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Building your Own Home in Toronto

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Building your own home can be a very exciting project to take on – it can also be very stressful and expensive if you are not fully prepared for it. Knowing your costs up front and budgeting more than you expect is a good place to start. However, if you know that you won’t have time to go to the job site every day, to oversee the contractors and to ensure that the work is going according to plan, then it is best to hire a good project manager to help you out.

Costs
There are two kinds of costs involved with the construction of a house – the hard costs and the soft costs. The hard costs are the prices given to you by the contractors for their work, the cost of the materials, land, etc… The soft costs include legal fees, architect or engineering fees, building application fees, soil testing, etc… While most people know about the hard costs, the soft costs can easily tack on an extra $20,000 to the price of your new build. The soft costs are very similar to the closing costs associated with a resale home purchase.

Another aspect you need to include in your costs will be the cost of preparing your land to be built on. If it isn’t cleared you will need to clear it, then add a septic tank or pay to have it hooked up to the local sewer/water supply. You will also need to pay to have it hooked up to the local electrical grid.

You can find a good building costs calculator over here //bit.ly/199wCAK.

Architect or Prefab
Knowing your costs can only be done if you have a plan from which to build. There are two options when it comes to a plan – buying a prefab home where the plan is already included in the housing kit or hiring an architect. An architect will be able to help you design the house of your dreams and will also, in the majority of cases, be able to provide you with the cost estimates for the project as well. Larger architectural firms will also act as the project manager for you. If you go with the prefab option, then they will give you the choice of building it yourself or having them build it for you.

Proper Permits
Building your own home will require the proper documentation at the local and municipal level so that you don’t get fined subsequently. You can read more about Toronto building permits over here //bit.ly/199vxc3.

Contractors
Finding the right contractors for your project is also crucial to ensuring that costs remain on target and the project moves along as scheduled. It is important to find reputable contractors who will be present for the entirety of the project and not sub-contract the work out to someone else. You can find a list of contractors at the Ontario Contractors website at www.ontariocontractors.com.
Building your own home can be a terrific experience as long as you are financially and mentally prepared for it.

Buying a Toronto Resale Home

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Buying a resale home in Toronto is much the same as purchasing one in any other part of the country. Resale properties can be several different things – fixer-uppers that will permit you to buy into the neighbourhood of your choice, turnkey in a mature community with all of the services and infrastructure already in place or in-between these two scenarios. The reason for buying a resale home will likely depend on what you value most in your future home. If you want everything new and just the way you want it, then a new build is more likely a better fit for you. However, if you are hoping a save a bit of money while targeting the neighbourhood of your choice or if you want more land, then a resale home is likely where you’ll find what you want.

Where will I live?
Naturally the first thing you have to determine in your resale home search is location. It is best to narrow your search down to two or three neighbourhoods at the very most in order to conduct the most effective search. Be sure to talk to residents of your chosen neighbourhoods to find out about what you can expect when living there. Find out what the busiest streets are so that you can avoid them if possible and find out what you can expect from municipal services including trash removal, recycling initiatives and snow removal.

What you want
Next you should determine exactly that features are a “must-have” and which are a “would-be-nice-to-have” in your future home. Remember that things like colour, flooring, wall treatments and cabinetry are all cosmetic things that can be easily changed to your liking as long as the structural elements of the home are solid and sound.

Good bones
The foundation of the property should be solid. You should check that there hasn’t been any water damage. You should also check the plumbing and electricity to ensure that it is up to today’s code, or else you will be looking at a pretty penny to upgrade it.

Potential
The other thing to look for in a resale home is its potential. Is there space to expand at the back? On the side? Can you add a level? Is the property large enough to install a deck or a pool if so desired. On the inside, does the home have space to create an extra bedroom or a playroom or a media room? Can you finish the lower level or the attic for future use? Even if the home doesn’t have all of the features you want right now, if there is the space to add them later, then all you have to worry about is finding the budget to make them a reality.

The right agent
Lastly, finding the right agent to help you find the perfect resale home in Toronto is one of the smartest moves you can make. An agent will have access to listings that aren’t yet on the market and to listings that have just hit the market. Agents have connections that an ordinary house-hunter won’t have. They can steer you in the right direction, find properties that match your search criteria and assist with all of the paperwork and legalities involved with a house sale.

Resale homes provide homebuyers with the opportunity to often get a bigger lot than they would with a new home, to live closer to town and to enjoy the benefits of a mature neighbourhood.

