Head Office:  12598 Hwy 50, Bolton, On  L7E 2T6 (Behind Tim Horton's at South End)

Branch office: 2185 Adjala/Tecumseth Townline New TecumsethON   L0G 1W0


 

Office: 416-400-6599    Toll-Free: 1-888-657-6599    

 

 

Moving Out of Province? What You Need to Know About Real Estate Transactions

Moving out of province is a major household upheaval process, but it's often necessary for a better employment position or improved quality of life. Regardless of your reason to move, purchasing a home in the new location is often the top priority. Typically, the current home must be sold, so that the homeowners can use those funds for the next property. Although the moving process seems relatively straightforward, be aware of specific issues you might encounter as you move between provinces.

A Good Agent Makes a Big Difference

When you purchase a home out-of-province, it's important to have a real estate agent that's familiar with the area. Research your potential representative by going online. Read through various reviews and even ask for possible referrals through these sites. You can find a strong real estate agent with thorough research processes. These professionals will be your eyes and ears in the new province, so that you can find the best property for your family. Interview several agents before making your final decision, however. Each person has a different personality that must match your needs.

Wary Lenders

Buying a home in another province is unusual for many lenders because they deal with local transactions most of the time. Ideally, you should ask your real estate agent about local lenders who specialize in out-of-province transactions. These professionals will be less wary of your intentions. In fact, some inexperienced lenders may refuse your loan because you're not in the province. It's important to have a solid reason for the move, such as new employment or family nearby. When a property purchase is logical to the lender, they'll be more prone to offer terms to the borrowers.

Consider a Rental First

If you're feeling overwhelmed by the out-of-province hurdles, there's no harm in renting a home in the new province at first. Renting an apartment in or near the neighborhood you desire is the perfect way to become acquainted with the area. A neighborhood that seemed perfect for you might be the exact opposite when you arrive in town. Essentially, you give yourself more time to research the area and place bids instead of hurrying through the real estate process without a rental in place. 

Use Online Tools to Tour Prospective Neighbourhoods

If you're determined to find a property out-of-province, use technology to enhance your search. Certain websites allow you to "walk" through a neighborhood based on inputted coordinates or a street address. Although it's a still picture, you can still see the basics of a neighborhood. You can walk past your prospective home and visit a nearby park, for example. Online tools give you an accurate view of your new neighborhood, so that you can make an intelligent real estate transaction.

Take a Vacation to Your New Neighborhood

In most cases, it's critical to spend several days in your prospective new neighborhood. Schedule a weekend or week-long vacation to the area, and simply drive around. Visit with neighbors and eat at the local eateries. You should feel comfortable and excited about moving to this area when you experience it firsthand. If you have any reservations about the area, you should take them seriously and evaluate them before any transactions progress.

It might be necessary for the breadwinner to move out to the new province before the rest of the family. The kids, for example, may need to complete their school year before moving. Keep all of the family members connected using video chats and messaging in the meantime. When the breadwinner has a chance, they can look around prospective Neighbourhoods and offer their opinion on a future purchase. The family may be fractured right now, but it's temporary. In the end, everyone benefits with a more enhanced vision of the prospective new neighborhood.



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Head Office:
12598 Hwy 50
Bolton, ON L7E 2E6
(behind Tim Horton's, South hill)

 

Branch Office:
2185 Adjala-Tecumseth Townline
Tottenham, ON  L0G 1W0

 
 
Office: 416-400-6599
Toll-Free: 1-888-657-6599
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The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

Information is deemed reliable but is not guaranteed accurate by TREB.

Toronto Real Estate Board - IDX Last Updated: 9/21/2017 6:36:31 AM