11 Tips for Buying a Home in Brampton

Brampton is a town in suburban Toronto. It is the third largest city in the Greater Toronto Area (GTA). The city has more than 4,000 acres of parkland including 400 parks and more than 90 kilometres of trails that attract outdoor enthusiasts and nature lovers. The city is nicknamed the ‘The Flower Town of Canada’ because of its burgeoning greenhouse industry. homes for sale in brampton

A survey conducted by ReMax last year ranked Brampton as one of the best places to live in Canada. If you’re looking to settle down in Brampton and want to buy your first home, there are a few things to consider.

1. Get your finances in order

The most important thing to do when buying a house is to get your finances in order. The reason for this is that to buy a home you’ll need to take out a mortgage. To get a mortgage, you need to have your finances in order. Gather and organize all your financial documents. Reduce your debts as much as much and work towards improving your credit score.

2. Engage the services of a mortgage agent

Once you have your finances in order, the next thing to do is to engage the services of a mortgage agent. Buying a home is an expensive proposition. You’ll need to take out a mortgage to finance the purchase. A mortgage agent will guide you through the entire mortgage process.

3. Get pre-approval

After engaging the services of a mortgage agent, the next thing to do is to get pre-approval. Mortgage pre-approval is the process in which a loan officer analyses your finances—your income, debt, assets, and credit history—and determines how much money you can borrow, how much you can pay per month, and what your interest rate will be. Pre-approval will help you in assessing how much you can spend on purchasing the house.

4. Decide where you want to live

The city of Brampton is divided into many neighbourhoods. Some of the best residential ones include Credit Valley, Sandringham, Fletcher’s Meadow, Brampton East and Vales of Castlemore. The community of Credit Valley is home to many upscale luxury detached homes. Sandringham offers modern townhomes, semis & detached homes and is an attractive community for younger families. Fletcher’s Meadow is a family-oriented location that attracts younger families and first-time buyers with a variety of home styles. Brampton East is a neighbourhood known for upscale detached homes, bungalow style homes and 2 storey-detached homes. Vales of Castlemore is a family-friendly community that offers some of the most peaceful, tree-lined streets in Brampton.

5. Decide what type of home you want

There are a variety of home styles a buyer can choose from. These include modern townhouses, semis & detached homes, duplexes and condos. Detached homes are the most expensive type of homes to purchase due to the land costs.   

6. Find a real estate agent

If you’re purchasing a home for the first time, it is beneficial if you engage the services of a real estate agent. Finding the perfect home is not an easy task and having someone who is knowledgeable about the market guide you through the process could take a huge weight off your shoulders. Plus, a real estate agent who is from Brampton will be aware whenever there’s a house in Brampton for sale.

7. Get a real estate lawyer

A real estate lawyer will assist you in reviewing the purchase agreement and other legal documents, arranging for title insurance, ensuring you have a valid title upon closing, ensuring property taxes are up to date, drawing up the mortgage documents, closing the transaction and ensuring all legal and financial conditions are met.

8. Evaluate hidden costs

Hidden costs are unforeseen expenses added on to the purchases. Buying a new home also includes many hidden costs. These include home inspection fees, legal fees, provincial land transfer tax, municipal land transfer tax, mortgage insurance, title insurance, adjustments, moving costs and home insurance. It is advisable to be prepared for these additional costs.

9. Don’t overspend

When purchasing a home, don’t overspend. Stick to your budget. Overspending today can create a dire financial situation in the future.

10. Don’t be emotional

Keep your emotions in check when buying a house. Don’t make decisions that are influenced by the heart. Think with your brain and be practical. Always keep the resale value of the home you want to purchase in mind.

11. Be open

Understand that the home you purchase should include all of your needs and hopefully some of your wants. Don't focus on the aesthetics. They can easily be changed at minimum cost. Be more concerned about the size and layout and the condition of the roof, plumbing and hot water tank. These things cost a lot to renovate.

Final thoughts

Purchasing a home is a huge decision, both personally as well as financially. It's normal to feel a little apprehensive and overwhelmed. Just follow the pointers we’ve mentioned above and ensure that purchasing a home is a stress-free process for you and your family.