The most common mistake West Toronto home buyers make is that they buy with their heart instead of their head. They pay more than they should, much over the asking price in case of multiple offers, they do not inspect the property thoroughly until after closing and find defects in the home or discovered the neighbourhood isn’t quite what they thought.

The best way to avoid this is to be prepared when you buy a home in West Toronto or any other part of the city. Do the research and find the right agent and other professionals who will protect your interests.

Agents give you objective advice about what a home is worth. The agent will also give advice about lenders and home inspectors to ensure you get the best mortgage rate and that the home is properly inspected before you sign the final paper. They will also be able to explain the fine print of any agreement so you know what to expect on closing. Although it is not mandatory to use an agent to represent your interests, you will not have the benefit of the advice and experience of an objective third party before making probably the largest investment in your life.

Take a walk through the neighbourhood and talk to people.  You can also tell how long it may take you to commute to work during rush hour. By speaking to people, you can not only get a sense of the friendliness of the community, but also find out if there are any surprises that no one is going to advertise.Remember; you can always make home improvements to your house if there's something you don't like. But changing your neighborhood?

Do you see a lot of For Sale signs? Do you suspect any problems? Listen to all noises, roads, highways, planes etc...

If you have kids, then the quality of local schools is a huge issue. Even if you don't have children schools still matter simply because when it comes time to sell, your buyers will likely have kids.

With property taxes falling, cities have to cut back on the public services they offer. Parks, libraries and police often get the ax first. Drive through a potential neighborhood, and then through the town, and look carefully for clues that the city is having financial trouble. Are the streets clean? Are the parks in good condition? Is the grass cut? Check the library as well. Have they had to cut their hours? You could also ask the librarians about the neighborhood. They're often a gold mine of information.

When it comes to mortgages, it is not enough to know in advance how much you can safely borrow based on your income. Buyers should also realize that the lender will do an appraisal and if the lender believes you paid more than the house is worth, they will not give you the full amount of the loan that you expect.

Title insurance can be arranged through your lawyer. You will be protected against unpaid taxes or water bills by the seller, as well as problems that are not known at closing. This includes problems where part of the home or swimming pool is in fact on your neighbour’s property. However, it is a mistake to believe that title insurance will protect you against everything. For example, title insurance will not compensate you if you thought your lot was 50 feet and a later survey showed that it was only 48 feet.

A survey will reveal all boundary issues in advance, which will ensure that you do not have problems after closing, especially if you plan on making additions or other improvements.

The home inspection is a critical part of the process, so do your research. Make sure the company is registered before retaining them. Most inspection firms have a limitation of liability clause, which states that if they miss something that costs you money, they are not responsible. It is better for you if the company does not have this type of clause.

If you’re thinking of renting the basement as a separate apartment ask the inspector if it meets proper fire code standards and if not, an estimate of what it would cost to make it comply. The inspector should also be able to give you advice on what upgrades you’ll need to cut insurance costs. For example, knob and tube wiring or asbestos insulation could cause your insurance premium to double or more.

If you follow these simple steps and buy with your head instead of your heart, chances are you’ll get the house you want at a price you can afford.