<h1>5 Things to Have Ready Before Buying Real Estate</h1>
<h2>1. Visualize Your Ideal Home</h2>
<p>One thing a lot of people neglect to do when they start looking for a home is to set some expectations for this important investment. Too many people rely on Google searches and open house tours, hoping to stumble across something &lsquo;good enough&rsquo;. Avoid settling for &lsquo;good enough&rsquo; and make your home search more efficient, by creating a vision of what&rsquo;s right for you.</p>
<p>First, make a comprehensive list of features that you would find in your dream home. Next, categorize them into &ldquo;must-haves&rdquo; and &ldquo;nice-to-haves&rdquo; so you can evaluate each property appropriately.</p>
<p>Important things to consider when creating your list include:&nbsp;</p>
<p>&nbsp;</p>
<ul>
<li>Neighbourhood</li>
<li>Commute time</li>
<li>Number of floors</li>
<li>Architectural style</li>
<li>Number of bedrooms&nbsp;</li>
<li>Number of bathrooms</li>
<li>Lot size</li>
<li>Amenities (ie. pools, hot tubs, and fireplaces)</li>
<li>Garage access</li>
<li>Master bedroom size</li>
<li>Kitchen appliances&nbsp;</li>
<li>Smart technology</li>
</ul>
<p>&nbsp;</p>
<p>Once you have created your list and prioritized each point on that list, you have a standard by which to measure every property you come into contact with. It&rsquo;s alright to dream big and compromise later.</p>
<h2>2. Mortgage Pre-Approval</h2>
<p>One of the most important things when taking steps toward buying a home, is understanding your finances. Once you have pre-approval on a mortgage, you&rsquo;ll know where to focus your efforts.</p>
<p>Mortgages are available from several types of lenders in Canada, such as:</p>
<p>&nbsp;</p>
<ul>
<li>banks</li>
<li>credit unions</li>
<li>mortgage companies</li>
<li>trust companies</li>
<li>loan companies</li>
</ul>
<p>&nbsp;</p>
<p>Keep in mind, different lenders will often have different interest rates and conditions for similar products. The traditional method of going to your bank is becoming less common. It&rsquo;s still recommended that you speak with your bank but they generally follow a strict mold that may not work for your situation. More and more people have chosen a skilled mortgage broker over their bank. A good mortgage broker works with multiple banks and lenders and can source the mortgage that best suits your needs. There&rsquo;s no harm in speaking to both.&nbsp;<a href="mailto:team@listatto.com">Contact us today for some brokers that we trust and work with.&nbsp;</a></p>
<h2>3. Savings for Closing Costs</h2>
<p>You never want to run your best race only to be tripped up at the finish line. Sadly, some people underestimate the closing costs that wait for them at the end of the buying process. Aside from your down payment, you will also need closing costs in many cases to buy your home. There is a long list of possible charges to look for, depending on the property.&nbsp;</p>
<p>Some standard costs include:</p>
<p>&nbsp;</p>
<ul>
<li>Land Transfer Tax</li>
<li>Legal Fees</li>
<li>Title Insurance</li>
<li>Provincial Sales Tax</li>
<li>Property Insurance</li>
</ul>
<p>&nbsp;</p>
<p>Make sure to have money set aside not just for your down payment, but also for closing costs. Thankfully, for those buying their first home, the First Time Home Buyer&rsquo;s rebate can save you almost half of these expenses. For a more detailed breakdown of closing costs<a href="https://listatto.com/2020/02/real-estate-closing-costs-in-toronto/">&nbsp;Click Here</a>&nbsp;or feel free to&nbsp;<a href="mailto:team@listatto.com">contact a Listatto Agent</a>.&nbsp;</p>
<h2>4. Budget</h2>
<p>Now that you have an idea of what your lending options are, along with the different closing costs required, it&rsquo;s time to create a budget. Finding out what you&rsquo;re comfortable paying each month will help you design a road map toward your ideal purchase, taking the guesswork out of the equation.&nbsp;</p>
<p>Online mortgage calculators can help you determine your approximate monthly mortgage payment. If you&rsquo;re purchasing a condo in Toronto, don&rsquo;t forget to factor in property taxes and maintenance fees. Once you have that, make sure you can still afford your utilities and additional expenses.</p>
<p>Remember, you need to know how your future home will align with your lifestyle. Having a great real estate agent can be a huge advantage when creating a budget. Try to work with an agent that is willing to help you outline your budget. After all, their job is to help you find the right house or condo prices for your needs.</p>
<h2>Step 5: A well rounded and committed agent</h2>
<p>When you buy a house in Toronto, you want to make sure you&rsquo;re getting the absolute best for your investment. Whether you are a first-time buyer, or someone trying to make your next investment a more strategic one, working side-by-side with an expert can make all the difference. Navigating through a transaction and understanding the market place is crucial when purchasing your home. As we&rsquo;ve said before, a well-rounded and committed real estate agent can help you with your budget, give you an idea of the state of the market, and prepare you for the expenses and processes to come.&nbsp;</p>
<p>Additionally, an agent who understands both resale and pre-construction projects is a good resource to have. Depending on what your goals are, they may be able to offer alternatives you didn&rsquo;t consider, and get you to that dream home faster.</p>
<p>Always remember, the key to long-term success when looking to buy a home is to have a clear vision, a plan of action, and the right resources to get you to your goal. Each aspect of your investment should be working for you from the beginning. That is why at Listatto we believe in equipping our clients with the tools and knowledge to feel confident in their future home.</p>

