First you must choose your location. Nothing would be more important than the location, when you buy a property. Second, if you decide to seek a help of a real estate agent to in the purchase, you must start searching to find a good, knowledgeable, honest real estate agent in the area of your interest. This real estate agent must be familiar and experienced in that location . You can ask your friends, relatives, or any body who can help you to find the right real estate agent in the area. Then after finding few agents, you can call and have an appointment with each of them, in order to interview them and see if you feel comfortable with any of the agents. Then you choose the one who you feel trust with, in every aspect you want.

You have to make sure that you explain to your agent, the criteria and all other details about what you are looking for in the new home.  Also you must explain about your financial situation that can have an impact on your home expenses, payments. These information would help the agent to narrow down the search area and get to the result more faster and more precise.

Never rush to buy. Some Buyers walk in to a home and as soon as they like the place, they want to put an offer. Make sure, you ask questions, from the agent and the seller, if the Seller is present to show the property. As I mentioned in the above, the location is very important. Now, you have to make sure the home, itself, you are choosing also located in the street or and the area of the street, is in a good location. They might be adjacent to or back to parking lot, schools, gas stations, or any other commercial properties, which would not be a good idea. Also be careful of rail roads and hydro towers. Never forget, when you are buying a home, you must think about the resale value of it too. There are lots of things that can affect the resale value of a property.

Now, how to make sure you are getting a fair price for the home (house, semi detached, town homes orcondominium apartment) you are buying? You must make sure that you get enough true market history of the area of the interest. You must find the history of the homes that are similar to the home that you liked and is sold very close to that home and also the homes that are similar in the area for sale. Don’t forget that upgrades will affect the price but not as much as the money was spend originally. Renovation and upgrades are important to enjoy while you live in and also to make the property, sellable.

Finally, if your agent is negotiating behalf of you, he or she has a negotiation skill and has enough knowledge of the area in order to get a good deal from the Seller.

You must get your preapproval from a bank. There are too many banks that you could check with all of them and see which one would be more convenient for you with their conditions. Don’t forget, banks are like stores you could bargain with them. Let each one know what is the other bank is offering you. Some times they match some time they go lower. So get your preapproval first.

Then find and interview your real estate agent who would be the biggest help for your home buying journey.

Then make sure you get all the details and information you need about different locations in Toronto. You might want to go to Willowdale area, Richmond-Hill, Vaughan, Thorn Hill, Markham, Scarborough, Mississauga,… so make sure you know all about these areas.

Now you choose your location. Let us say you choose Richmond-Hill. Make sure you get better info about the location, schools in the area, shopping centres, public transportation, hospitals and all other amenities you might need. Then ask what area is the best area in that location (Richmond Hill). According to your budget you would choose your area.

Some times what you could do, if you could not get the house you want in the best location and the location is very important to you, then you should change the form of home you are choosing to buy. For example you were planning buying a detached house, now change it to a semi detached which would be cheeper and get the location or not a semi detached go for a town house and save the location. Never forget, location is the first priority when you buy.

In Toronto, there are lots of rail roads. From commercial trains to public transportation trains using these rail roads. Make sure you buy and stay away from these areas. This does not mean no body would buy their home in the area of trains, but obviously it would affect the price and it is very noisy. Another issue you must consider is that when you plan to buy and you see a property that matches your ideas and needs, consider the resale value of that home too. What does that mean? When you buy a home close to train, close to commercial or industrial, close to school, back to a parking of a commercial place, right next to hydro, all these affect the resale value of your home. Try to find a house or property away from these places.

If you buy an apartment not a house, make sure it is close to the subway line as much as possible. If there is no subway close by then be close to the public transportation as much as possible.

Weather is cold in Toronto and people want to have the shortest distance as possible to reach to a warm area. So you have to consider that.

There are lots of issues that you must consider when you want to by your home. Above is just few of them. I would be happy help and serve you and answer all your questions, if you are interested. Just contact me.

I can understand the feeling you might have to sign any kind of form that an real estate agent might put in front of you. You might ask yourself, why do I have to sign any legal form with this agent? What would be my obligations? What if I could not go out of this contract? Is there any way to go out of it? And …… Let me tell you why:

Everybody is familiar with listing agreements. The agreement that any seller of a home or property would sign in order to sell. Nobody has any problem with that and everybody knows they must sign those forms in order to sell any house or property. Which is a contract between the Seller and the Real Estate company who would represent the Seller in the transaction.

Buyer Representation Agreement has the same concept. To be able to represent a Buyer in buying a home or property or even renting one, you must sign the contract.

First of all by law these forms must be signed. It is not something that would be in a real estate agent’s hand to waive it. Either the Buyer must sign the Buyer Representation Agreement or the Customer Service Agreement. The difference is that in Buyer Representation Agreement the agent would be your absolute representative and would not work for the other party and must be loyal and 100% responsible and fair to you. In Customer Service Agreement still the agent must be fair to you but does not have the absolute loyalty and commitment.

By signing these forms you would guarantee the most and the best service you could get in renting, buying or selling your home. You are acknowledging that you’ve been informed for all the information and the explanations about the agency relationship and which kind of service you would get, the responsibility of the agency toward you and the time period that both parties are committed to each other.

By signing the forms you allow the real estate agent become your absolute honest, loyal  representative  who could spend all his time for you and get the best benefit and highest value for your home.

As you need to feel absolute comfort and make sure to get the best out of your real estate transaction by dealing with an agent to buy, sell or rent a home, that agent also needs the guarantee and commitment from you to be able to spend his or her whole time with honesty and fairness to bring you the most and highest value he or she could for your home.

The last thing I could suggest to you, when you meet your agent and you are asked to sign these forms ask the agent, what if you are not happy or change your mind about the whole thing, what would be the best option. For sure the agent would tell you no problem, you just let me know and it is canceled. No do not accept this . It is not canceled unless you do what I am suggesting you to do. Ask the agent on the same forms write by hand that this contract would be canceled any time the Buyer wants to cancel. A phone call or a fax would be enough to cancel the contract. But as I said you must write this in the form at the time of signing.

The other thing is that when you sign any contract with any agent you are actually signing a contract with the company not the agent personally. So you have any problem you must talk to the owner or the manager of the company. Do not sign unless they agree with the hand written cancellation condition at any time.

What can a professional agent do for you that you cannot do for yourself? Why a real estate agent should help you?

Do you have the education for it? What about the experience? They do.

Can you filter agents, Sellers or the Buyers who are not the right target and not serious?

How would you know the right value of a home?

For sure an agent would know more serious Sellers and Buyers for a house than you do.

Do you know how to get the right information about a neighbourhood?

What about networking?

Do you have the negotiation skills?

How much extra time you have to waste?

Do you have the ability to attract more Buyers or Sellers for a house?  They do.

Could you do all the paperwork needed? Do you know how to handle them?  Don’t forget, your real estate lawyer would not negotiate for any home for you. He would do only his part, not more.

Your agent would be available any time you need for the transaction. They would even answer your questions after closing.

By offering the best honest, professional service, an agent would love to continue a good relationship for the future possible real estate business.

Your agent would have the responsibility of professionalism, confidentiality, accountability and would be totally responsible for serving you the best and being 100% loyal and fare to you as his or her client.

He or she must give you the best and right advice in order to sell or buy your home (house). Must negotiate and get the best result that is absolutely in your benefit.

With one real estate transaction you would be able to feel if you chose the right one for yourself.

You would be able to spend your time for your own business and feel comfortable that there is another person who is working for you and taking the burden and the risks involved out of your shoulders by having enough knowledge and experience in selling or buying your home.

First thing you should start with is going to your bank and get a pre-approval for a mortgage.

You must seek the help of a professional real estate agent. Your first job is searching and finding the right one.

