Relocating, whether for a job transfer or your own initiative, can be daunting because you are going to unfamiliar territory. You are faced with the challenge of finding a new home in a new community and having to accomplish it remotely. Here are some strategic steps that will help you achieve a smooth home search in Toronto, and alleviate some of your relocation jitters.

 

What's the Toronto real estate market like? Are the home prices comparable to where you live now? The answers to these types of questions will give you a heads up on what to expect when you begin your home search. One way to familiarize yourself with the new market is to scan the real estate section of back issues of the newspapers circulated in your target area. Most major newspapers are available at local libraries or online, and major research libraries maintain archives of even wider selections of newspapers.  Check out the real estate or homes sections ot the Toronto Star, the Globe and Mail or the National Post. To receive the latest hot property listings, just fill out our Property Match  form.

  

Working with your real estate professional, estimate the price range to which you will confine your search. Many advisors recommend that your debt to income ratio be no greater than 36 percent of your gross monthly income. In other words, when combined, a car loan, tuition loan, credit card debt, property taxes, insurance, mortgage and other debt payments should not exceed 36 percent of your gross (before tax) monthly income. One way to determine your price range is to obtain pre-approval from a home mortgage lender. As an added benefit, buyers will take you more seriously with this written commitment from a lender, especially in multiple-offer situations.

Start by developing a list of criteria to evaluate communities and neighborhoods. Consider including such factors as commuting; school systems; parks; libraries and community facilities; property tax rates and other taxes; crime rates; cost of living; current and historical property values; age and character of neighborhoods; recreation; outdoor activities and arts; community organizations such as churches, charities and sports clubs; shopping; health care; and other amenities, services and costs.

Undoubtedly, you will be arranging one or more house-hunting trips. Make sure your real estate professional knows exactly what you need and want so that your trips are productive. Take photographs of your current home or clip pictures from magazines to illustrate the kinds of features you'd like in a new home. Develop a home features checklist. Include rankings for the facts you consider most important? price, square footage, number of bedrooms and bathrooms, other living areas, garage space and other features. These may include laundry facilities, appliances, fireplaces, decorator features, landscaping, etc. You may also want to include other factors that may be of importance to you such as trees, age of the home, community pool, and proximity to employment, schools, shopping, hospitals, etc.

 

Moving can be painful or joyous, depending on whom you consult, how well you plan, and how openly you approach the task. Through a process of sound decision-making, you can banish the relocation jitters and ensure a smooth start to a new life.