Buying your Toronto home is not an impulse buy. What you purchase, especially for your first home, is unlikely to be your home for life, but the costs of buying and selling a home make it very expensive to buy and sell them on a whim. It is crucial to establish a good home buying plan. Again, your agent can help you match up your desires with what is on the market in your price range.
Sit down with your Realtor® and map out a strategy that meets your needs as a homebuyer. You know best what your family wants in a home, so don't overlook making a list of the features you require. Make sure you realize the difference between your “needs” and “wants.”
Before you have this discussion, do some thinking about this. If you watch a lot of HGTV home shows, you may start thinking that you must have certain features in your new home. With unlimited funds, you may be able to see all your dreams come true, but most of us, as housing consumers, have financial constraints. Homeownership can be very satisfying, but being saddled with an uncomfortably high mortgage payment can ruin the experience. If you can separate what you absolutely, positively need from what you would like to have, you are in the right frame of mind to go shopping.
Once you have your plan in place, here are some additional strategies to consider to help you get great value in your new home:
- “Location, location, location” is a well-known phrase in the real estate market because it's true. You may pay more initially, but investing in a good neighborhood will pay dividends when you’re ready to sell. Of course, some aspects of the “location” you like are personal, but a home located where schools are highly rated, crime is low, and prices are stable will retain value.
- Finding “the right address” at a price you can afford is a big benefit. Consider buying the cheapest home on the street. Making a few upgrades will keep property values rising without out-pricing your home when you sell.
- Buy during the construction phase. Although some would advise against this strategy, many home buyers have profited this way, especially when they had their real estate agent to protect their interests. You have the ability to “order” some upgrades you want which would be costly to install later.
Buy a Toronto home when your circumstances dictate, and buy based on value. As your Toronto Realtor®, I am eager to find you an AWESOME deal based on your needs. I want you to get the best value on your home - even in our hot market. Please check out the details of my Awesome Asim VIP Home Buying Program on my website.
Please read our next blog for insights on the next steps in buying a home.