The Buying Smart Checklist (Print Out)

Goal: Avoid Costly Mistakes, Buy With Confidence, and Protect Your Money

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1. Financial Preparation

✔️ Know your true budget: income, expenses, savings, and debt. ✔️ Get pre-approved by a lender before you start shopping. ✔️ Factor in hidden costs (closing costs, lawyer fees, land transfer tax, moving). ✔️ Build a 3–6 month emergency fund separate from your down payment.

2. Mortgage Strategy

✔️ Compare A lenders, B lenders, and private options. ✔️ Ask about fixed vs. variable — which suits your risk tolerance? ✔️ Understand stress test rules and how they affect your approval. ✔️ Consider portability if you might upgrade homes in a few years.

3. Choosing the Right Property

✔️ Define your non-negotiables (location, size, parking, schools). ✔️ Research neighbourhood trends — not just the property. ✔️ Understand property tax, utilities, and maintenance costs. ✔️ Always factor in future resale potential.

4. Due Diligence

✔️ Never skip a home inspection (even in hot markets). ✔️ Include financing and inspection conditions in your offer when possible. ✔️ For condos: review the status certificate with your lawyer. ✔️ Confirm zoning, permits, and any restrictions before firming up.

5. Making the Offer

✔️ Work with your realtor to understand local pricing trends. ✔️ Be ready for multiple offers in hot markets. ✔️ Don’t get emotional — have a walkaway price in mind. ✔️ Consider closing date flexibility as a negotiation tool.

6. Closing Smoothly

✔️ Retain a real estate lawyer early in the process. ✔️ Arrange home insurance before closing. ✔️ Transfer utilities and set up mail forwarding. ✔️ Review your lawyer’s Statement of Adjustments carefully.

Pro Tip: Real estate should be bought with a 7–10 year horizon to ride out market corrections. Think long-term wealth, not quick flips.

If you have any questions about the buying process, feel free to comment below.

Check out Module 3 for the in-depth crash course for buying real estate in Ontario: