Brampton is the ninth most populous city in Ontario and the third largest city in the Toronto area. Brampton has seen significant growth as people move to the Toronto suburbs, while Toronto itself rivals Vancouver for the title of Canada’s most popular real estate market. The challenge for home buyers is finding a home without getting outbid or having to pay an insane price for their dream home. Here are some tips for finding an affordable home.
Find the right real estate agent
They say that all properties are local. But looking for deals or just finding the right home quickly requires deep knowledge of the local property market. That’s why you want hire a real estate agent in Brampton who is well connected with this market and not assume that any real estate agent in Toronto will do the job. The best real estate agents will find out about homes that have yet to go on sale, whether someone is filing for divorce or bankruptcy. This allows them to show you the house and place a bet before it hits the MLS. If you are selling your home, a good Brampton real estate agent can attract many qualified buyers and help you win multiple bids for your home. Now you can choose the perfect offer, whether it’s a higher price or a faster closing date.
Set a budget before placing your bets
Find out how much home you can afford before you start shopping. Know how much you can expect to pay monthly on mortgages, utilities, taxes, and insurance. Install a ceiling and stay below it. This will prevent the mistake of bidding the house more than you can afford to pay. Try not to exceed the highest possible level that you can qualify for, as you want to be able to save money and pay for overhauls, and have a reserve fund to pay bills if you lose your job.
Start searching sooner rather than later
Brampton’s real estate market is limited. Nearly zero interest rates, low inventory levels, and high demand mean it will take some time to find the right home at the right price. Start looking for new homes a few months before your lease expires. Then you won’t be tempted to buy the first decent home you find because you will have to close soon.
Know what you want and what you don’t want in the house
You can save time by working with a good real estate agent and providing them with a list of things you must and don’t want in your home. For example, you must clearly state whether you want a home that is ready to move in or whether you will refuse any property that requires significant renovation to be suitable. If having room for your growing family is important, make it clear. Tell the real estate agent that you want each child to have their own bedroom and enough room to run and play. If you can’t stand on the stairs or don’t want to live near the highway, make it clear. They will appreciate it if they find out what issues make the home unsuitable for you, as they don’t want to waste time showing you properties you won’t buy.