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Email: evan@evansage.ca
1. Location is key
Look for a good Toronto location that is only going to get better. This is the best Toronto real estate investment advice. If the Toronto house is not exactly right you can renovate it. You cannot renovate the neighbourhood.
2. The best Toronto investment properties are usually those that require the most work
Find a fixer upper in a high demand area. Put in the time and money to remodel it and not only will you benefit from living in a place that is to your design but you will also experience much better returns on the investment.
3. Keep expansion in mind
Typically I tell clients to think 5 years ahead. Will this house be large enough for our 5 year plan? If not, than ask yourself if you could expand the house so that it is big enough. That could come as finishing the basement or adding an addition. If major renovations will be in order, look into any building restrictions for the area, it is better to find out now than when you apply for your Toronto permits.
4. Look into the local schools
Even if you do not have kids and don’t want them the school district could be very important to potential future buyers. You find quite often that a family will move so that they can be in particular school districts.
5. Check your credit
Do this before you apply for a Toronto mortgage. If there are any errors on your report have them fixed before the bank looks into you.
6. If your credit is bad fix it
Fixing your credit can be as easy as making minimum payments on time. Even if you have bad history if you appear to have turned yourself around your bank may be more forgiving. This is why it is important to check your credit now as opposed to waiting until you start shopping for a Toronto mortgage.
7. Don’t underestimate the value of energy efficiency
A truly energy efficient house can save you thousands over the long term. I am hearing this question being asked more and more by my clients.
8. Test your route to work
Be sure to run tests both in high traffic times and low traffic times.
9. Are rates low?
Lock in your mortgage for as long as possible if rates are low and don’t appear to be going any lower.
10. Avoid tilting Toronto houses
Look at the house from across the street, if there is a tilt move on to the next open house. Just because floors are uneven does not mean the house is tilting, to know for sure hire a Toronto home inspector. A tilt is an indication of foundation problems, this is something that could cost you greatly in the future.
11. Keep resale in mind
When considering buying a Toronto property keep resale in mind. Don’t let it dictate your every move but at some point you will sell so you might as well start considering it now.