You must have two to three hours long meeting with your agent. In this meeting you will give information about what you want, what is your plan, your family and your financial status. The agent will listen to all these ideas you have built in your mind before. Then the agent will start advising you by going through all the steps, one by one, and finding the right and the best solution for your situation in your criteria. I bit this meeting is changing a lots of ideas and information you previously had.

One of common questions that a first time Buyer asks is, how many houses we must see in order to get the one we want. Some think as you see more you have more chance of finding the right one.

I do not agree with this. When you spent two to three hours time in the beginning with your agent, at that time your agent would know how to find the right properties and eliminate the ones that are not suitable for you. So a serious, motivated Buyer will buy within two to three weeks.

Now, lets say you found the right property and you ask your agent to prepare an offer for you. Before preparing the offer, the agent must give a report to show how much is the value of the property. According to that report you will decide how much would be the value. The offer is a written  request to buy the property  from the Seller. In this written request you can offer whatever is suitable to you. Do not forget you should not be unreasonable.

Important and common points in an offer is the price, the deposit, the closing date which is the date you would get the key of the property and officially you become the owner, conditions and anything extra that comes with the property.

Your agent will negotiate the property behalf of you and with the mutual agreement of both parties, the Seller and the Buyer, now the offer is accepted.

Deposit is part of your down payment that you must have the money in your account at the time of delivering the offer. Usually is delivered to the Seller’s agent when the offer is accepted. Normally the deposit is 5% of the purchase price. You must deliver rest of the down payment to your real estate lawyer few days before closing date.

You will choose a closing date that is suitable to your situation. It could change at the time of negotiation with the Seller if there is a mutual agreement.

According to each case you could have conditions like financing, inspection, status reports, insurance, and many others which your agent will guide you through it. You must be careful when you choose the wording of the conditions. Ask your agent to read and explain each of them too you.

These conditions would have a dead line to be waived by you. After waiving the conditions your agent must guide you for anything you might need to do before closing.

Your mortgage documents would go to your lawyer. Note that the Buyer’s lawyer becomes the bank lawyer first and they must protect banks interest. You would need to sign the documents either in the bank or at your lawyer’s office before your closing.

The money that you are borrowing from your financial institute also will be sent to your lawyer’s office few days before closing. Your lawyer will deliver the money to the Seller’s lawyer and get the key and also will register your name as the new owner of the property in the registry office.

Congratulations! You have the key and you are the owner

Please note the above case is a no headache, very easy scenario.

Get a paper and a pen then start writing all the questions, like:

• What is my reason to buy?
• What is my financial situation?
• Where my work is standing?
• Which kind of credit do I have “bad or good”?
• What is my family status?
• Do I have enough down payment?
• Am I able to pay the mortgage and all other monthly expenses that is related?
• What are my other financial obligations (car payment, school,…)?
• Do I have the right and detailed information about purchasing a property?
• Am I qualified to get a right mortgage?

Write anything comes to your mind as a question and then start answering them. Some calculations would be needed. Ask other experienced and knowledgeable people.

Some mortgage brokers might tell you they could get you a mortgage even if you do not have a good credit ,or having enough income to show to the bank, or not having any or little down payment. Yes, maybe they could. But you have to ask them, which kind of effect this could have on the interest rate they would offer you,  the kind of mortgage you would get or is there any risk involved for you?

If you are qualified and your answers to all above questions are positive toward buying then you must buy and not rent.  Being qualified but still renting is a favour to the land lord by paying his or her loans and mortgages. Never forget, you must buy within a limit that matches your financial criteria.

Some times some buyers, after few years , come back and say, “I bought my home few years ago and now when I calculate the money I paid, I did not gain any extra cash flow”.

Check again more carefully, even if in the end you did not have noticeable cash flow in your pocket, but you were living rent free for few years.  That is for sure.

Don’t forget “Real Estate” investment is a long term investment.