Last Updated on January 6, 2022 by Kravelv
So, you’re thinking of buying a house in Toronto? Congratulations! It’s an exciting time. But before you start touring open houses and filling out applications, there are a few things you’ll want to consider.
Here are a few things you should consider when buying a house in Toronto.
Your Budget
Before you do anything else, you need to figure out how much you can afford to spend on a house. The Toronto real estate market is notoriously expensive, so it’s important to be realistic about what you can afford.
Crunch the numbers and see what your maximum budget is. Don’t forget to factor in property taxes, homeowner’s insurance, and closing costs.
The Location
When you’re buying a house in Toronto, the location is key. You’ll want to think about things like:
- How close is the house to public transportation?
- Is it in a good neighborhood?
- How easy is it to park?
- Is there a nearby school you might want to send your kids to one day?
- How close is the nearest hospital?
It’s important to think about these things because where you live will have a huge impact on how much time it takes for you to get from point A to point B. It will also impact your quality of life.
The Size of the House
Another thing you’ll want to consider when buying a house in Toronto is the size of the house. You’ll want to check aspects such as how many bedrooms and bathrooms there are, as well as how much living space there is.
Remember, you don’t want to be cramped up in a small house when living in Toronto. You’ll want to have plenty of room to spread out.
The Age of the House
When you’re buying a house in Toronto, you’ll also want to think about the age of the house. You’ll want to cross-check things such as:
- How old is the furnace?
- How old are the appliances?
- Does the house need any renovations?
These are all questions you’ll want to think about because if the house needs a lot of work and it’s very old, you might discover that it’s not such a good deal.
The Condition of the House
What condition is the house in when you’re buying a house? These are all important questions when you decide to buy a property, so ensure to look at:
- How old are the roof, windows, and doors?
- Is the paint peeling?
- Are there any holes in the walls?
- Is the flooring in good condition?
If the answer to any of these questions is “no,” that’s definitely something you’ll want to consider. A house in bad condition will require a lot of work and money to fix, and it might not be worth it in the end.
The Neighborhood
When you’re buying a house in Toronto, you’ll also want to think about the neighborhood. You’ll want to confirm stats such as:
- Is the area safe?
- Are there any schools nearby?
- Are there grocery stores nearby?
- Do I feel comfortable walking around the area at night?
If there aren’t any amenities nearby and the area isn’t safe, it might not be worth buying the house.
Your Ideal Lifestyle
When you’re buying a house in Toronto, figuring out your lifestyle is extremely important. This goes back to how much time it takes you to get from point A to point B, as well as what’s nearby. Some of the popular questions include:
- How far do I want to commute?
- Do I want to be close to transit, or would I rather drive everywhere myself?
- Would I like a backyard for my dog or kids?
You might also consider if you’d prefer an apartment, condo, single-family house, or townhouse. It all depends on what you’re looking for in a property.
Conclusion
When you’re buying a house in Toronto, there are lots of things to consider. You’ll want to think about the location, size, age and condition of the house, what kind of neighborhood it’s in, and how it fits into your ideal lifestyle. It all leads to comfort.