Buying a home in Toronto is one of the most significant financial decisions you will ever make, so it’s essential to get it right.
There are a lot of critical decisions ahead of you, and one of the first and most important is which realtor to go with. Selecting the right realtor will make the entire process much easier for you and help you to avoid running into issues further down the line.
Here are four questions that you should ask your realtor before you hire them and start looking for your new home.
What Is Your Experience with the Neighbourhoods I Am Interested In?
Each of Toronto’s 140 neighbourhoods has its unique vibe and attractions which suit different people. For example, Liberty Market Condos is a strategically located residence in a rich neighbourhood that is known for its artistic buildings and convenience.Choosing which one to live in is an important decision because it will shape your experience of living in the city.
Your realtor should be able to help you to make the right decision, as they may know about factors you haven't considered such as new developments that are being planned in the area that could affect residents.
An excellent realtor may also be able to suggest neighbourhoods like this that you hadn't thought of.
What Is Your Experience with This Type of Property?
There are different factors to consider when purchasing a condo compared to when you are buying a house.
Wiring, maintenance, and damp are all much more critical when buying a house, however, with condos, there are condo fees to consider as well as the rules of the condo corporation which could affect your decision.
The type of insurance you need will be different for different types of properties, and there are often more rules for condo owners.
With so many factors, you want a realtor who is an expert in the type of property you are purchasing to avoid making a huge mistake.
Can You Provide a Comparative Market Assessment?
When you are purchasing a home, it's important to have an idea of the market conditions in the area, and in Toronto, they can change often.
It’s essential that in such a rollercoaster of a market, you have an idea of what it will take to buy your dream property right now.
Perhaps the chances are that you will end up in a bidding war and won’t be able to afford what you want.
On the other hand, perhaps there is a good chance that you will be able to negotiate lower prices.
What Are the Commissions or Fees That I Need to Pay?
With so many costs to cover when purchasing a home in Toronto, it's essential to be upfront about them from the start. One such fee is your realtor's commission, which can vary.
In Toronto, this is sometimes a flat fee and sometimes a percentage of the cost of the home or a combination of both.
While it's essential to find this out as soon as possible, remember that cheaper isn't always better.