If you’re thinking about buying a new home in Toronto, there are a number of things you need to think about before you make an offer. Of course, you need to consider home prices and the costs of living in the city. 

However, you also need to think ahead to plan for your future. Are you planning on adding new members to your family? What about pets?

These questions barely brush the surface when it comes to buying homes in Toronto. But don’t worry, we have more insight to offer. Keep reading for an in-depth guide on everything you need to consider when vetting your options for homes. 

1. Your Budget

First, take a look at your financial picture. How much money can you afford to spend buying homes in Toronto? 

Now, keep in mind that owning a home vs renting comes with additional costs. For example, buying and owning a home include:

• Realtor fees
• Closing costs
• Furnishing costs
• Property taxes
• Homeowners insurance
• HOA fees
• Utilities and services
• Home repairs and maintenance
• And more

When looking at your monthly cash flow, be sure to account for all of these costs. Don’t over-extend yourself and get trapped in a house you can’t comfortably afford. 

2. Your Home Loan Eligibility

Once you’ve assessed your personal budget, you can apply with your bank or another lender for a home loan. At this point, you’re only seeking a pre-approval letter. This will give you an accurate depiction of your loan qualifications in terms of:

• Loan amounts
• Types of loans
• Interest rates
• Loan terms

We recommend getting pre-approved before house hunting for a couple of reasons. First, you will know exactly what price range you should be shopping under.

Secondly, knowing your loan eligibility will help you avoid making an offer on a home and being rejected by your lender. This scenario can be both disheartening and embarrassing. 

3. Location

Living in Toronto can be a wonderful choice for anyone looking for homes for familes. However, to find the best house for your family, you need to prioritize your needs. Primarily, we’re talking about buying homes in Toronto in the right neighborhoods. 

Do you want to live in town or more remotely? Do you like the downtown scene or do you prefer a quiet neighborhood in the suburbs? 

Remember, the choice you make will impact commute times, what schools your kids can attend, nearby amenities, and more. If you have children, you might want a home located near parks and playgrounds.

If you don’t have kids and are career-oriented, you might want something closer to the heart of town. Living downtown will also give your greater access to certain activities in Toronto, including its thriving nightlife. If this appeals to you, click here to discover more about why you should live downtown.

4. Home Square Footage and Features

Another thing to consider when buying homes in Toronto is square footage. Considering the size of your family, how much room do you need to be comfortable? How much space and privacy should you a lot for each member of your family?

These issues are particularly important for people who have children or are planning on having children/more children. 

When kids are young, they can share rooms. However, as they get older, they’ll need their own space. Too little privacy and space can lead to conflict in the house. 

Aside from square footage, you also need to think about the features you want in your next home. For example:

• How many rooms and full bathrooms do you want?
• Do you prefer a home with an attached garage?
• What about storage space?

Make a list of priorities to identify what features are most important to you and your family. You might get lucky and find a home with everything you need. Otherwise, you’ll need to determine the areas in which you are willing to compromise. 

5. Lot Size and Property Features

Important features aren’t exclusive to the inside of your home. You might have specific needs or wants concerning your property and outdoor features.

For example, do you want an additional outdoor building like a shed or a workshop? Maybe you need a fenced-in backyard for current or future dogs? What about outdoor entertainment features like hot tubs, fire pits, and patios?

Of course, you can always add these types of things to your home after you move in. However, finding a home that already has these features would be an attractive selling point. 

6. Neighborhood Quality, Safety, and Security 

Sadly, safety and security are never things you can take for granted. Of course, some neighborhoods are safer than others. If you’re looking at buying homes in Toronto to raise your children, this should be a major priority. 

Talk to your realtor and do some independent research to identify the safest neighborhoods in Toronto. Based on the results of your search, you can narrow down the areas in which you want to live. 

However, it’s important to understand that neighborhoods of higher quality, and those that offer more safety and security, often come with higher-priced homes. Yet, in the grand scheme of things, it is a small price to pay for something of such significance. 

7. New, Used, or Custom-Built

Finally, when buying homes in Toronto, you have three fundamental options – new, used, or custom-built. Each of these options for homes come with their own list of pros and cons. 

For example, if you buy a used home, you know that other people lived there, used the bathroom, walked around barefoot, spilled things, made messes, etc. Yet, buying a used home will be the most affordable option. 

Conversely, buying a brand-new home means no homeowner history. Furthermore, all of the home appliances will be brand new, there will be a new home warranty, and everything will be immaculately clean. 

Along the same line, building a home gives you the same benefits plus the option of customizing the home to your standards. You can choose everything from where the home is located to how many power outlets you want in each room. However, new homes and custom-built homes will be more expensive. 

Looking at Buying Homes in Toronto?

If you’ve been scanning the real estate market in Toronto lately, nows is the time to start being proactive. Reach out to a real estate agent to start hunting for the perfect home for you and your family. And remember the factors listed above when buying homes in Toronto to avoid making a poor decision. 

For more real estate advice or consumer tips, stick around and look through some of our other articles. Our blog was created to help our readers learn more about the world around them. 

