Buying a new house anywhere is an exciting experience, but no one would ever say it’s the easiest feat you’ll ever pull off. Buying in Toronto can be particularly challenging, with limited listings and demand that grows day by day.

That said, there’s nothing like owning a house and living in one of Canada’s top cities. A world of career opportunities, excellent schools, and a vibrant entertainment scene are just a few of the benefits Toronto offers. Having so much to look forward to makes the mission of finding and securing the right home well worth the time and effort! Let’s explore some of the innovative ways to spot a perfect place to put down roots.

Begin With a Plan

Connecting with an experienced real estate agent is an excellent first step to helping you find your new home while advocating for your best interests. Buying real estate involves countless small steps, and you may need to switch strategies in mid-air. 

Approaching this significant milestone with a solid plan will help you stay focused on what matters most to you. Which brings up the first question, what does matter to you when it comes to your new home?

  • Think of the list of attributes that you can’t live without, such as a house with a garage or multiple bathrooms. 
  • Next, make a list of where you’re willing to compromise. For example, you might accept a slightly smaller home in a fantastic neighbourhood and with a flawless layout. 
  • Are you willing to make any repairs or upgrades if you find the right price? Some flexibility here can open up more options for you, especially if inventory is low.
  • Write out everything you can think of that would be a deal breaker, such as a leaking basement or any other urgent and expensive repairs.

While you’re creating your vision, keep in mind that your priorities might change over the next few years. Right now, being in the heart of the most exciting shopping district might be at the top of your list. 

Later on, you might want something in a neighbourhood that’s a little more quiet and peaceful. As fun as it is to search for your new home, you don’t want to have to repeat the process sooner than you have to because you changed your mind about the location. A little compromise now can mean staying happily in one place for the long term.

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Be Patient and Flexible

When searching for a home in a competitive market, you want to maintain a high enough standard to avoid buying the wrong house. However, you also want to ensure you’re not holding out for perfection. If your vision is too stringent, the right listing may never come up.

Getting the ideal place requires a blend of patience and flexibility, where you can look past minor flaws while avoiding any red flags that could indicate problems to come. Striking this balance is challenging, especially when you haven’t been in the market for a long time. 

A local real estate expert can help you spot great listings that are suitable for you and your family. If they have a network of connections with sellers and other real estate professionals, they can even help you uncover private listings that have yet to hit the market. 

Always Be Ready

Once you have a plan in place and you know what you’re looking for, you want to ensure you are ready to act when opportunity knocks! Having a clear budget in mind is essential so you don’t waste time looking at unsuitable listings. You also want to avoid the temptation to overbid on homes that aren’t comfortably within your range. 

The following checklist can help when you find a home you love at a price that works for you.

  • Work with an experienced buying agent to keep you on track and guide you through the entire process. (As a buyer, you don’t pay the commissions. That essentially means you get this expert guidance and likely a better price on your home – all at no charge!)
  • Assess the current market so you know where your opportunities and challenges will be.
  • Decide what type of house you want and what neighbourhoods you prefer.
  • Create a budget from low to high. Buying on the low end is preferable if you have the chance. But you want to have a ceiling on your budget that you refuse to exceed no matter what.
  • Get a mortgage pre-approval before searching so you can safely drop the condition of financing. Sellers love offers with as few conditions as possible. This simple step can help you stand out if you find yourself competing with other buyers.

Are you zeroing in on Midtown for your new home? Here is some related reading you won’t want to miss!

Think Outside the Box

If the market gets competitive, a little creativity is invaluable. You might have your sights set on a home that’s 100% move-in ready. That said, being open to something that needs a few minor repairs can also be an excellent investment.

The key is knowing how much work is necessary and having a clear picture of how much it will cost to bring the home up to your standards. When buying a “fixer-upper,” you’ll want to factor these repairs into your total home-buying budget.

If you have time and enough financial resources, you might even consider a teardown home that you rebuild completely. Following this route will take longer than buying a move-in ready house, but the rewards are often worth it. 

In a way, it’s like obtaining a brand new build where you end up with a beautiful home with all modern perks and upgrades. Unlike pre-construction, you have a fully customized living space in a fantastic neighbourhood with established landscaping and mature trees.

When you use all of the resources available to you, your goal of buying your dream home in Toronto might be closer to reality than you think! 

Are you ready to begin your search in Toronto? Our Midtown real estate experts will be thrilled to help you. Reach out to us at david@batorigroup.com, bobby@batorigroup.com or call (416) 485-7575 for more information.