1. Location is key
Look for a good Toronto location that is only going to get better. This is the best Toronto real estate investment advice. If the Toronto house is not exactly right you can renovate it. You cannot renovate the neighbourhood.
2. The best Toronto investment properties are usually those that require the most work
Find a fixer upper in a high demand area. Put in the time and money to remodel it and not only will you benefit from living in a place that is to your design but you will also experience much better returns on the investment.
3. Keep expansion in mind
Typically I tell clients to think 5 years ahead. Will this house be large enough for our 5 year plan? If not, then ask yourself if you could expand the house so that it is big enough. That could come as finishing the basement or adding an addition. If major renovations will be in order, look into any building restrictions for the area, it is better to find out now than when you apply for your Toronto permits.
4. Look into the local schools
Even if you do not have kids and don’t want them the school district could be very important to potential future buyers. You find quite often that a family will move so that they can be in particular school districts.
5. Check your credit
Do this before you apply for a Toronto mortgage. If there are any errors on your report have them fixed before the bank looks into you.
6. If your credit is bad fix it
Fixing your credit can be as easy as making minimum payments on time. Even if you have bad history if you appear to have turned yourself around your bank may be more forgiving. This is why it is important to check your credit now as opposed to waiting until you start shopping for a Toronto mortgage.
7. Don’t underestimate the value of energy efficiency
A truly energy efficient house can save you thousands over the long term. I am hearing this question being asked more and more by my clients.
8. Test your route to work
Be sure to run tests both in high traffic times and low traffic times.
9. Are rates low?
Lock in your mortgage for as long as possible if rates are low and don’t appear to be going any lower.
10. Avoid tilting Toronto houses
Look at the house from across the street, if there is a tilt move on to the next open house. Just because floors are uneven does not mean the house is tilting, to know for sure hire a Toronto home inspector. A tilt is an indication of foundation problems, this is something that could cost you greatly in the future.
11. Keep resale in mind
When considering buying a Toronto property keep resale in mind. Don’t let it dictate your every move but at some point you will sell so you might as well start considering it now.
Evan Sage is a Sales Representative with Royal LePage R.E.S./Johnston & Daniel Division. Evan is also a regular contributor to the Muddy York Blog. Evan’s web site is located at www.evansage.com.
The International Home Show is being held this year from October 9 to the 12th. The show will be located at the International Centre – Toronto, which is located at 6900 Airport Road (just north of the Airport at Derry Road). The Regular Admission is $14.00 per person.
The Scotiabank Toronto Waterfront Marathon is an annual marathon that is usually held in late September. This race has quickly become one of North America’s most prestigious events.
The Toronto Real Estate Board released the mid September 2009 statistics for the Greater Toronto Area. The number of sales to date was 3,361 in the first half of the month compared to 2,726 in mid-September of 2008, representing a 273% increase. The average price for the GTA was $366,158 mid-September of last year compared to $393,818 this year.
Open Houses Still Work in Today’s Market
By Julian Merry
When you put your house on the market, you will come across two types of methods to showing your house.
The majority of the time you will be having showings of your house, where a specific real estate agent will call your real estate agent and ask whether his/ her clients can view your house. After your real estate agent gets approval from you, a date and time is set.
You can have anywhere from one to a dozen showings or more before you sell your house.
Now the second method of showing your house is an open house. An open house consists of you leaving your house on a specific date and time, leaving your real estate agent to wait for potential buyers to walk through the doors.
In many cases you will find buyers walking in with no real estate agent at all, they might have seen the advertisement for the open house and decided to drop by. When this occurs, one of two things can happen. They are either serious buyers and are genuinely serious in purchasing a home, maybe even yours or they were simply just a couple who were passing by and wanted to kill some time.
The latter tends to happen most often, however having a serious buyer show up happens frequently as well.
Some people might think an open house is a waste of time because potential buyers will examine homes on the internet and simply call the respective agent to book a showing. However that does not mean this method does not work. Making a personal appointment with an agent to visit a home might not interest them; it can put too much pressure on them to purchase a home.
Open houses give people a chance to browse through homes without any pressure.
Before you have an open house you have to keep in mind that it is similar to a showing, with the exception that it will span over a few hours.
Ensure that your home is clutter free; create more space in your room by clearing up your personal belonging you might not use as much.
Be sure to have your house looking immaculately by giving it a thorough clean.
A good tip is to have a fresh batch of cookies or any baked goods sitting in your kitchen. This will give off a lovely aroma to visitors, thus adding a little to your home.
Open houses are sure to attract visitors who might not be interested in purchasing your home at all, however there will be a time when someone will harmlessly walk in the front door and fall in love with your place.
Julian Merry is a Broker with Royal LePage/Johnston & Daniel Division. Julian is a regular contributor to the Muddy York Toronto Real Estate Blog. Julian’s website is located at www.julianmerry.com.
→ Leave a comment
Posted in Commentary, General Information
Tagged open houses, Toronto Real Estate Market