There are a lot of questions that come up for a first-time homeowner looking to buy a house in Toronto. With so many properties to comb through, visit, and consider, for even the most seasoned real estate investor, it’s an opportunity to ask and answer hard questions about what you feel you need in a house.

There are also questions to put to your real estate agent or realtor you’re working with and the seller involved. These questions can save you time and money, reduce the risks of buyer’s remorse, and help you locate your dream home faster.

Here are the most essential questions to ask when buying a house.

What Is My Budget To Buy A House?

Based on your savings and income, determine how much you can realistically afford to purchase and manage a home. Factor in mortgage payments, property taxes, and estimated maintenance costs.

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What Will The Monthly Costs Be?

Record your expected mortgage payment alongside utility bills and other monthly costs that will be attached to the house.

What Is My Mortgage Pre-Approval Amount?

Getting pre-approved for a mortgage advises a seller you are serious. It’s also a guide as to what a lender is willing to provide you. Compare the listing price to your pre-approved mortgage amount. Ensure a house is fully within your budget.

What Are My Needs And Wants When Buying A House?

  • Your needs are non-negotiables, i.e. number of bedrooms, bathrooms, location, house amenities.
  • Your wants are things you would like to have but are willing to let go of under the right circumstances.

What Is The Location Of The House You’re Buying?

Walk around the neighbourhood to get a sense of what the location is like. Check crime rates, local school distances and ratings, nearby amenities, and transportation. Consider its proximity to parks, shops, restaurants, gyms, hospitals, and other key places that suit your lifestyle.

How Is The Local Traffic And Commute?

Wherever you work in Toronto, ensure the route from house to work during peak hours is manageable. Check access to public transit as an alternate option. Consider travel time.

What Is Included With The Cost Of Buying The House?

There may be associated expenses with buying a house in Toronto, such as immediate repairs. Items like appliances, light fixtures, window treatments, and outdoor structures may not be included in the sale.

Clarify in the home purchase agreement what is included in the cost and negotiate or make an offer in accordance with what other expenses may come after you close the deal.

How Long Has The House Been On The Market?

A longer listing period could indicate issues, but not necessarily. Compare a property to similar listings to add insight.

What Is The Condition Of The House You Want To Buy?

Ask about the property condition and if there’s been any damage or maintenance gone undone in recent years. Check if there have been issues with moisture and mould. Look for cracks in the foundation or any signs of structural issues.

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What Did The Presale Home Inspection Turn Up?

If there was a presale home inspection, ask to see the results. This covers areas such as plumbing, heating or HVAC systems, roofing, and other areas that may not be visible or accessible.

Connect with the South Etobicoke real estate team of Adrian + Andrea today to discover what’s presently on the market and where you can look for your best buying opportunity. Reach out at info@adrianandrea.com or call (416) 319-6893 for more information.