and stick to it
Meet with one or more mortgage lenders to obtain a pre-approved mortgage before you start house hunting. Once you know how much you can spend you can narrow down your choices. It's safer to buy within your budget, no matter the economic situation.
5 Head out of the city
Young families are heading out of the City to buy affordable and newer resale homes. Sometimes it pays to go further afield depending on what you're looking for. If you want more space and more property, but have a budget to stick to, a downtown location won't do. You have to widen your circle of prospective locations.