There comes a time when people begin looking into buying their second home. Most commonly the “move up-home”. Moving or stepping up a rung on the ladder. It can be a far different experience than your first purchase – when ownership was entirely new to you. Especially if you purchased a pre-construction condo (based on drawings and models).
Now it is time for you to explore houses or resale condos. You have learned a lot about the responsibilities and what you liked and disliked along the way. You may have new mandatories for your next home. There is a lot more to consider! Not to mention the buying of your second home may be far more expensive than your current home.
Many houses in the core of Toronto are in and around 100 years old. The charming architecture generates a lot of desire and inspiration in people. If you are moving from a condo into a house there are a lot more responsibilities. You won’t simply lock the door and leave for a few weeks in the middle of the winter. There will be sidewalks to clear, someone to mind the pipes in the case of a deep freeze in weather.
Questions to Ask Before Buying Your Second Home
- Have you owned a condo or house for a few years?
- Are you beginning to feel you require more space?
- A growing family?
- New lifestyle?
- New neighbourhood?
- Closer to work?
- Closer to friends?
Can you Afford to Buy Your Forever Home?
Financially speaking – The larger the home or condo the more money you will spend. Which is great, if you are excited to make the plunge and, very importantly, you have your finances in place. Not only with the increase in acquisition costs but also the ongoing expense related to a larger space: more furniture, more living to heat and cool, more square footage in a condo means higher condo fees, larger roof to replace, more sidewalk to shovel, be prepared – do your due diligence
If it isn’t obvious, please please please hire a realtor you trust. A professional who will guide you through the essentials while keeping a positive relationship that will last years beyond the deal’s completion.
So Is 2019 a Good Year to Move Up Buy?
2019 could be one of the better years that we have seen to move up into a buying your second home, that may also be considered your “forever home”. There are some wonderful opportunities for over 2 million dollars in Toronto right now. If you can swing the move up, 2019 is a great year to strike while the iron is hot, so to speak.
If you’re looking for information about buying your second home in Toronto, feel free to get in touch and we can discuss your options!
