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.
