Is that stunning, gorgeous home you just found in Toronto everything you’ve ever dreamed of and more, or is it all too good to be true? It can be difficult to tell when buying a house, and it’s easy to let your emotions get the better of you when you see one beautiful listing after another.
Whether a house seems like it should be a Home & Garden feature or appears to need a little work, one thing remains certain: due diligence is always necessary. In fact, we consider it even more important when it feels like love at first sight. In this post, we’ll talk about how to make sure a home you’re considering really is all it seems.
Know When to Stick to Your List
One of the first things to do when buying a house is to sit down and think of all of the features you want and need. While you’re at it, you can also decide if there are any dealbreakers, like if there’s no parking available or the neighbourhood is too hectic for your tastes.
It’s a helpful exercise that saves you time by narrowing the available listings down to a manageable number. A concession or two is also normal. For example, a house that’s almost right, as soon as you rip out all of the carpets and replace them with ceramic floors.
If you happen to tour a house that takes your breath away, it’s important to proceed with caution and under the guidance of an experienced real estate agent to keep you objective.
Whenever you are awed and mesmerized by spectacular presentation, it’s a good idea to slow down and take a step back. Ending up with a home that looks nothing like what you imagined, but that you love anyway, can and does happen. Nevertheless, in-depth research and extensive due diligence never hurt.
- If all goes well, you’ll be thrilled with the outcome.
- If any red flags arise, you’ll know when to walk away and avoid a costly mistake.
Are you looking for more background information before making an offer on your next home? The posts below are full of insight:
- Beyond the MLS®: Creative Ideas to Find the Right Home
- Why Bidding Wars Happen in Any Market
- Should You Write a Letter to the Seller When Buying a Toronto Home?
Is the Other Shoe About to Drop?
Perfection is rare in a home purchase. If everything seems a little too polished and overly well-presented, it’s time for a closer inspection. It could be that the current homeowner is and has always been particularly meticulous about maintenance. Other times, the seller may be trying to hide something.
Always tour each home with an experienced buying agent who knows your goals and has your best interests in mind. Together, we’ll put that picture-perfect listing under serious scrutiny to ensure that it really does measure up. This means walking through, opening closets, turning faucets on and off, flushing toilets, and making sure the shower works.
Don’t Skip the Official Home Inspection
It’s one thing to be thorough when trying to get a feel for a Toronto home. Doing your research and talking to your real estate agent helps, but there is no substitute for a detailed home inspection report by a trained professional.
A home inspector can spot defects the average layperson can miss, such as plumbing issues, an old, outdated electrical panel, a furnace that needs immediate replacement, and even structural problems. You might decide to place an offer anyway, but this knowledge gives you negotiating power.
The seller may make a price concession to compensate for these potentially expensive repairs or you may decide to look elsewhere. In any case, you’ll make an educated decision, whatever path you take.
Is the House Suitable for Your Lifestyle?
If the home inspection report comes back squeaky clean, you’re one step closer to making a choice you can feel confident about. You have every reason to believe that this house is safe and in pristine condition. That said, your due diligence has just begun.
A home could be meticulous, spectacular, and fantastic value but still be entirely wrong for your needs. One example is a location that adds an extra half hour or even longer to your trip that you didn’t anticipate. Or perhaps the layout isn’t what you need right now.
Open-concept floor plans are modern and trendy, but if there are children in the house, you may yearn for a little privacy and some peace and quiet. In addition, make sure the size is what you need now and for the next few years. If it’s too small or too big, you may find yourself moving again sooner than you’d prefer.
Once you’ve found your new home, you’ll want to add some personal touches. The posts below will give you some inspiration:
- Redecorate and Fall Back in Love With Your Home
- Goodbye, Minimalism; Hello Personality!
- Redecorating for Fall? Here Are Some of Our Top Tips
Analyze the Fair Market Value
Structural integrity and suitability are non-negotiable when buying a house in Toronto. Last, but absolutely not least, you’ll want to ensure you are paying a fair price for the property.
During busy markets, bidding wars can artificially inflate home values, making it difficult to make a return on your investment if you ever decide to sell later on. Overpaying can also make it challenging to afford your monthly payments in addition to all of your other living expenses.
Home buyers are sometimes surprised when competition happens even in a favourable market. If a house is in exceptional condition in a highly sought-after area, it could receive multiple offers even during times of high inventory and overall low demand.
In any situation, it’s critical to have a crystal-clear budget range so you know when to push a little harder to secure the home you love and when it’s better to move on to a different option.
It’s a lot to think about, and sometimes, you need to be able to make a quick decision. Following your heart and mind while listening to expert guidance are all key to a successful purchase.
Are you ready to start your search and would like some unbiased advice? Reach out to us at erica@ericareddy.com or call 416.443.0300, and we are happy to answer any questions you may have.
Meet The Erica Reddy Team
Find out how our specialized skill sets and extensive Toronto market expertise empower your real estate venture.
