June 13, 2024 | Buying
How To Invest Wisely In Toronto Real Estate?
Whether you’re diving into the real estate market for the first time or seeking to upgrade for your growing brood, buying a new home and moving is no small feat. With the cost of moving high and home prices even higher, homebuyers usually stay in a house for a minimum of 7-10 years, which is why it’s not just about picking a place to crash, it’s about securing your slice of the future – a decision that demands careful consideration. Beyond the physical structure, it’s about the whole package – location, transit, and yes, even the size of your lot. During certain market conditions, particularly in a buyer’s market, ensuring the foolproof nature of your investment becomes even more crucial.
Let’s unravel the top 5 secrets to making a savvy investment in the ever-evolving world of Toronto real estate.
1) Location, location, location:
The cardinal rule of real estate holds true in Toronto as anywhere else. Whether it’s nestled in an established west end neighborhood or poised in an up-and-coming pocket that’s pegged to be the next big thing, the quality of the neighborhood matters. Consider aspects like proximity to amenities, green spaces, and the overall vibe of the community. Is it a neighborhood that’s likely to appreciate over time? Pay attention to the a micro-location too – a quiet street might be preferable to a bustling thoroughfare. If you are looking at family friendly pockets, investigate the quality of the schools, after school activities and a family friendly vibe.
Looking for neighbourhood guides? We’ve got you covered. Check out some of our West End Toronto neighbourhoods right here:
2) Proximity to transit:
In a city where commuting is practically a way of life, proximity to transit hubs can skyrocket your property’s value. Picture easy breezy access to the subway or streetcar – it’s the gold standard. Shoot for that sweet spot – close enough for convenience but not too close for comfort, ideally within a leisurely 1-3 block stroll. With more folks embracing public transit, properties near these transport nodes are primed to fetch a premium in the market. It’s not just about the convenience, it’s about elevating your lifestyle with seamless commutes and precious time saved shuttling to and from work.
3) Lot size and configuration:
The size and layout of the lot are crucial considerations, tailored to meet diverse needs. For first-time buyers, it’s often about manageable upkeep, while growing families seek out more outdoor space for their kid’s enjoyment. The width of the lot takes the top spot in importance, so narrow homes will be worth less now and later. Assess any quirks that could impact future resale value – from proximity to bustling intersections to unconventional lot configurations. A good rule of thumb: if something gives you pause, like being across from a bustling school or a commercial space that might become a nuisance, it’s worth taking into account.
Learn more about navigating the real estate market as a buyer with these posts next:
- What Does ‘Days on Market’ Really Mean?
- Can You Buy a House in 30 Days?
- Red Flags to Look for When You’re on the House Hunt
4) Parking convenience:
In a bustling city where snagging a street parking spot feels like winning the lottery, having private parking is akin to striking gold. It’s not just about daily convenience, it’s about future-proofing your investment. In sought-after and established west end neighborhoods or vibrant inner-city streets, the value of private parking can soar to staggering heights – think upwards of $100,000 or more. And that’s just the starting point, the value only escalates with additional space for multiple vehicles. While the allure of nearby public transit might lessen the need for parking, it remains a crucial factor for many discerning buyers. Opting for a property with private parking could prove to be a shrewd move, ensuring long-term appreciation of your investment’s value.
5) Quality of the home:
Beyond the external factors, the basic quality of the home itself matters. Look beyond the surface allure of fully renovated properties and focus on the structural integrity. Toronto’s housing stock boasts a mix of historic charm and modern functionality, but not all homes are created equal. Watch out for signs of neglect or structural issues like slanting and settlement – they could signal costly repairs down the road. Opting for a home with ‘good bones’ sets the stage for future renovations that add value to your investment.
When evaluating a property for its future investment potential in Toronto, it’s crucial to consider the holistic picture. From the neighborhood dynamics to the property’s essential qualities, every aspect plays a part in shaping its long-term value. By making informed decisions and considering factors beyond the present, you can secure a home that not only meets your current needs but also serves as a solid investment for the future growth of your wealth. Happy house hunting!
Wondering what it’s like to work with Nested Real Estate? Here are the top 5 ways we speed up the process and blow away buyers. Ream more here.
Buying or selling in the West End? Get in touch today by calling 416-909-1602 or emailing us directly at hello@getnested.ca, we’d be happy to help!
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