Getting ready to buy your property in Brampton, Ontario? As exciting as investing in real estate in the prestigious Brampton region, it can get equally scary and overwhelming if you are not equipped with the proper knowledge and resources.

But, nothing to worry about. As a proud award-winning realtor in Brampton, we are here to guide you at each step in owning a home.

We have created this ‘Buying real estate in Brampton’ guide to help you get equipped with everything you need to buy your property in Brampton.

Let’s start:

  1. Getting Ready

Undoubtedly the most crucial and time taking step is to decide to invest in a property. Buying a house is a significant and considerable investment. We suggest you spend as much time as you need pondering over this decision before calling your final shots.

Here are a few essential factors you should consider before finalizing your decision and getting into the home-buying process.

  1. Are you ready to own a house? 

Homeownership is exciting, but it comes with many challenges and responsibilities. Buying a home is not where the duties end.

You have to look after the financial matters, take good care of your own house, manage it’s interior and do many other things to keep it in a good condition. Owning a house is a responsibility which you should be mentally prepared to take before buying one!

  1. Be sure of your affordability

Buying a house is not just a significant investment, it also comes with many additional costs which you have to be sure about by mapping out the right estimates beforehand. For example

how much will you be able to afford for a down payment? How much you can pay for maintenance, etc.

  1. Do you want it for the short-term or the long-term?

It is tough to predict the disposition of the real estate market. It is therefore essential to be clear beforehand what kind of property you want to buy. We advise you to go for a house that suits your family requirements, living standards and fits your lifestyle needs.

2. Be determined about the kind of property you want to invest in

Purchasing a property in Brampton, Ontario, could prove to be a little tedious with a wide range of options available.  Here are a few things that you should consider:

  1. Decide the area or the location where you want to live
  • The most important thing is deciding the location and the kind of property you would want to invest in!  The houses located in urban cities are expensive as compared to properties located in different parts of the country. But ruling out a property just on the basis of this factor alone may not be the wisest decision. The homes in the metropolitan cities are large, spacious with other amenities nearby like offices, healthcare centers, supermarkets, schools, local market places, public attractions, etc
  • Meanwhile, the houses in the suburban area are comparatively cheaper. This is why they attract the most property buyers. But then, these properties are away from the city and some of the important amenities.
  • The properties located in smaller cities and courtside might be the best if you are someone who is interested in buying a few acres of land, staying close to nature, in pollution and distraction-free area.
  1. The type of home you want: Buying a home is a dream which is why it's very important that before you go ahead to search or finalize a property, you should have a clear vision of what you are looking for. Here is a
  • Decide on the kind of facilities and amenities you'd want nearby.
  • Decide the number of bedrooms as per your family size and lifestyle.
  •  whether you want to get a furnished home or you’d like it to be semi-furnished
  1. Whether to go to an all-new home or a  previously occupied property?

Buying a new or a second-hand home has its pros and cons. While moving into a newly built building is a blank canvas which you can mold as per your vision, a previously occupied space comes with a lot of work that has already been done like furnishing? We suggest opting for a property based on its location, condition, and affordability instead of its status.  

Safest payment methods

Big payments require extra caution.  But the good news is, with a flourishing real estate industry, now you have  multiple readily available payment options such as:

  • Down Payment method: If you are planning to buy your own home for a long time, then you must be saving for it?

Down payment is a portion of the final price which you pay upfront. Monthly installments usually account for 10-20% of the total amount. This way you can cover a portion of your final payment in small steps.

  • EMI option: In case when you haven't had your real estate purchase planned for years and have no savings for a down payment, EMI is the option. But before you choose this, you must know about the fact that EMIs come with added penalties and interest that you need to pay in the case of any defaults.

There are various other methods to pay for your home. We’d suggest you do your research to finalize an option that is most feasible to you.