Buying a home is a monumental decision; not only is it likely the largest financial investment of one’s life, but it also becomes the place where you will eat, sleep, and share with your family for the foreseeable future.
Looking for more home-buying tips and insights? Download our Buyer’s Guide for a full breakdown of everything you need to know.
Formulate Your Plan
To approach this significant undertaking effectively, it’s important to ask yourself, understand very clearly what you’re looking for and what you aren’t, and then formulate a plan to execute against that checklist. This is particularly critical in a market as diverse and competitive as the Toronto market, and will help ensure you find success in one of the most inflection points of your life.
In terms of what to consider for your proverbial checklist, you can be as broad or as specific as you are comfortable with. Keep in mind that the more specific you are though, the fewer choices you will have in the market, and if you are after something the market values tremendously that it may result in a more competitive and thus expensive purchase.
Don’t Chase Perfection
Another good thing to keep in mind is something that I tell all my buyer clients: “There’s no such thing as a perfect house unless you have an unlimited budget”. There will likely come a time when you need to decide what you’re willing to compromise on and what is a “must-have”, and getting a grasp on that as quickly as possible will help lead you to a successful purchase.
Get more buying advice with these posts next:
- Should You Compromise When Buying a Home?
- What Happens if You Regret Your Home Purchase?
- Should I Buy a House that’s Been on the Market For a Long Time?
What Type of Property Are You Looking For?
A good place to start is determining what style of home you most want.
- Do you want a condominium or a freehold?
- Do you require a detached house, or is a semi-detached sufficient?
While your budget may shape this decision, you can also influence your options by determining what locations you are willing to consider.
If you need to live in a certain neighbourhood that the market values highly, you may have to compromise on the style of your house. On the other hand, if you’re willing to consider a broader range of locations, you will likely be able to get more for your money. Considering your needs in terms of house functionality, as well as how important a certain location is to you, is a great place to start.
Check out our featured listings to see what’s currently available on the market.
Now, Let’s Go Inside
Following that, you can narrow your checklist. I usually ask my clients next how many bedrooms and bathrooms do they require, as well as if parking is necessary. At this point, you should have a fairly narrow scope on available properties already by just considering location, style, and the above specifics.
This should give you and your agent a good place to start in terms of viewings, and seeing properties in person is always a crucial part of the process.
Real-Life Showings are Better than Photos
For one, I always say the only things that lie more than social media photos are real estate photos. Understanding the true essence of a property requires more than seeing it from behind a screen. In addition, seeing things in person will help you understand even more what it is you do and don’t like, and can uncover both new wants or needs, as well as create a new understanding of non-starters.
We’ve written extensively about the process of buying a home in Toronto. Here are a few more posts you might find helpful:
- Fixed Rate Vs. Variable Rate Mortgage: A Guide for Home Buyers
- What are the Elements of a Real Estate Purchase Agreement
- Offer Tips For Home Buyers: How to Win in Any Market
The Devil’s in the Details
At this point you can be even more specific. Perhaps you want a separate entrance to the basement for an apartment or in-law suite.
Lots of people want recently renovated kitchens and bathrooms, or perhaps you are handy and have the aptitude to add value yourself and finish those rooms to your own taste and would like something that requires a little modernization.
Is a main-floor washroom a must? Some people have a sense of these wants/needs from the outset and can start with them, while others can create this checklist along the way.
The more you communicate with your agent about your feelings, and the more you explore what is available in your desired area, style, and price range, the closer you are going to get to finding the perfect house.
Think Beyond Brick and Mortar
Beyond the tangible specifics of a home, there are some intangibles you must consider as well. If the property was recently flipped, explore the quality of the renovation closely. Often times these sellers cut corners and use cheap materials that “look” good but aren’t suitable or appropriate for many buyers.
Understand the pride of ownership put into the home, and how the current owners treated the house. There are ongoing costs associated with home ownership, but inheriting a home that was well cared for and valued can mitigate these costs significantly.
Take a close look at the home inspection, and understand if the systems of the home have been maintained, serviced, and kept up to date. If a property was tenanted, take extra caution to see that the previous occupants treated the house the way you’d like – as a general rule, homes that are owner-occupied have been much better maintained than those with an occupant who doesn’t actually own the property.
Feeling overwhelmed by home inspections? Some items are more serious than others. Read our blog: Things That Fail a Home Inspection
Look Beyond the Property Line
Many people like to assess the neighbours on the block, and the maintenance of the nearby houses. You’re going to run into these folks frequently, so feeling comfortable with the demographics is critical.
Perhaps a family doesn’t want to live in a condo that’s got lots of young professionals who spend their Friday and Saturday nights preparing for their night out on King West, and a young couple may not want to live in a sleepier neighbourhood outside the city.
A street with houses that are well-maintained and the homes have strong curb appeal will help maintain the value of your investment, and simplify the resale process when the time comes. While these things are out of your control to a certain extent, the more information you can glean, the better off you will be.
Buying a Home Can Get Complicated
Purchasing a home is different from any other purchase you will make in your life, and that consideration extends beyond the simple scope of the cost. Real Estate valuation is subjective, and unlike purchasing something from the grocery store where there’s a set price and we’ve all agreed to accept that’s the price, two unique buyers can value a property entirely differently. This point is magnified by the fact that no two houses are exactly the same.
The Best Approach?
Having a clear understanding of what you’re looking for and what you value while also understand what you are willing to compromise on will help you know when you find the right property, but also may allow you to find the best value for your purchase as you won’t pay for features you don’t need and will enjoy the discounts in the home with the imperfections you are comfortable taking on.
This process takes time, thought, and communication with yourself and your agent, but is well worthwhile to make the sometimes overwhelming process as seamless and efficient as possible, and maximize your likelihood of reaching the best result. With a transaction of this financial magnitude and impact on your day to day living, it would be irresponsible to not think this all through.
If you’re interested in discussing what you’re looking for in your home purchase, what that process looks like, or just want to discuss Toronto real estate in general, we’d love for you reach out. We are always open to chat, and helping people find their next home is why we do what we do!
Get in touch with us today by filling out the form on this page, calling us at 416.642.2660, or emailing us at admin@torontorealtygroup.com.
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