November 26, 2024 | Buying
What Property Features Actually Matter When Buying a Home?
Buyers often begin their home search with a “dream home wish list” brimming with ideal features like chef-worthy kitchens, spa-like bathrooms, and plenty of space to entertain. While it’s great to dream big, it’s equally important to think strategically. After all, buying a home in Toronto isn’t just about finding the perfect space—it’s about making a sound investment for the future.
As Toronto real estate experts, we often remind our clients to prioritize the features that can’t be changed—think location, lot size, type of home and parking—before fixating on cosmetic elements that are easier to modify. Dream lists are important, but smart investing starts with a sharp focus on what really matters. In this guide, we’ll break down the must-have features for savvy homebuyers navigating Toronto’s fast-paced market.
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1) Location: The unchangeable investment anchor
Let’s start with the golden rule of real estate: location, location, location. In Toronto, the neighborhood you choose can have a significant impact on your home’s value and your quality of life. It’s not just about where you want to live now, but where you’ll want to be in five, ten, or even twenty years.
Why does this matter?
Stable values: Homes in established neighbourhoods like Bloor West Village, The Junction, and Roncesvalles (just to name a few) are less susceptible to big market fluctuations. These areas are perennially desirable because they offer everything from excellent schools to vibrant local businesses.
Lifestyle perks: Proximity to public transit, parks, and top-tier amenities is a game changer. It’s what makes a home feel less like a space and more like a lifestyle upgrade. Not to mention the strong community ties and sense of belonging, which are essential for creating longevity in a home—great neighbours, friendly faces, and vibrant community events all contribute to this.
Gentrification: If you’re considering up-and-coming areas, take the time to research their growth such as nearby planned expansions or developments, demographic changes and school transformations. Investing in less gentrified pockets with changes on the horizon can be an exciting opportunity. Watching a neighbourhood evolve and improve can be just as rewarding as living in an already established area. Plus, being part of that transformation can foster a strong sense of community spirit while potentially unlocking greater-than-expected property value growth.
It’s no secret that we love living in West End Toronto. Check out our neighbourhood guides to learn more about what it’s really like to nest in the west:
2) Lot Size: Bigger isn’t always better, but proportion is key!
Lot size is one of those features that’s set in stone—what you buy is what you’ll have for the long haul. That’s why it’s essential to give it careful consideration. Whether you’re purchasing a detached house, a semi, or a townhouse, the dimensions of your lot play a critical role in both its practicality for your lifestyle and its future resale value.
Why does this matter?
Neighbourhood norms: Buying a property with a lot size that’s inconsistent with the area can limit your home’s appeal. For instance, if most lots in the neighbourhood are 100-100 feet deep and yours is significantly shorter, it could be a sticking point for future buyers when it’s time to sell.
Usability: A larger lot often means more outdoor living space, a highly sought-after feature in Toronto. Whether it’s a backyard for kids to play in or a private oasis for summer BBQs, having usable outdoor space adds significant value—especially if you’re upsizing to a detached home. Many homeowners look to upgrade from smaller houses with small backyards, so keeping this in mind while searching for your forever home can help ensure your next move meets both your needs and a wise investment.
Have your heart set on a big yard? Find out why Toronto west enders are choosing Etobicoke right here.
3) Parking: The pricey perk that always pays off
In Toronto, parking isn’t just a convenience—it’s a luxury. Private parking is one of the most sought-after features in the city and can add anywhere from $100,000 to $200,000 to a property’s value. So, what exactly is private parking? It means a property will either have:
- A private driveway adjacent to your home
- A wide mutual driveway shared with your next-door neighbour that allows for a car to be parked at the back
- A laneway providing access to parking at the rear of the property
- A parking pad at the front of the property
When private parking isn’t included with a property, a common alternative is street parking with a city permit. While this option works smoothly on some streets, it can be challenging on others where available parking space is limited. You may find yourself parking on a nearby street more often than you’d like. That said, if budget is a key consideration, prioritizing the best home your money can buy—whether in an established neighbourhood or an up-and-coming one—can outweigh the inconvenience of street parking. After all, the right property in the right area is worth the trade-off!
