Toronto’s housing market is one of the most competitive in the world. Spanning several diverse neighborhoods, top-rated schools, world-class amenities, and an expansive skyline, it’s no surprise why so many individuals and families are looking to call Toronto home.
The city’s centre, its downtown core, is one of the most sought-after areas to own property. Knowing the do’s and don’ts of house hunting in this area can help you stay competitive against other buyers and ensure you find the perfect home for your needs.
Do: Work with an Expert
Central Toronto is known for its competitive pricing, and as a future homeowner, it’s important to understand how much your money can get you, where to look for the best value, and what amenities are realistic to add to your wish list.
Working with a central Toronto realtor is the most valuable tool in your toolbox. As industry experts, it’s their job to help their clients get the most value for their money. A realtor will handle all of the logistics, negotiations, and coordinate showings so you can focus on finding the right home.
Don’t: Begin House Hunting Without a Budget
One of the biggest mistakes house hunters make is going into the process without a clear understanding of their budget and financial limitations. This is especially crucial in a city like Toronto, where prices are known to be some of the highest in the world.
Before you begin creating your dream home mood board, it’s important to speak with your bank about your access to capital. You can then work with your realtor to find homes that are within your budget — making the overall process easier and more enjoyable.
Do: Get a Home Inspection
No matter where you’re looking to buy, a home inspection is an invaluable part of the process. Inspections reveal any potential issues within the property or problems that may have been overlooked during initial visits — including plumbing issues or faulty wiring. With so many condominiums and homes in central Toronto, it’s important to schedule home inspections for any properties you’re interested in to ensure you’re spending your money wisely.
Don’t: Overlook Resale Value
It can be tempting to lose yourself in the excitement of finding the perfect home for your needs today, but what you may be overlooking is the potential for resale in the future.
When you’re on the hunt, look for features that appeal to the average buyer, such as access to public transportation and local amenities, updated kitchens and bathrooms, and proximity to major highways. These elements can contribute to a higher property value and can be great long-term investments.
Do: Trust Your Instincts
Real estate and house hunting can feel overwhelming at times, with so many homes to look at and amenities to consider. Throughout the process, trusting your gut and your intuition will always help you make smart, informed decisions — especially when it comes to a significant investment like buying a home in Toronto.
