How To Buy A House | Evelyn Lopes Realty Team_Blog

Monday, September 18, 2023   /   by Evelyn Lopes

Navigating the Toronto GTA Condo Market: A Comprehensive Guide for Buyers

Introduction
The Greater Toronto Area (GTA) is a bustling hub of activity, culture, and, of course, real estate. With soaring home prices, especially in prime urban locations, many aspiring homeowners find themselves priced out of the market for detached homes and townhouses. Enter the condo—a more accessible entry point into homeownership. But is condo living right for you? In this blog post, we'll explore the pros and cons of condo living, the differences between new builds and resale condos, and what every buyer should know before making that big decision.

The Allure of Homeownership
Homeownership is often considered a significant milestone in life. It offers numerous advantages, from building equity and financial wealth to providing stability and control over your living space. However, it's not for everyone. Factors like financial instability, high upfront costs, and maintenance responsibilities can make homeownership a less appealing option for some.

Why Con ...

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Tuesday, August 1, 2023   /   by Evelyn Lopes- Klarine

7 Common Homebuyer Regrets (And How To Avoid Them)

To avoid buyer's remorse, be sure to consider your future self when shopping for a home.
Most new homebuyers don't regret becoming homeowners. In fact, according to a recent survey by Zolo, 80% of Canadians who purchased a home during the pandemic say they're glad they bought their current homes.1 But that doesn't mean newly-minted homeowners don't have any regrets about their buying choices.

On the contrary, research shows that even the most-satisfied homeowners would change some aspects of their home purchase if given the opportunity.2 Some question their decision to move to a neighbourhood they still don't love. Others wish they had been less picky about where they lived so they could have paid less. Many are afraid they overspent or think they sacrificed too much in their rush to buy a home.

According to a new survey by Mortgage Professionals Canada, nearly 80% of Canadians still see real estate as a favourable long-term investment. But a growing number of Canadians also as ...

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Monday, May 1, 2023   /   by Evelyn Lopes- Klarine

How to Become a Homeowner on a First-Time Buyer’s Budget

It's not easy being a first-time home buyer right now. At the end of last year, housing affordability hit an all-time low.1 Additionally, mortgage rates have risen significantly since 2021, while inventory remains tight for many property categories, but especially for starter homes. Even lower-priced condos are harder to snag these days, as investors and downsizers muscle out first-timers by offering stronger, often cash-heavy bids.2
 
As a result, many first-time home buyers are finding that they need to get creative to afford a home or risk renting for longer than they planned. If you, too, are struggling to afford homeownership, here are some workarounds to consider as you plot your first home purchase.
 
 
1. Try House Hacking
 
“House hacking” is a real estate investment strategy in which participants use their homes to generate income in order to offset their expenditures.
 
For example, renting out a basement apartment or accesm ...

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Monday, March 27, 2023   /   by Evelyn Lopes- Klarine

Refinancing, Mortgages & Money

Refinancing, Mortgages & Money
Welcome to another episode of Realty Bytes - Conversations on Real Estate and Lifestyle.With your host, Evelyn Lopes, and today’s special guest, mortgage agent Walid Mutahar. In this episode, they discuss mortgage financing and specifically, the topic of refinancing.

Refinancing can be an excellent option for homeowners looking to lower their monthly mortgage payments, access their home equity, or even shorten the term of their loan. But why would someone want or need to refinance? Well, there are several reasons. One of the most common reasons is to take advantage of lower interest rates. If you can lower your interest rate by even a half a percentage point, it can save you thousands of dollars over the life of your loan.

Another reason people refinance is to access their home equity. Home equity is the difference between the current market value of your home and the amount you owe on your mortgage. Refinancing can allow you to tap int ...

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Tuesday, December 20, 2022   /   by Evelyn Lopes

8 CRITICAL MISTAKES First Time HOME BUYERS MAKE and How to Avoid them!

8 First Time HOME BUYER MISTAKES what they are and how to avoid them 
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Thinking about buying a home?  It's so exciting, especially when buying your first home. The temptation is to run out and start looking at homes (which is the fun part!). BUT, before you do that, check out this list of 8 critical mistakes that most first time homebuyers (and even some seasoned buyers) make and more importantly find out how to avoid these costly home buying mistakes..
 
There are a lot of moving parts involved in buying a home- especially for first-time home buyers. There are some common and critical mistakes that you will want to avoid.
 
1- Looking at homes without being pre-approved:
 
Believe me, there is nothing worse than finding a home you absolutely fall in love with and later learning that it is $50,000 out of your price range. By finding out what you can borrow from the bank upfront you will save yourself a lot of heartache. Ensure that you get a Mortga; ...

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