Ten "Secrets" when Buying a Home in Etobicoke & surrounding
areas
You have arrived at this page because you want insight into your home purchase.
That's why I created this page for you.
Some background: I obtained my real estate license on October 26, 1987.
With more than eighteen 'full time' years in this business, I've observed some
trends in the Etobicoke and the GTA Real Estate marketplace. Also, during
these years, I've carried out extensive research and produce a monthly real
estate newsletter, which you may read
and subscribe to at this page My newsletter is packed with the
latest price trends, where to find the best mortgage rates and more each month.
The ten "secrets" below are some of the fundamental conclusions,
ideas and suggestions that are 'distilled' from my eighteen years in the business.
They apply when you are Buying a Home in Etobicoke and in the surrounding
areas. These ideas are are not necessarily carved in stone. They
are suggestions and common sense ideas gained from my years of experience.
I want you to read them before your next purchase, so you may use some of them
them to your advantage when you purchase your next home.
From a purely investment point of view, if possible, buy in the bottom 1/3
of the price range in the area you are making your purchase. For example,
if the prices in the area you are purchasing are in the range of $200,000
to $300,000, then it is 'wise' to buy in the $230,000 to $240,000 range.
You may not be buying the smallest home in the area, but the larger, more
expensive homes will cause the value of your home value to increase at a higher
rate compared to purchasing at the top end of the range. Read
more about price trends.
Purchase in an area with a known and established name. Etobicoke Etobicoke, Central Etobicoke, The Kingsway, Sunny Lea, North Drive, Valecrest, Thorncrest Village, Humber Valley Village, Lincoln Woods, Edgehill Park, Princess Ann Manor and Princess Gardens, Rockwood, etc. are all excellent areas. I'm not sure
which came first, the good name or the good people and homes in the area,
but one thing I have noticed, when people can readily identify with an area
by it's name, then over time the area generally develops better and prices
tend to escalate at a higher rate than the surrounding areas.
Purchase in a bounded area if at all possible. A major highway,
golf course, river, bridge, railway, hydro lines or a major roadway that permanently
separates the area or neighbourhood in which you purchase, and separates your
area with the surrounding neighbourhood, will usually will make the bounded
area more exclusive.
Include a survey clause (unless condominium) in your offer, such
as "Vendor agrees to provide a survey of the property that shows approximate
building location, additions, fences and all permanent structures on the real
property within 5 days after acceptance of this offer." This clause
will protect you in the event that the seller has made significant additions
to the property. At the minimum, insert a survey clause (along with
your condition on financing) that says the vendor will provide a survey that
is acceptable to the lending institution within one day of acceptance of this
offer. In the end, this may also save you $900 or more.
Depending on the type, age and condition of the property, make your offer
conditional upon you being satisfied with a report from a qualified building
inspector. This is now a standard and accepted practice in our trading
area. It's a small investment to give you long term peace of mind.
If you are buying and have not sold yet, try to put in a flexible closing
date of, say, plus or minus 10 days to your preferred date. Usually
if the vendor of the home you are buying has not purchased yet, this
will be acceptable. This will allow you some flexibility when an excellent
offer comes in on your home but the closing is one week later than the
closing date of your new purchase. It never hurts to ask! Should
I sell my current home or buy my next home first?
You may want to go back into the property before the closing to
measure or show it to your family etc. If so, put this clause in the
offer; "Purchaser reserves the right to inspect the subject property twice
prior to closing at a mutually agreeable time". With this clause, you
shall be allowed in whether or not the Vendor has any reservations about you
going back into the home prior to closing.
If you are buying a home and the appliances, pool, central air, central
vacuum etc. are included try to obtain the make and model of the chattels
(if you do a home inspection the inspector will make note of these
items in your inspection report), and/or insert a warranty clause for major
chattels and (if possible) insert a warranty clause for a pool.
Have your offer reviewed by your solicitor. He/She may wish
to add or modify some parts of the preprinted form or leave everything as
is. It never hurts to get a second opinion. If you use this same
solicitor for your purchase, they will usually not charge you for this review.
Depending upon the age and type of the property you are buying, try and
have the Vendor of the property you are buying provide you with a vendor
property condition disclosure report. If there are no major deficiencies
the Vendor will have no problem in signing this. If they are adamantly
against this, you may wish to start asking questions! In our trading
area, the vendor property information sheet (VPIS) is not as commonplace as
in other areas of Toronto and the GTA and you may find that not many sellers
here will have filled out or want to fill out a VPIS.
