One thing I forgot to mention in last week’s column was that aside from my own eagerness to stop sleeping at different friends’ houses and carting my suitcase to new locations every three weeks, I have two lovely cats stuck in the basement of my parents’ Mississauga home. Mostly, I’m buying a home for them.
So, as I begin my search, I am ever mindful of J-dog and O-bone, (Johnny and Oliver) and their need for space: At least one extra room for their stinky little toilet disguised as a sandbox and possibly some stairs to work off those few extra pounds they’ve gained while hanging out on the lazy boy chairs in the rec room.
When we left off last week I had a pre-approved mortgage for about $320,000 with a $25,000 down payment at an interest rate of 3.85 per cent to be paid over 25 years.
My next step was to find a realtor.
Friends and acquaintances eagerly offered up their agents as soon as I started talking about buying a place. I quickly had contact info for about four or five agents in my hands and didn’t know what to do so a friend suggested I interview a few and then decide.
The first one I meet is my boyfriend’s agent who sold him a funky, hard loft in the Leslieville area. Since my desired neighbourhoods are Leslieville, The Beach, Danforth, I decide to try her first because she seems to know these areas well.
I like her immediately.
My boyfriend told me she’s very professional and that’s exactly the vibe I get.
Everyone and their mother has warned me against signing any sort of contract when working with an agent. It makes sense why they’d want a contract signed — cementing the buyer-seller relationship so you can’t play the field with numerous other agents — but I can’t see much in it for the buyer. If the agent isn’t doing their job, you’re going to want to move on.
Eventually during our meeting, the topic of a contract comes up. I tell the agent I’ve been warned against signing it and she quickly explains that it’s not necessary immediately.
We leave it at that and nothing is signed.
She goes through a huge buyers’ package that has important information about what to look for in a home, how to make an offer, hidden fees, insurance premiums, land transfer taxes etc. etc.
It’s all a bit overwhelming especially when you start to add up all of the additional costs to buying a home.
Aside from a down payment and mortgage, there’s about $10,000 to $20,000 in related fees — depending on the cost of the home — which a buyer should be prepared to pay up front.
We then start to talk about what I’m looking for in a home, which at this point covers a fairly wide range including a condo, a loft, townhome or house with one or two bedrooms, one or two bathrooms, a yard or balcony or not, in the Danforth, Leslieville, The Beach area.
I’m a bit embarrassed that I don’t have my preferences more narrowed down, but she explains that it’s better to start wide than narrow.
We shake on it and she tells me she’ll start sending daily listings suited to my price range and preferences.
I’m excited as my search begins and I start popping out of bed every morning around 6 a.m; I’m already addicted to the rush of it all and when I’m not looking at the stratus reports I’m checking MLS.ca for anything she may have missed.
Next week, read about my reality check when I go for my first set of viewings.
