Tenants, Is It Time To Own?
The housing market can be scary. Really scary. With average house prices in large Canadian markets topping $1 million, it’s easy to ask yourself if you’re ready to enter the world of ownership. Certainly, there are compelling reason to continue renting your property. You may very well prefer to put the money required to buy into other investment opportunities, and wait to purchase another day. Or you may be intimidated by the prospect of entering what can be a bruising market, when life is going well as it is.
Remember a couple of things. First of all, owning real estate is always a solid investment. And second, buying real estate doesn’t mean you have to own a mansion. For many people, buying a condo may be the smartest, and most enjoyable, way to own your property. If you live and work downtown, and are fully enjoying the lifestyle, culture and convenience that comes with that location, buying a condo could be a very smart move. You’ll be able to enjoy the same benefits you enjoy now – fitness facilities, entertainment facilities, maintenance, security – except your monthly cheque will now be going towards establishing your equity in your new property, rather than to your landlord.
But if you do decide that you’re ready to take the steps toward ownership, whether it be a house or a condo, there are a number of things to bear in mind. First, location. Just as you did when you were looking to rent a property, look for a house or condo that suits your life. Just because you’ve decided to buy instead of rent doesn’t mean you have to snatch up the first deal that looks good, especially if that means living somewhere you don’t want to live or changing a lifestyle you enjoy. Yes, just as when renting, you have to buy to your budget. But remember, you’re going to be living here.
There are also basic steps to check and to take. Do you have the money available for the down payment? The amount of the payment may vary with the cost of the property, but ensure that you have the money available to spend. Have you been pre-approved by your bank or mortgage broker? It may seem backwards, but when it comes to purchasing a home, it’s far better to have your mortgage financing in place and all the paperwork ironed out before you begin property-hunting than after.
Lastly, don’t feel you have to do it all yourself. This is probably the single biggest investment you’re going to make in your life – unless you decide to move again at some point, of course. You don’t want to make any mistakes. Finding the right property is a time-consuming and complicated process, buying it just as complex. Toronto Property management can help you find your dream home, can help you negotiate a reasonable price and can help you become an ecstatic Toronto property owner.
At PMT, we know the city’s real estate market inside out. We can help you decide exactly where you want to live, exactly what kind of home would best suit your lifestyle and your future and we can help you find that property. And having found it, we can guide you through all the complexities of inspections, paperwork and legalities. So, if you’ve decided that you’re ready to become a home owner, remember that you don’t have to do it all alone. We can help you fulfill your dream.