Purchasing a home is one of the biggest decisions you’ll ever make. Whether you’re a first-time buyer or looking to upgrade, asking your real estate agent the right questions is key to finding the best property and avoiding common pitfalls. By getting all the information upfront, you’ll have the knowledge and confidence to make smart decisions. In this blog, we will cover the top questions you should ask your agent before buying a home in Toronto.
1. What’s the Current State of the Market in Toronto?
Knowing the current state of the real estate market is crucial for timing your purchase and determining how competitive the market is. Your real estate agent should be able to provide detailed insights into whether it’s a buyer’s or seller’s market, recent pricing trends, and the forecast for the next few months.
Why This Matters:
In a seller’s market, you may need to act fast and make more competitive offers, whereas a buyer’s market allows more room for negotiation.
Additional Questions:
- How quickly are homes selling?
- What’s the average price per square foot in the area I’m looking at?
2. What Are the Neighborhood Trends in the Areas I’m Interested In?
Toronto is made up of diverse neighborhoods, each with its own set of characteristics, market trends, and price points. It’s essential to know if the neighborhood you’re considering is on the rise or if property values have plateaued.
Why This Matters:
An up-and-coming neighborhood might offer more growth potential, while established areas may offer stability. Ask your agent to provide data on property value appreciation over the past few years in the neighborhoods you’re interested in.
Additional Questions:
- Are there any planned developments or infrastructure projects nearby?
- What’s the demographic makeup of the area?
3. What Can I Expect in Terms of Property Taxes and Other Fees?
When buying a home in Toronto, it’s not just the mortgage payment you need to think about. Property taxes, maintenance fees, and other costs can significantly affect your budget.
Why This Matters:
Unexpected costs can turn a seemingly affordable home into a financial strain. Your agent should provide a full breakdown of all associated costs, including property taxes, utility bills, and any condo fees.
Additional Questions:
- How have property taxes changed over the years?
- What are the average utility costs in this area?
4. What Should I Offer on This Property?
Determining the right offer price is one of the trickiest parts of buying a home. Your agent should help you assess the property’s true market value based on comparable sales, the condition of the home, and how long it has been on the market.
Why This Matters:
Making a low offer could result in losing out to other buyers, while overbidding could cause you to overpay. Your agent can guide you on making a competitive but reasonable offer.
Additional Questions:
- How long has this home been on the market?
- How much interest is there in this property?
5. What’s the Resale Potential of This Property?
Even if you plan to stay in your home for many years, it’s important to think about its resale potential. Ask your agent if the property is likely to appreciate and what factors could influence its future value.
Why This Matters:
Understanding the resale potential helps protect your investment. Properties in high-demand areas or those with unique features may have better resale value.
Additional Questions:
- Are there any upcoming zoning changes or developments that might affect property values?
- How has the neighborhood appreciated over the past five years?
6. Are There Any Major Issues with the Property?
Before making an offer, you should ask about any known issues with the property, such as structural problems, plumbing issues, or previous renovations that may not meet building codes.
Why This Matters:
Repairs can add significant costs to your purchase, so it’s crucial to know about any issues upfront. Your real estate agent should guide you through requesting a full home inspection before finalizing the deal.
Additional Questions:
- What do you know about the property’s history?
- Were any renovations done without proper permits?
7. What Contingencies Should I Include in My Offer?
Contingencies protect you in case certain conditions aren’t met, such as securing financing or passing a home inspection. Ask your agent which contingencies are standard and which are advisable for your situation.
Why This Matters:
Including the right contingencies ensures you’re not locked into a deal if something goes wrong. However, in competitive markets, too many contingencies may hurt your chances of securing the home.
Additional Questions:
- How do I balance contingencies without making my offer less appealing?
- What contingencies are most important in Toronto’s market?
8. How Long Has the Property Been on the Market?
The length of time a property has been on the market can give you insight into its desirability and whether the price might be flexible.
Why This Matters:
If a home has been on the market for a long time, there may be room for negotiation, or it may indicate that there are issues with the property. On the other hand, homes that sell quickly may require fast action and competitive offers.
Additional Questions:
- Why do you think the property hasn’t sold yet?
- Is the seller open to negotiating the price?
9. What’s Included in the Sale?
It’s important to clarify what fixtures and appliances are included in the sale to avoid surprises on moving day. Some sellers may take items like appliances, lighting fixtures, or even window treatments with them.
Why This Matters:
Not knowing what’s included could lead to additional expenses after purchasing the property. Make sure to ask for a full list of included items.
Additional Questions:
- Will the appliances stay?
- Are any repairs or improvements part of the deal?
10. How Can You Help Me After Closing?
A good real estate agent’s job doesn’t end at closing. Ask your agent how they can assist you post-purchase, whether it’s providing recommendations for contractors, helping with future investment decisions, or assisting with selling the property down the line.
Why This Matters:
An agent who continues to offer support after the sale is a valuable resource for future needs, whether you need help with renovations or are considering selling the property in a few years.
Conclusion
The process of buying a home can be complex, especially in a competitive market like Toronto. By asking the right questions and working with a knowledgeable real estate agent, you can navigate the process with confidence and secure the best possible deal. Whether you’re a first-time buyer or a seasoned homeowner, having all the information you need will ensure a smooth and successful transaction.
If you’re ready to start your home buying journey, contact Julia Cresiun’s team at (416) 821-1343 today for expert guidance and personalized service.