This article will help home buyers determine the type of home that suits their needs for the present but also for the future, once you have your finances squared away, it's time to think about which home is right for you and begin your Toronto real estate search.
Here are some things you might want to consider;
How many bedrooms and bathrooms will you require? Is a home office an essential feature? And will you require parking? And if so; how many spots will you need? Will it matter if it's outdoor space or is a garage a must? What about other features- things like a finished basement or will you require a basement apartment to help with the financing? Or even the simplest things like the type of furnace, some buyers prefer a boiler over gas forced air when searching houses for sale in Toronto. Most homes in Toronto only have boilers due to age.
Your lifestyle will also play a big part in the type of home you buy but also the neighborhood you buy in. For instance; younger single professionals prefer the living in a Toronto condo versus a house because they don't have time to maintain the property. Versus a young family that is expecting a child may consider a house or a town home with a private green area so that the family can grow and won't be so restricted.
I have noticed a trend over the past few years that yuppies are moving back into the city versus suburbia because they prefer living in a sustainable neighborhood like High Park or Bloor West Village.
Most sustainable neighborhoods meet certain needs, while protecting the environment. Homes in a sustainable neighborhood are located near shops, schools, recreation, work and other daily destinations. This helps reduce driving costs and lets residents enjoy the health benefits of walking and cycling. Land and services, like roads, are used efficiently. Usually affordable housing comes with sustainable neighborhoods. It that seems like it’s a myth with how prices have been in the marketplace. Public transportation is a must in these types of neighborhoods with other features such as safety and security. Having safe places for the children to play within a close walking distance and is there an active neighborhood watch amongst the neighbors?
If downtown is not for you and you prefer suburbia you will have more choices like buying new or resale? It’s becoming more difficult to find new construction in the city other than condos. If new is your cup of tea than you should be aware that H.S.T is applicable to the purchase price, although buying new does have some benefits like picking the types of finishes the home will have. The more sophisticated buyer may want to just build his/her own home from scratch, this is also known as building a custom home, this happens when you purchase a vacant lot and build to your specific needs. This type of purchase happens mostly when specific needs are required in a home that usually is not found in the marketplace. Things like handicap accessible or separate living quarters for family members who have their own space yet feel like they live all together.
Finally this last question is important as well, what type of home ownership do you prefer, freehold or a condo?
Is owning the land and owning the property in outright important to you? If yes than buying a freehold is for you. If the condo lifestyle and not owning the land outright yet still having a part ownership ok with you than the condo way of living might be the right choice. Understanding your lifestyle will help in determining the type of home you buy.
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