Things to Consider When Buying a Property

Let’s Explore.

Buying a property is no easy feat and comes with its fair share of challenges, especially in a dynamic changing market like Toronto and the GTA. However, like any major purchase, it requires careful preparation, research and guidance. The next few pages will highlight several key factors to consider when buying a property and make the purchasing process more seamless.

Buying Considerations.

LOCATION

The location of the property is crucial. Consider its proximity to amenities such as schools, parks, shopping centres, public transportation, and employment. Additionally, research the neighbourhood's safety, development plans, and overall desirability. This can greatly impact the value of the purchase.

PROPERTY TYPE

Decide on the property type, whether it’s a detached, semi, townhouse, condo townhouse, or a condo. Each category has its own advantages and considerations based on your needs.

BUDGET

Determine your budget. In addition to the purchase price, consider additional costs such as property taxes, maintenance fees, repairs, renovations, insurance, and closing costs.

CONDITION

Assess the condition of the property thoroughly. Are you looking for a turn-key home, fixer upper or something in between? Consider hiring a home inspector to identify any issues that may require immediate repairs or renovations. This will help you avoid unexpected expenses down the line.

TRANSIT

Is the property located close to public transit or highways? These are important factors to consider as it can reduce the time it takes for you to get from point A to point B.

SCHOOLS

Many buyers prioritize purchasing in a good school zone and pay a premium for it. Even if you don’t have kids, it is important to factor this into your purchase as it can greatly affect the value of your property and for resale in the future.

In Conclusion.

Consider your long-term goals for the property and your personal circumstances. Are you buying it as a primary residence, investment property, or vacation home? Your goals will influence your decision-making process. By considering these factors, conducting thorough research and working with a knowledgeable experienced realtor, you can make a well-informed decision when buying a property.