As we ALL know, the real estate market has become a “relatively” easy way to make money for those who purchased it years ago. Especially those who bought with 5% down (back in the heydays in Toronto!) and rented the space out or lived in it as their principal home. The appreciation of real estate in the subsequent decade (or decades) has been astronomical in Toronto. But that’s not everything! Nope, when you think about urban housing – especially for those fortunate enough to choose where and in what they live – Lifestyle is critical. The basics of real estate come down to Lifestyle. Lifestyle is everything.
So, what Lifestyle do you choose?
This is a common question we ask our clients. What matters to them when not at work – on weekends, in the evenings. The answer to questions like this paints the picture of what matters to people. Yes, capturing the upside of the financial appreciation of one’s home is great. However, it would be best if you had a place to live somewhere – a roof over your head. The capital appreciation over time is simply a bonus.
Choose where you love. Choose what you love. Sounds soft and fluffy. But think about it…this is at the core of what you most want. You must love where you live. It makes the investment upside of Toronto real estate all the more enjoyable. The return on your investment over time is simply a bonus.
Condo vs. House:
This is an effort versus simplicity question. No snow shovelling in the winter with a condo, garbage bins, or roof repairs! The property manager has that covered. You turn your key to lock and unlock your Toronto condo—no need to fret about your space while you are out on the town or travelling.
On the other hand, houses give many homeowners a sense of pride in owning land, which is obviously finite. But there are leaves to be raked, ice to be wary of, basement leaks and the list goes on and on. Also, the more space one has, the more upkeep – typically, houses are larger than condos.
➤ Every good investment needs a well-planned strategy. Start preparing with the following:
- Are Condos A Good Investment?
- The Most Undervalued Condos In Toronto
- Condo vs House Investment
- Why Parents Should Invest In Toronto Condos For Their Children
- Millennial Home Buying Trends
Where In The City?
Near work? Near friends? Near Family?
What is the commute to work like?
How long does it take to meet up with your friends?
Do you want a large backyard or a city yard?
Close to cafes?
What can you afford? It’s essential to accept your financial parameters before you purchase. Knowing what you can afford will help us guide you into the best possible neighbourhood that serves your needs and wants and with the greatest long-term financial upside for you.
Near the finest of schools that Toronto has to offer?
Narrowing Things Down:
As you mull around these questions about what truly matters, it will become more apparent and more evident that your choice of Lifestyle will direct you to your next real estate decision.
Ultimately, how can you go wrong when you choose what and where you love?
Key Point:
Trust your gut. The value (and appreciation) will come. If you want it, you can be assured that many people like you would love the same!
