The process of buying a property can be very daunting sometimes. It is a process that can cost the buyer a lot of money if he or she is not careful. Purchasing a property is one of the great investments that you can make. For you to be successful, there are certain pitfalls that need to be avoided at all costs. This article has compiled a list of those mistakes that you need to avoid.
Failure to consider the factors that will affect its resale value
The resale value of a property is affected by many factors. It is imperative to consider these factors when buying a home. Some of them are apparent while others are unforeseen, and they should always be considered. Its location is one of the important factors that determined its value. You are advised to avoid buying a property next to the hydro lines, gas stations or next to subway stations. Its value is also affected by the neighbouring homes.
If you own the most expensive property in a certain street, then its appreciation potential will be limited. This problem might even become worse if you are planning to model it in future. You should, therefore, avoid falling in love with such a property. If it is a condo, its value might greatly be affected by the future developments in that area especially those which may obstruct its view.
Purchasing a home on short-term basis
These are some clients especially the first time buyers who prefer living in a home for about 5 -6 years. Their financial situations limit most of them. Some situations might change around this time. For instance, you might need more space. Moving to a new house is a bit costlier in the modern days. You will be required to pay a commission, and land transfer tax when buying a new property. Together with the cost of furnishings, this might cost you about $ 50,000. Buying a house on a long-term basis will help you in saving a significant amount of money in the long run.
Being too picky
Most of the first time buyers are confronted with many items on their wish lists. Those who have unlimited funds are forced to compromise on various items. Some of these compromises include making extra repairs on your own, foregoing the extra bathroom and accepting an outdated decor. You should avoid being too picky as this might cost you a great amount of money.
The process of finding the condo of your dream is a process that takes patience, guidance and time. This is one of the greatest and exciting investments that someone can make in his or her life. Condos in Toronto are surrounded by a world-class city, award-winning restaurants, and respected cultural institutions. Every planning to buy one is advised to focus on the floor plans or size. In addition to aesthetics and layout, certain important steps can help you in finding a perfect condo . They include;
Determining your budget
Since 2015, the condo market in Canada has experienced a sharp increase in the selling price. This is attributed to the high demand for them. Anyone looking for such a property in Toronto and other cities in Canada is advised to plan his or her budget. This is the best way of deciding whether someone can afford a home of his or her dream. Hiring the services of a financial adviser can help you in determining the mortgage that you qualify for.
Hiring an experienced realtor
Finding a condo that meets all the specific needs of a person is very challenging. Reputable and experienced realtors have an in-depth knowledge and specific experience when it comes to the real estate market. They have a clear insight into the different buildings. Condo specialists are ready to guide the buyers and sellers through the process as well as helping them from making costly mistakes.
Get to know the ratio of renters to condo owners
The building’s demographic and the owner-to-renter ratio is very important. This is the ratio that makes the owners take care of the common places and their units. The living environment created by young professional renters or university students is different from that of more established owners.
Asking about access and guest amenities
Individuals who are more likely to receive visitors more often should inquire if there are some rentals guest units. You should ask about the visitor’s parking, the cost of rental facilities and the nightly rental rules. It is also important to inquire whether your visitors can be allowed to access the condo’s pool or gym.
Put yourself in the landlord’s shoes
This involves evaluating the property as an investor. Doing this will help you in identifying which properties have a better resale value. The demographic changes that affect the real estate in Toronto should also be considered. The condo chosen should be appealing and family friendly.