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Hare are things to have ready before buying real estate.

5 Things to Have Ready Before Buying Real Estate

<h1>Seven Things to Remember Before Signing a Rental Contract</h1>
<p>Renting in a big city, especially if you&rsquo;re new, can be a bit of a maze. Once you&rsquo;ve found a neighbourhood you love and a place that you think you want to make your new home, you&rsquo;ll want to be ready to sign on the dotted line ASAP. Rental competition can be fierce, so chances are that if you&rsquo;ve found that perfect space, there is a long line up of people who want it, just like you! The best way to avoid disappointment is to be prepared. Here are six tips that every renter needs to know before they&rsquo;re ready to sign the lease on their dream space.</p>
<p>For all people who will be on the lease we will require the following documents.</p>
<h2>1. All rental agreements need to be signed by yourself, anyone else living with you and the landlord.</h2>
<p><br />Who is on the lease is responsible for rent, damages, and anything else the lease agreement outlines. This means that even if you and a friend or a partner are splitting the financial responsibilities for the property, only the person on the lease is legally responsible for the space. So, make sure that everyone is prepared to sign the lease and present all the relevant documents the landlord might require.</p>
<h2>2. Letter of Employment and Two Pay Stubs</h2>
<p><br />A letter of employment helps your landlord rest assured that you can afford the rental rate stated in the lease. It should include where you work, how long you have been working there, and your total annual gross income. If you can, try to have it printed on company letterhead, and be sure to have it signed by a supervisor that the landlord can contact to confirm the information if need be. A landlord may also request two pay stubs from your employer so that they can double check the amount you&rsquo;re claiming to receive on your letter of employment. If the rental rate is around 33% of your income, chances are that you will be approved. Otherwise, have a guarantor ready to vouch for the rest of the rent (see step 4!)<br />Lastly, if you&rsquo;re an entrepreneur or self-employed, a T4 or a Notice of Assessment for the previous tax year is a fine substitute.</p>
<h2>3. Credit Report</h2>
<p><br />A copy of your credit report will also be requested, so it&rsquo;s a good thing to have at your fingertips. You can pull your credit report online from the most commonly used and recognized Equifax.ca or Transunion.com website. Be sure to set up your account when you start the hunt for a new place so you&rsquo;re ready to go when you need the report. A fee of roughly $23.95 applies. While the site offers a few different types of reports, you only need one! Be sure to select the one that includes the score AND report Equifax Credit Score. Here is more information on what you&rsquo;ll need!</p>
<h2>4. Got a Guarantor? They&rsquo;ll Need to be Ready too.</h2>
<p><br />If for some reason you can&rsquo;t provide the information above, (maybe you&rsquo;re a student and not currently working full time, for example) you&rsquo;ll need a guarantor to sign for you agreeing to be financially responsible for the lease. They will have to provide their proof of employment and a credit report, so it&rsquo;s a good thing to ask for all of this information from your guarantor in advance so you can be quick on the draw when you find your special space.</p>
<h2>5. First and Last Month&rsquo;s Rent</h2>
<p><br />Once your lease is approved you will be asked for the first and last month&rsquo;s rent. That means that in the final month of your lease, unless you plan to renew, your landlord will not expect you to pay rent, since you gave it at the beginning of your tenancy. Your new landlord will expect to receive first and last within 24 hours of signing your lease. Be prepared!</p>
<h2>6. Insurance</h2>
<p><br />Congrats! You&rsquo;ve found a new place to call home, and you were ready with all the necessary documents to snatch it up before the competition. One last thing to complete the process before you can kick back and relax is insurance for your belongings. After being approved and prior to receiving your keys, you&rsquo;ll be asked for Tenant Liability and Contents Insurance. Most banks provide it for a monthly fee.</p>
<h2>7. Little Extras</h2>
<p><br />Renting a unit in a condo building can sometimes come with a few extra costs that are good to keep at top of mind. Firstly, upon moving in, it&rsquo;s not uncommon to be asked for a deposit of approximately $150 &ndash; $200 for a key, FOB and garage door opener. Since they&rsquo;re the key to all the great amenities in your new space, they&rsquo;re bit pricier than your average house key! Some other things to remember are the monthly, usage-based charges that each condo unit is billed for separately. For example, your electricity (hydro) bill could vary month to month, so it&rsquo;s not included in your rental fee because it depends on your habits! These types of charges usually range from $50 to $60 per month.</p>

