Getting the most out of purchasing a new home
When buying a home in Ontario, there are several things that can help ensure you make the most of your investment. Choosing the right area is step one, then choosing the right house is step two. There are many up and coming neighbourhoods where home prices are still reasonable, and don’t require you to be driving a Ferrari just to even think about entering the market. I’m looking at you Toronto, with your million-dollar entry fee and overpriced market. IT is best to look for a city outside of this “crazy” zone, somewhere like Brantford or Hamilton, maybe even Clarington or Bowmanville. These cities are not only great, pleasant places to live – but they’re going up in value – FAST!
Of course, determining the best place is one thing, and finding the right home is another.
Not all houses are created equal, and if you’re not careful you could end up with a real junker that will empty your pockets faster than a trip to the casino ever could.
First, you’ll need to choose the right real estate agent, which as an example, in Brantford you could look to someone like The Munir Group, or in Toronto go with someone from Remax. Your agent should be registered with the Real Estate Council of Ontario (RECO) and have a perfect understanding of the market they operate in. This will allow them to feel you out and find the perfect home for you.
Once you’ve found some potential homes, get a home inspector to help you make sure the houses are as good as they seem. Pick your inspector wisely as they hold the power to help you make a solid purchase.
If you aim to expand your home, choosing a builder before you even buy a property can also be a good way to ensure you make the right choice and save money along the way. Check if any new builds come with a warranty, especially if the home is at risk of workmanship issues, water penetration or structural defects.
Buying a home is not an easy task, and with the amount of investment required – you better make sure it’s a good one. This is easier said than done, but with some due diligence and the right people on your team – a beautiful and profitable home is not a white unicorn anymore.