Why does this matter?
Convenience: If you’ve ever spent 15 minutes circling the block in search of street parking, you know just how frustrating it can be. Having private parking eliminates that hassle, offering the convenience of always having a guaranteed spot waiting for you.
Resale value: Homes with private parking consistently sell for higher prices, particularly in highly desireable areas. While a property without parking will cost you less upfront, it will also sell for less when it’s time to move. This trade-off makes sense, but the impact becomes more apparent during a market downturn, when there is less competition for homes and practical features like parking take on greater importance for buyers.
4) Type of home: Match your needs, not just your wants
West Toronto offers a wide variety of home styles, from condos and townhouses to semis and fully detached homes. Each comes with its own pros and cons, so it’s essential to choose one that aligns with your current needs, budget and long-term goals. Consider your lifestyle and future plans. If you’re planning to grow your family or host frequent visitors, prioritize space. If you value location over size, a condo or townhouse in a prime area might be the perfect compromise.
Why does this matter?
Detached homes are the gold standard for many buyers, offering maximum privacy, larger lots, and more freedom to customize. These homes are often a long-term goal, often purchased as a second or third home due to their higher price tags. They’re perfect for families looking for space and longevity.
Semi-detached homes provide a more affordable option while still delivering the benefits of living in a house. Sharing one wall with a neighbor, these homes strike a balance between cost and space, making them an excellent choice for families moving up from smaller living arrangements, like a condo.
Townhouses appeal to those who want a low-maintenance lifestyle but still crave the feel of a house. They often feature modern layouts and urban convenience but usually lack backyard space beyond a deck. With multiple levels, they’re a great fit for professionals or small families who don’t mind a few stairs.
Condos are ideal for first-time buyers or downsizers seeking convenience and amenities. They offer a low-maintenance lifestyle in prime locations but come with higher monthly fees and limited living space. Despite these trade-offs, condos provide an accessible entry point into Toronto’s housing market.
Do you have more questions about what type of home you should buy? Here are some more posts you might find helpful:
- The Pros and Cons of a New Build vs. a Fully Renovated Older Home
- How to Evaluate a Good Fixer-Upper in West Toronto Real Estate
- 3 Reasons Why We Love Condo Living in the West End
5) Interior Features: The things you can (usually) change
Interior features like square footage, the number of bathrooms, and the layout are important but often more flexible than buyers think. While it’s great to find a home that ticks all your boxes, remember that many cosmetic upgrades can be made over time, without having to move. If you’re torn between two properties, choose the one with the better “bones.” A solid foundation, good layout, and great natural light are more valuable than a flashy new countertop.
What you should always focus on and why?
Square footage: Think about your needs now and in the future. Are you okay with starting small in a cozy home, or do you need space to grow fast? Adding an addition can increase a home’s square footage, but it’s a costly undertaking. That’s why it’s essential to move forward with a clear plan, considering what’s feasible and when it aligns with your stage in life. In Toronto, many homebuyers often compromise on square footage to prioritize location.
Bathrooms: The number and placement of bathrooms can have a significant impact on daily life. For families, a single bathroom can quickly become a major inconvenience. Consider whether adding an extra bathroom is a realistic option or if it’s better to find a home that already meets your needs.
Kitchen layout: While a dated kitchen can be renovated, a poorly designed or cramped layout is harder to fix without taking starting a bigger renovation. Look beyond appearances and think about functionality and if investing money into renovations is feasible for you.
When you’re on the house hunt, there are a few things you need to keep in mind. Read about our list of red flags when buying a home right here.
Invest wisely, live happily…
Buying a home in Toronto is an exciting yet daunting process. The key is to focus on the features that truly matter for both your lifestyle and long-term investment. While it’s easy to get swept up in the allure of lux bathrooms and trendy fixtures, remember that location, lot size, parking, and type of home will always hold their value.
Whether you’re a first-time buyer or a seasoned homeowner, making smart choices now can set you up for years of happiness—and equity growth—in one of the world’s most dynamic real estate markets. Happy house hunting!
Give us a call directly at 416-909-1602 or email us at hello@getnested.ca to get started!
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