Homeowners on average will own approximately five different real estate properties in their lifetime. Moving is usually due to a change in life circumstances, thus it is not surprising that the type of Toronto homes we own follow our differing life cycles. Historically, first time buyers entered the market with little money in the bank and a smaller down payment. Because of the real estate prices in Toronto, many first time buyers are entering the market by purchasing condos.
There are many different reasons why people want to make the switch from renting to buying and getting on the property ladder for the sake of paying yourself rent is a big one.
Having proper knowledge of neighbourhoods in Toronto is very important to know where your life stage fits in and where to buy accordingly. For example if you are looking to buy your first home, you may want to start out with a condo or something with relatively low maintenance issues (though there are fees, of course), surrounded by other first time buyers. As a renter, you may be used to having your landlord fix any housing issues. Many people new to homeownership find the assurance of condo fees in the event anything goes wrong a nice ease into owning in the Toronto real estate market. You should always check to see what is covered by the monthly fees as it varies from building to building.
If you want to move out of your starter home and are trading up in real estate for family expansion or want more space, you still need to be mindful of the Toronto neighbourhood you are looking in. If your reason to move is for a growing family, you may need to consider such things as researching nearby Toronto schools or how quiet and family-oriented a neighbourhood is.
We live in a much more mobile society than ever before. People are moving more today than in the past due to job change, increased cohabitation before marriage, divorce etc. Many people’s lives change frequently and suddenly. It is important to buy for what your life today consists of, with sights set on the near future.
Trust in your real estate agent is something you cannot put a price on. I have been a repeat buying and selling agent for many clients and I am here to help you every step along the way in every stage of your life.
“I was referred to Anil by someone who Anil worked for as a buyer’s agent. Anil helped me purchase my new home and sell my condo…I am very pleased with Anil’s expertise in helping me set a realistic plan to prepare the condo for showing, recommending things I need to do, setting an appropriate asking price, conducting open houses and showings, and binding the sale in less than 2 weeks after it was listed.” -Michael Chang
Every real estate purchase you make, whether upgrading or downsizing, should benefit you in some way.
Downsizing in real estate is quite popular for people who are either retiring or have children who have left the family home. When people sell real estate at this stage in life, they are usually looking for something smaller, but as they typically have more money at this later stage in life, people usually want something that is done to a high standard, move in ready, perhaps even a condo would be more suitable.
Whatever your buying or selling motive, as your Toronto real estate agent, I will assist you when you outgrow your starter home, are looking to trade up to a bigger, more suitable place, downsize to suit a change in family dynamic, or for any other reason you are looking to buy to in the hot Toronto market.
Anil Khera
Your Toronto Real Estate Agent