The Real Estate Questions You’re Too Afraid To Ask

Whether you’re buying a home or selling one, heading to the market is a big deal. While real estate can seem transactional at first glance there are a lot of personal, emotional, and financial aspects at play under the surface. 

As agents ourselves, we occasionally work with clients who feel nervous or shy about approaching certain elements of their buying or selling needs. So, we figured we make a list of some of the more sensitive or not-so-frequently asked questions we hear. 

This is far from a complete list. However, if you’re seeking helpful, non-judgmental advice about real estate, we would be happy to help. Click here to contact us. 

How do I Know if I Can Actually Afford a Home?

It goes without saying that real estate in West Toronto isn’t always the most affordable. With constantly-shifting costs and other financial factors at play, it’s not uncommon for buyers to be unsure if they’re actually able to afford a home at all. 

A great first step in establishing your financial leverage is to get pre-approved for a mortgage. During this process, a lender will look closely at your personal finances to determine how much they’d be willing to loan you towards a home purchase. After considering your income, existing savings, credit history, and a few other factors they’ll provide you with a maximum lending amount. You can then use this pre-approval to inform what you can afford on the market. 

Condos make a great option for many first-time buyers on a budget – even those who are welcoming children in the near future. Click here to read our post about family-friendly condo living. 

What Happens if I Fall Behind on My Mortgage?

One of the most common anxieties that buyers and homeowners face is the prospect of falling behind on their mortgage. When the potential outcome is a power of sale or foreclosure, it’s easy to see why this can be a touchy subject for many clients. 

The most straightforward way to reduce the possibility of falling behind is by doing your financial due diligence ahead of your purchase. By creating a well-thought-out budget (including a buffer) and sticking to it, you can minimize financial stresses down the road. 

If you’re concerned about the financial commitment of your home purchase, be open with your real estate agent about your concerns. They can provide personalized guidance 

Want to ensure your home purchase goes off without a hitch? Check out these blog posts for helpful tips. 

• 3 Reasons Real Estate Transactions Fall Through and How to Avoid Them
• Is it Better to Buy or Rent?
• Should You Buy or Sell First?

What if I Have Buyer’s Remorse After Moving in?

In an ideal world, every buyer would be able to land their dream home. Unfortunately, it doesn’t always work out perfectly. 

Real estate in West Toronto can be competitive and in rare cases, buyers may rush into their purchase without thinking long and hard about how the home will fit their needs. 

After the deal is closed and you’ve taken possession of the home, you may have limited options with how you can proceed. However, certain elements of the offer and closing process like contingencies and inspections are specifically designed to identify potential concerns before you’re past the point of no return. 

Once again, speak to your agent about any particular concerns you may have before placing an offer. 

Does a Seller Have to Tell You if Something Bad Happened in the Home?

Believe it or not, certain stigmas do impact buyer behaviours from time to time. These stigmas may include past criminal activity occurring in the home, a previous resident passing away on the property, or spiritual, religious, and supernatural elements. 

In Ontario, a seller has no formal obligation to disclose non-physical stigmas relating to their property. However, within the Ontario Real Estate Association, the seller’s real estate agent would have a professional responsibility to be transparent about potential stigmas – that is if they know about them. 

Want to know more about the process of selling your home? Explore some of these resources from our blog for helpful insights.

• The Power of Staging a Home to Sell
• Selling After a Divorce: What You Need to Know
• How to Sell a Home if You Have Tenants

Whether you’re looking to buy or sell in West Toronto you’ll want an expert by your side. The Smith Proulx Team is here for you. Send us an email or call 416-769-6050 to get started.