Q&A: My lease is up in 6 months, when should I start house hunting?
Q: I have a lease ending in about six months. How do I get ready to buy a place and when do I start?
A: You can start right away to familiarize yourself with the market and think generally about what type of home you’d like to buy. For example, do your budget and lifestyle lead you more towards a condominium or a single family home? What areas of the city or particular communities do you prefer? Consider what amenities it’s important for you to be close too and what level of access to major roads, LRT and buses you might need. Think about creating a custom home search for properties that match these requirements so you have an idea of pricing in the neighborhoods you like.
It’s not too early to speak to a mortgage agent regarding your options for buying. Find out as early as possible if you have any blemishes on your credit report so you can get them cleared up and have a clean mortgage application when the time comes.
When does your lease expire? Most properties are available with closing/possession dates ranging from 30-90 days from the time you make an offer to purchase. You should being looking at homes when you have 2-3 months remaining on your lease, this is not so soon that you’ll be rushed into making a purchase in a hurry, but it’s close enough that you’ll be ready to buy the right home when it comes along.
Consider ordering a free copy of my guide for first time home buyers. This is also a good time to make an initial contact with a Realtor. Discuss your needs and get your questions answered about the best way to proceed from here.
I'm committed to helping my clients buy, sell and enjoy their homes and I strive to provide an added level of value and service at every stage of the Real Estate transaction. 