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Here are six tips that every renter needs to know before they’re ready to sign the lease on their dream space.

Seven Things to Remember Before Signing a Rental Contract

<header class="entry-header ">
<h1 class="ast-single-post-order">Real Estate Closing Costs in Toronto</h1>
<div class="entry-meta"><span style="font-size: 26px; font-weight: 600;">Land Transfer Tax</span></div>
</header>
<div class="entry-content clear">
<p>This is often the heftiest of these closing expenses. When buying a home in Toronto, you will end up paying TWO land transfer taxes. The first being Municipal and the second being Provincial. If you are outside of Toronto you will only have to pay the&nbsp; provincial land transfer tax.&nbsp;</p>
<h3>Legal Fees</h3>
<p>Expect to incur a minimum of $1000 in legal fees as part of your closing costs. This will account for the preparation and recording of official mortgage documents.</p>
<h3>Title Insurance</h3>
<p>Today, most lenders require title insurance to protect against losses in the event of a property ownership dispute.</p>
<h3>PST</h3>
<p>Mortgage default insurance, or&nbsp;<a href="https://www.ratehub.ca/cmhc-mortgage-insurance">CMHC insurance</a>, is traditionally added to the total mortgage. However, Provincial Sales Tax (PST) on the insurance must be paid in cash at the time of close. In Toronto and the rest of Ontario, the rate is 8% of the CMHC insurance premium.&nbsp;</p>
<h3>Property Insurance</h3>
<p>This insurance covers the cost of replacing your home and its contents, similar to renters insurance in many condos in Toronto. This policy must also be active as of closing day.</p>
</div>

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Here are the real estate closing costs in Toronto you can expect when purchasing your house.

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5 Things to Have Ready Before Buying Real Estate

Seven Things to Remember Before Signing a Rental Contract

Real Estate Closing Costs in Toronto