Buying a Toronto Condo or House Off-Plan

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Toronto’s property market has yielded excellent returns on investment over the last decade-and-a half, so it is not surprising that so many people are eager to jump into this booming sector before they are completely priced out. As it is the cost of buying a home in the city is prohibitive for many young executives and families. One of the better ways to find the right property in the right location at the right price is to buy off-plan. All this means is that you will be buying the place from the developer’s blueprints and specs.

A Matter of Research
Although buying off-plan might seem like a huge risk, if you do your research properly, it is one of the best ways to guarantee an increase in your investment almost immediately. While there are risks to buying off-plan, you can mitigate them by knowing the developer, researching their other developments, finding out whether they have any outstanding complaints against them, finding out what customers who bought in their other developments have to say about them and gauging the level of interest in the project.

What to look for
Naturally the first thing to look for in an off-plan project is location – this holds true for either condos or single-family homes. You will want the development to be close to shopping and transportation and close to whatever else you might deem necessary such as:
lifestyle services
schools
parks
entertainment

You should also look for the amenities that the project will contain and the number of phases projected for the development. If you are buying off-plan for phase one and there are four more phases planned, then get ready to live with constant construction in your backyard for several years while the rest of the phases are completed. If there are going to be several phases all sharing the same facilities, then you might run into a question of crowding and your complex will have high traffic.

Price
The cost of buying off-plan will be another consideration. Naturally you will want to bargain for the best price, but don’t be afraid to ask the developer to throw in upgrades such as better appliances, counters or finishes.

Price will be easier to negotiate on projects that are not selling as fast as hot-properties. Also, the number of upgrades you want will affect your bottom line. However, keep in mind that getting the upgrades you want now is far smarter than renovating later on, so spending a bit more up front is definitely worth it in the long run.

Included in the price category are the ancillary costs that you will be called upon to pay later on – maintenance fees, utility fees and infrastructure fees. Make sure that those costs won’t negate any savings you made in buying off-plan.

Buying off-plan guarantees you a minimum 10% return on your investment. As most people are skittish about investing in something that hasn’t yet been built, developments are always priced about 5% lower than when it is built. When a project is finished the price increases by about another 5%. So, if you are willing, buying from a plan is one of the best ways to ensure your real estate buying dollar goes as far as it can.

What to Look for in a Condo

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Toronto condos have been selling like hot cakes for several years now, so buying one should seem easy – but it isn’t. You have to be aware of what to look for in a condo before signing on the dotted line otherwise you might find yourself with an investment that is more like a led weight instead of your ticket to financial security. Here we cover some of the basics to look for and to avoid when shopping for a condo.

Location is always key
Regardless of whether you are shopping for a house or for a condo, location is the prime element that will determine the long-term success of your purchase. Condo developments in up-and-coming neighbourhoods should definitely be located near amenities and services and the neighbourhood should already be on its way to gentrification. When it comes to resale, your condo’s neighbourhood will certainly play a huge role.

Encompassed in location is the surrounding neighbourhood – by this we mean that its important to find out whether there are other developments zoned for your area. If there are other condos in the works, then your building’s view might get obstructed and this will impact the resale value of your own building’s units.

Design madness
Carefully inspect the final design of your condo complex. Is it a massive complex connecting several phases of construction and networking a variety of services from fitness centres to playgrounds to shopping? If so, you might want to think about what that will actually mean in terms of activity, logistics (parking, driving) and congestion. While it might look terrific on paper, in fact, a large complex will mean hundreds of residents sharing the same space and facilities and it may not be exactly what you were looking for.

Developer Check
Be sure to check out the developer of the project to see whether they have completed other successful projects in the area. You don’t want to tie yourself to a new player that isn’t yet seasoned enough to pull off the grandiose plans they have on paper. You want a developer that knows the ropes and how to deliver what they promise.

Price Point
Condo madness has definitely taken over most Canadian cities lately with projects popping up on even the tiniest of lots. Naturally this has pushed pricing sometimes higher than is warranted. Be sure that you don’t over pay for a project. You should know the cost of similar projects in the same neighbourhood and understand why the condo you are eyeing is priced where it is at – this is especially important if you are looking at buying purely for investment purposes. You want to know that you’ll be able to resell the place at a profit and/or rent it out for one.

