Find Your Dream Home Online

by Michelle Tampoya, moneysense.ca

Don't look through the pages of your realtor's listings or drive up and down streets trying to spot a "for sale" sign. The new way to search for the home of your dreams is to go on the Internet.

Whether you are moving across the country or across the street, doing some research online will help you find your dream home.


Mortgages online

If you plan on buying a home but don't know how much you can afford, visit your bank's Web site. Most banks let you apply online for a mortgage or a pre-approved mortgage. A pre-approved mortgage will let you know in advance how much you can borrow, and secure your lender's approval for that amount.


Multiple Listing Service

Multiple Listing Service (MLS) was formerly available only to real estate agencies. You would have to visit an agent and tell him or her your preferences for buying a home, including factors such as nearby schools, transit or shopping.

Now, you can access the MLS through the Internet. MLS Online (www.mls.ca) will ask which province, town and part of town you want to live in. You specify what type of home you are looking for - detached, semi-detached, condo or apartment - and your price range. MLS Online displays a list of results with pictures and the name of the realtor. Some listings include a property brochure, extra photos, audio and video. You can also use MLS Online to find a realtor in a specific area.

Most home Web sites will let you search the MLS, along with searching by agent, builder, inspector and for-sale-by-owner (FSBO).


Virtual Tour

Some Web sites, such as Realtor.com (www.realtor.com), offer a virtual tour that gives you a look inside the home. Video of the home allows you to take a walk through the house and examine it from various angles. This is beneficial if you can't physically visit the property - for example, if you are moving across the country.

Community information

If you can't visit the community you are moving to in advance, relocation sites can be helpful. The site for Canadian Relocation Systems (www.relocatecanada.com) offers valuable information when relocating. It offers links to Web sites that include information on weather, cost of living, safety, day care, vehicle registration and licensing, taxes and more.


Inspectors

You might also want to hire an inspector to assess the home you want to purchase. The cost ranges between $200 and $500 an hour. This cost, however, can save you money in the long run, as knowing what the problems are can allow you to lower your bid or to avoid a problem house altogether. The Canadian Association of Home Inspectors (www.cahi.ca) lists inspectors with their phone numbers and email addresses.

Home inspection is still fairly new and unregulated. Anyone can become a home inspector regardless of qualifications or experience.

So when hiring an inspector, look for his or her qualifications, scope of inspection, a sample report, references, memberships and industry associations, and what policies cover instances in which an error is made. Most of these specifications are offered on inspectors' Web sites, or you can email them and ask for yourself.


Where can I get more information?

Most people, unless they are real estate agents, do not know what it takes to buy a home. Professional advice can be quite beneficial. When choosing an agent, look for someone who is a member of The Canadian Real Estate Association, a trade association whose members abide by a code of ethics. You might also find a Canadian agent through the National Association of Realtors, which, although it is based in the United States, lists some Canadian realtors and also has a code of ethics.

Realtors keep track of neighborhood price ranges and trends. If you are seeking some property that is not actively available on the market, a realtor may be able to help you access the property.

Besides negotiating for price, financing, terms, possession and whether or not to include repairs, a realtor can advise you on which inspections and investigations are needed.

Your realtor can help you with your financing and closing. Depending on the province, a realtor or a lawyer can close a deal. A realtor can help you understand the small print, such as taxes and moving costs.


Renting

Searching for a home to rent can be just as difficult as finding a home to buy. With rental vacancies in Canada's metropolitan centres falling and the price of rent increasing, it can be difficult to find rental accommodations.

In places where there are low vacancy rates, rent tends to be higher. Research in early 2001 indicated that the highest average monthly rent for a two-bedroom apartment was in Toronto ($979) and the lowest was in Trois Rivieres ($413). Instead of searching on foot, browse the Internet. Web sites can give you the average price range for renting a home in certain neighborhoods. Online neighborhood bulletin boards frequently post homes for rent.

If you plan on moving, do your research. A home will probably be one of the biggest investments in your life. Take your time when searching. Make sure you are comfortable with your choices and the people you choose to work for you. The Internet is an ideal way to do some of this work, saving you not only time but effort.