The real estate market is booming nowadays like never before. Selling real estate is an easy task these days. While such matters require planning and time to Investing In Real Estate, there are simple options for hiring affordable services at lower prices in exchange for the limited services offered at Real Estate View deals.

With more and more people joining this field as professionals, one can wonder how many growth opportunities it offers. The sudden boom in the real estate industry resulted from a change in the views of citizens. Earlier, any property was considered only as a shelter or as a basic need. But now, in changing times, a home can mean a lot. This is still a basic need; for some, it is a way to flaunt their financial superiority and others it’s just another investment.

People who want to Investing In Real Estate and are looking for the best deals should look for issues like properties for sale. The expected growth of the market is tremendous. Although you will certainly invest in real estate, one should consider other important factors as well. 

Here Is Few Things To Investing In Real Estate

Evaluation

While buying or selling any property, it is advisable to thoroughly examine the cost of the land and the structure above it. Several factors can increase or decrease the value of an estate, and they all need to be analyzed in depth. While evaluating a property, factors such as insurance, taxes and listing pricing should not be neglected. Several methods, such as a cost or income approach, can help determine the correct value of a property.

A correct appraisal of the property will only lead to a correct deal and broad treatment of money. It would be not very intelligent to spend much more than the actual value of the property.

Location

When dealing in a property or buying it for an investment purpose, it is very important to note the location. If you want to live somewhere, it is necessary also to examine the neighboring areas and their connection. Markets, schools, banks, hospitals, etc., around the property, make it more feasible for the resident. One should also check the surroundings keeping in mind the safety of the residents. All in all, the location of the estate is of paramount importance.

It’s Time To Choose

There are many agents in this field who charge a large commission on successful transactions. Still, to reduce the burden on investors, companies like Real Estate View have created a free market for buyers, where they do not have to pay any commission. The debate between the two is still ongoing, but it is all up to the client to make a wise decision.

Final Thought

The good news is that you can also take advantage of their online services. The internet is a good source for finding a company, and this is where you can find a detailed description of the Real Estate View company and the services they offer from the comfort of your home. So, hire a professional and experienced real estate agent and find your dream home easily.

Did you know the rate of homeownership as of 2019 is 64%? This is down from the old average around 2007 when 66% of those in the U.S. owned their homes. This may be because more people are choosing an apartment vs house. 

Before making your decision about where to live, it’s best to weigh your options to discover the better choice for you. We’ll look at aspects of each, so keep reading. 

Pros of Renting an Apartment

Buying a home was a part of the American Dream, but renting is just as popular considering housing prices and social changes. Here are some pros of apartment hunting vs homebuying. 

1. Little to No Maintenance 

One morning, you wake up, start to get ready for your day, walk into your bathroom, and step in a puddle. Oh no. There is something wrong with the plumbing, and your bathroom is submerged under an inch of cold water.

When you live in an apartment, you don’t need to worry. Instead of dealing with a costly bill from a plumber, you can simply call up your landlord or maintenance team and explain the issue. Apartment complexes often have 24/7 on-call maintenance staff to help with everything from fixing a broken pipe to testing the fire alarms. 

2. Amenities Close to Home

No matter what home you move into, it will be hard to match the level of convenience that the amenities that come with apartment living have to offer. Where else can you find a fitness center, swimming pool, tennis court, playground, dog park, hiking trails, etc., all within walking distance of your home? Furthermore, you can enjoy all of these luxuries without racking up extra bills. 

3. Lease Flexibility 

If you are not the type to settle down in one place for long, the idea of a 10, 15, or 20-year long mortgage may seem suffocating. Instead of locking yourself down in a multi-year contract in one place, apartment lease terms offer flexibility. Most apartment rental agreements allow tenants a one-year-long lease with the option of renewal when it expires.  

Metropolitan areas may offer month-to-month or even weekly rental agreements that only require tenants to commit for short periods of time. Month-to-month lease agreements may be slightly pricier, but it is a better option than signing a year-long lease and breaking it halfway through. This is also a good option for families looking to move to a new area who want to get a feel for the place before long-term renting or buying a house. 

Pros of Living in a House

You can find a mortgage rate similar or cheaper than the cost of rent. So why would you choose to buy rather than rent? Consider these pros about homeownership to find out what the better choice for you is. 

1. Making it Your Own 

A struggle those renting houses have is decoration. Either the landlords don’t allow tenants to paint or make major changes, or any changes they make have to be reverted back before moving out. You may love the color olive green for a living room, but if you have to cover it up with several coats of eggshell white, why bother? 

Here is where being a homeowner gets really fun. When you buy a home, you can make it your own by repainting, putting up wallpaper, or making renovations. 

2. Put Down Roots in Your Community 

Buying rather than renting, especially in an area with family-friendly housing, allows you and your family to engage and integrate with your community. In addition, homeowners make an investment in their property, so they tend to stick around longer and get involved. 

Do You Know the Better Choice for You? 

Whether renting an apartment is the better choice over buying a home is hard to decide. It depends on your lifestyle, finances, and want out of your community. 

For more advice on finding a home, check out the rest of our posts!