Is it finally time to buy your new home?

Interest rates are finally beginning to come down. The market appears to be settled and prices, although not dropping in freehold, are not rising significantly either. Condominiums aren’t moving, so that housing type might be worth considering. For the first time in a long time, it’s a buyers’ market.

So, what do you do?

Don’t be afraid, take your time, do the research to identify the area you like, the services available to you and ensure that there are no hidden matters that could affect your decisions. What do I mean? No old dumps, train tracks, commercial malls to be built next door, or unknown condo amenities. Visit the local municipal offices and check with the planning and zoning department to ensure you know exactly what is planned for your neighbourhood.

Ensure that you and your significant other (if applicable) have solid, provable income streams and savings, and then speak to the mortgage specialists at the bank you deal with, and at the same time speak to a reputable mortgage broker. Companies such as the Mortgage Centre in Mississauga and Mortgage Providers in Toronto have the experience and integrity to get you the best deal. Find out how much money you are able to borrow and how much of a deposit you’ll need to put down. This will allow you to focus on homes you can afford. Get a pre-approval in writing so you have something to rely on, because today especially, it is critically important that you don’t get caught up in the rush of buying beyond your budget. Nothing is worse than living for the house, not living in and enjoying your home.

Once you identify how much you can spend, determine if you want a condo or freehold home. Condo living provides a carefree lifestyle – someone else takes care of tasks such as cutting the grass and shovelling snow – and you pay common expenses. In addition, you may be limited in terms of how you can use the common amenities, and possibly even your own unit. And remember, due to the current softer market conditions, you may be able negotiate on price when buying a condo. A freehold home, on the other hand, provides the freedom to do what you want with the property, but maintenance and upkeep fall on your shoulders. The choices are boundless.

Next find a reputable lawyer who understands real estate, and a real estate broker you can trust. As an example, I refer people to my son, Jonathan Schwarz, at Johnston & Daniel Division, Royal LePage Real Estate Services Ltd., Brokerage.

Once you’ve found the right area, type of home and realtor and lawyer, it’s time to find your home. Tour desired neighbourhoods, look for signs, read publications such as Condo Life, HOMES and newspapers, and visit schwarzlaw.ca and view the articles section, for more information on how to proceed.

Find your future home and make an offer. The timing is on the buyer’s side, for a change. Happy home hunting.