Upgrading
When it comes time to choosing your condo’s finishes, think long term and think in terms of resale – don’t upgrade fixtures and finishes just for the sake of upgrading. If you plan on living there long term, then by all means choose the finishes and materials that appeal most to you, but if you have a plan of moving in five years, then choose materials and finishes that will appeal to the widest number of buyers on the market. Always remember that neutral palettes and timeless finishes will always work well.

Finally, when looking for a condo, don’t believe everything a developer tells you. Remember that they are there to sell and they will do and say a lot of things to make that sale. Be sure that the condo has good curb-side appeal, because it will definitely count when it comes to resale. Lastly, if sales are slow – be cautious; there is always a reason for it.

2015 GTA Home and Reno Show

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Calling all of Toronto’s future, new and past homeowners! The 2015 edition of the GTA Home and Reno Show is about to open its doors to the public for four days of clever concepts, inspired design ideas, professional advice and all of the fun you can handle. From Feb. 13-16 the International Centre in Mississauga will be taken over by real estate celebrities who will give lectures, provide advice and will even meet one-on-one with people who are seeking everything from ways to decorate a small space to personalized and unbiased solutions from participating contractors for your renovation concerns.

The show is a hotly anticipated event that brings together industry professionals from all corners of the property market to create a one-stop-shop for your questions and concerns. Whether you want ideas for your next reno, you want information on advancements in green housing technologies or you want to check out the winter market where local food and culinary products from across the GTA are showcased, this is definitely not a show you want to miss.

One of the highlights of this year’s show is a conference talk given by Johnathan and Drew Scott – better known as The Property Brothers. The winsome duo from the hit W Network television series will be talking about transforming your house into your dream home. Through the use of videos, anecdotes and solid advice, the brothers will answer your question and give you an excellent global – and budget-friendly, view of the steps needed to take your residence from shabby to chic.

Another fun feature, back by popular demand, is Table Scapes. Designers let loose their imaginations to create gorgeous and wondrous table-settings for theme parties. Ranging from classic to eclectic, the ideas will help you create the most memorable settings for your own gatherings.

Regardless of where you are at with your property – you are sure to find something of interest at the show. For more details, go here for a link to the show’s website: //bit.ly/192AfrJ.

Family Living in a Toronto Condo

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Toronto, and most big cities, have traditionally been home to singles and couples who enjoy city life and the convenience that it offers them. In the past, singles and couples who decided to have families would move out of the urban environment to the suburbs where they could afford bigger housing and more land. However, the tide is slowly turning as greater numbers of families are deciding to stay put and to raise their children in the city. As single family housing is not only scarce in the city, but also prohibitively expensive for the average person, condos have started to see a rise in the number of children who live there.

The number one reason most families cite for remaining the in the city is the shorter commute to work. Increasingly people are foregoing the long drive in to simply remain close-by. Another big reason for remaining in the city is lifestyle – people aren’t willing to give up the lifestyle they lead when living within walking distance to so many services. If you are considering staying in the city with your family, there are things to keep in mind so that you have an easier time of dealing with the changes that children will bring.

Just as you would when shopping for a home elsewhere – check-out the neighbourhood and surrounding services first. If you want to send your child to a particular school, makes sure that the school will accept children from the neighbourhood in which you plan to live so that you don’t have any surprises later on. Look to see whether there are green spaces or parks nearby where children can play and find out whether there are day care services close by as well.

When it comes to the actual condo, look for complexes that offer:

Party rooms where you can host play dates and birthday parties
Games room for teenagers
Fitness amenities such as pools and/or gyms so that children can burn their extra energy
Green spaces with playgrounds for their littlest residents
Day care centres

Inside your unit you’ll need to ensure:

Versatile spaces that can serve double duty, ie: dining room that can be used as a homework/crafts area
A networking room where all computers can be hooked up for strict monitoring of internet usage
An open concept that maximizes space for moving around
Storage

Some condo townhouses have even opted to start reducing their monthly maintenance fee for families, which is a very attractive incentive for people to stay in the city with their kids.

Once you do find the right condo for your needs, remember that children can be noisy and to ensure friendly relations with your neighbours, keeping noise levels low is essential. A good tip is to lay down carpet on heavily used areas and in children’s rooms to muffle footsteps. Investing in some good over-the-ear headphones for them to use when gaming or watching TV/movies is another good idea.

Despite the perception of what family living might be like in a condo, there are success stories everywhere. As long as you are prepared to give up space for the convenience of a shorter commute, proximity to a large number of services and the improved lifestyle that these elements will bring, you are ready to raise a family in Toronto’s urban core.