Buying a Home in Toronto

Are you buying a home in Toronto? Choosing the right house in Toronto can be a difficult task.

It's impossible to give a one-size fits all recommendation as to what kind of house you should buy.

Every person has their own needs, priorities and personal situation.

Very often desires, priorities and possibilities come into conflict, and it may be hard to find a compromise.

There are, however, several principles that should guide your decision.

When you are buying a home in Toronto, you keep 3 things in mind:

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  1. You are buying a home for yourself, and you should be comfortable in it.

  2. You are not buying just a housing, real estate is also investment. Therefore, when you are buying a home in Toronto, you should evaluate whether you can sell it profitably in a few years. You should calculate whether your house or condo will rise in price, what factors influence it, whether you can do something yourself in order to sell it with a profit.

  3. Another important factor you should consider when buying a home in Toronto, is location.

In this article, we will discuss the first two factors that should influence your decision about purchasing the right house in Toronto.

For more tips on location, read our tips on where to live in Toronto and how to choose location.

a picture of an expensive house in Toronto

Let's consider the quality and the appearance of your future home. You should understand that it is impossible to find the "perfect" Buying a home in Toronto, therefore we should strive to find a home that closely corresponds to your idea of "perfect".

Apart from your needs and desires, you should also take into account your priorities and financial possibilities.

When you are buying a home in Toronto, your main criterion should be how comfortable you will feel there.

If you do not like something about a house or apartment from the beginning, you should think hard whether it's worth buying it at all. It's better to put an extra effort and time, but find something that will satisfy you completely.

The second criterion is the investment attractiveness of your purchase. Here are some simple guidelines that will help you make the right decision.

Try to choose a house or an apartment that is not very much different from other houses in this street, or other condos in a condominium.

It's not a good idea to have the biggest or the smallest house in a street. Each area is focused on certain social groups, and if a property stands out from the crowd, it's difficult to sell it.

For example, you won't be able to sell the biggest house in the street at a much higher price than other houses in this street, as they will affect it's value.

And it will be difficult to find a buyer for a very small house, as it might not be a good fit for the category of people looking for a house in this area.

When choosing a detached house in Toronto, go for a house with a large plot and with fewer neighbors.

When you are buying a home in Toronto, check if there is room for improvements that you could do on their own, and thereby raise their value.

a picture of a cheap house in Toronto

For example, if the house is in disrepair, quality cosmetic repairs can help raise its price.

There is another very good rule - if you like a property, so will your future buyers. If you found some defect, so will the buyers.

You should, however, make a distinction between defects that can be fixed and those that are impossible to fix.

For example, you could easily replace the carpet in the bedrooms and thus raise the price of the house. But if the ceilings in the rooms are low, you won't be able to replace them.

Assess your future proerty in terms of opportunities to update and improve it (eg, build a pool, upgrade the facade, improve the landscaping, etc.) with the view to raising its price.

When you are buying a home in Toronto, be sure to analyze whether your house will stand out from the crowd of other houses in this area, whether you will be able to find a buyer, and how much you higher would you be able to sell it.

The age of the house is also a very important factor. You have to understand that over time all buildings decay, especially if they are not properly maintained.

a picture of a house in Toronto being improved or upgraded

You may need to make serious repairs, including replacement of pipes and electrical wiring. Also, some old houses may have a bad house planning and may look outdated.

One of the pros of buying an old house in Toronto is that they are built in the areas with large trees, close to highways and subway, which makes reselling them easier.

As you can see, when you are buying a home in Toronto and you want to make a good purchase, you should take into account many different factors.

To make the right decision, you need to have statistical information on real estate Torono sales in the areas where you would like to buy it.

Therefore, you will need help of a good Toronto real estate agent, familiar with the city and its neighborhoods. Their services are usually free for the buyers.

On Buying a home in Toronto - How to Choose A House I used materials written by Helen Riabinin, Sales Representative, Century 21 St.Andrew's Realty Inc. for Russian Toronto.

Related articles:

Where to live in Toronto.

Buying a house in Toronto - how to choose location.

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