Buying a home is one of the biggest and most expensive decisions that you'll make in your life. Throw in selling your current home at the same time, and everything can feel pretty daunting, even before it starts.
But with the right advice and support, moving into your dream home can go smoothly and become one of the most satisfying and fulfilling things you've ever done.
Buying before you sell is one of the best ways to streamline the whole process. This way, you can avoid double mortgages, the fear of temporary housing or the stress of living through staging.
One company from Toronto is making this modern approach possible. Properly is a new kind of real estate brokerage that’s enabling Canadians to buy, move and then sell.
Another thing that makes life easier for potential homebuyers? The wisdom of those who’ve been through the sometimes painstaking process already.
Narcity asked readers what they wish they’d known before buying a house in Toronto, and here's what they had to say.
A Good Agent Is Essential
Real estate agents are your right hand when buying a new home, and Narcity readers said they wish they’d had a more transparent relationship with theirs.
An agent's job is to help you with everything from finding properties that suit your needs to staging and selling your current home. Naturally, having a good relationship with them makes a huge difference.
Knowing this, Properly matches clients with agents based on things like regional expertise and personality. There are check-ins throughout the process to see how things are going and to ensure you feel supported along the way.
Home Inspections Make A Difference
There's a lot more to a home than meets the eye, and Narcity readers said they wish they’d made time for a proper inspection before buying.
It's normal for walls to need a coat of paint, but if there are cracks in the foundation or rooms that aren’t up to code, you ought to be aware of that.
Often, homebuyers are under pressure to settle for a new place because their old house is closing soon, which can make it tempting to skip important steps like inspections.
This is why buying before you sell is such a game changer. You have time to find, inspect, buy and move into your new home without having to sell your current one first.
Mortgage Literacy Matters
Narcity readers said they wish they’d had a better understanding of how mortgages work when buying their homes, especially when it came to confusing real estate jargon and fine print. For example, being pre-approved doesn’t necessarily guarantee the funds are coming.
There's no need to become a whizz at home-loan management, but knowing "Mortgages 101" prior to kicking off the process can make it that much easier. And if you have a question about how financing works, don't be afraid to ask your real estate agent or mortgage broker.
Surprise Renovations Happen
There's a big difference between the renovations you plan for and the ones you don't — like fixing an issue you didn't know existed until you moved in. Narcity readers said they wish they’d set aside some money for unexpected home improvements.
When deciding how much you can afford to spend on your next place, it can be wise to leave a little room in the budget for surprise fixes.
Utility Bills Are A Factor
Besides mortgage payments, there are other costs to keep your home running that can add up to hundreds of dollars every month, like water, electricity and gas. In a condo, you might also be looking at strata fees to help maintain the building, pool, gym or any other extras.
Narcity readers wish they’d known how their bills would change after they moved. Keeping these expenses in mind while budgeting for your next place will mean there are no nasty surprises when you finally move in. You can just put your feet up and enjoy your new space.
Fees Can Sneak Up On You
The listing price isn't the only expense that comes with buying a property. There's mortgage insurance, land transfer tax, legal fees, moving costs and home insurance, just to name a few.
These costs and fees accumulate fast, and Narcity readers wish they’d known about them sooner. Talking to your agent about what to expect can help you budget for these extras.
It Can Take Some Time
Realistically, the buying and selling process can take months and is a whole lot of work — especially if you're taking a traditional approach. Narcity readers wish they'd known just how much time it was going to take and how stressful it was going to be.
Doing away with the unnecessary hurdles that come with the traditional real estate journey is what Properly is all about. By making it possible to buy before you sell, this modern real estate company is making the process easier than ever.
When you're ready to make your move, Properly's online tools and agents put the power in your hands. Then, their experts take care of staging, showing and selling your old place so you finally get to kick back and enjoy your new home.
To learn more about how Properly can make your homebuying process as smooth as possible, check out their website or follow them on Facebook, Instagram, Twitter or YouTube.
This content is for general informational purposes only and does not constitute financial, investment, legal, tax or accounting advice.
This article's cover image was used for illustrative purposes only.