BONUS: When you give your deposit, it is imperative that you submit
a bank draft or certified funds. The reason is not what you would think. If
your conditional offer does not go through and your deposit was only a regular
cheque, most brokers are holding the funds for a minimum of 21 days before
they release the deposit. If you give a bank draft or certified funds,
you will receive your deposit back with 1 to 3 days! Just more sound
and honest advice from me.
Call me now or email
me and I'll get these brochures delivered to you.
This list is certainly not all inclusive but will point out some of the more
important issues to think about. I hope this will help you with your purchase.
If you need more information, please don't hesitate to contact
me
Sincerely,
Kathy Gordon, sales representative
PS - If you made it this far, then you are interested in seriously investigating
the issues, concerns and hard to find "secrets" when buying a home...
thus I offer the following 'bonus' information.
More suggestions for Types of Houses to Buy and Types of Houses to Avoid!
Suggestions for types of houses you
will likely want to purchase
The least expensive house in an upscale neighborhood.
On a golf course. The views are great. Some people love
it, some don't, your choice.
A house at the end of the block or a cul-de-sac. You'll get
less traffic.
Backed up to land that is zoned residential, or a forest, or water.
In a neighborhood that puts your children in the best school or a
good school.
Reasonably close to fire departments and hospitals and highways.
Reasonably close to the local grocery store or shopping or places
of work.
No traffic or logistics problems getting in and out of your street.
High ceilings, large kitchen, updated bathrooms, walk in closets,
main floor or upper floor office (higher resale value.)
At least a single car garage, two is preferable if you can afford
it.
Has a patterned concrete or interlocking stone driveway. Much
nicer if you can afford it compared to standard asphalt blacktop driveway.
Newer home, upgraded appliances, higher efficiency furnace and Air
conditioner, good insulation, vinyl windows or at least double glazed
thermal argon sealed with UV protection.
Has a nice pool in good condition, if so, make sure it's fenced in.
Suggestions for types of houses that you should probably
try to avoid (of course, these may be too "good of a deal" to
pass up!!)
Backing on to a shopping center, railway tracks or land that is zoned
for business.
Backed up to a street with lots of traffic. You'll hear it at
night.
Houses that have any kind of flat roof.
The biggest, most expensive house on the block.
A house with chipped paint or a damaged roof.
Avoid any house that you did not have a home inspection company review.
In an area that puts your children in a school such that they cannot
walk when they get to be about nine or ten years old, you will thank
me for this advice!
In a noisy area such as next to an airport or other large industrial
area.
In a high crime area or one that you must
drive through would have to get home.
In a neighborhood with high homeowners association maintenance fees.
In an area prone to flooding when it rains. Visit the house
or area when it's raining if possible.
A house with only one bathroom. It's
very difficult to resell.
In or near a 15 MPH school zone, or facing a school. Sometimes
it is ok to back onto a school, but not often, be careful which part
of the school you back onto, the building, playground, fields etc.
Neighborhoods with no bylaw code enforcement: boats, commercial vans,
etc.
A house with no central air conditioning, you will be paying for this
soon!
A house without a gas or wood fireplace.
On a steep hill. This can be a problem in icy winters.
Overpriced "premium view" lots. If you can't get a
decent price, don't buy it unless your pockets are very deep.
Has no garage or a carport. These will be hard to re-sell.
In a neighborhood where property values have not increased much over
the past five to ten years.
2 bedroom, 2 bath homes are a lot harder to resell than 3 bedroom,
2 bath.
You don't want a house with a tiny master bedroom or tiny closets.
A weird or unique architectural design that may have a hard time selling
later. If the market is 'hot' when you re-sell then you will likely
be fine, but be careful.
Anywhere within 2 miles of a landfill or near a water treatment plant.
Close to the beginning of the block. You'll get all the traffic.
The lot that gets headlights of all the cars turning onto the street
at night.
Corner lot near the entrance to your street. You'll get people
tracks on your lawn year round.
On a street that you have to drive past and make
a U-turn.
On a golf course. Expect broken windows. Some people love it,
some don't, your choice (see Types of Homes to Buy
above)!
See, it sometimes depends upon whether you view the glass half empty
or half full, I try and view it as 7/8 full all the time! Thanks
and have a great day. Kathy
Why Subscribe?You will receive valuable Real Estate information on a monthly basis - such as: where to find the 'best' mortgage interest rates and graphs of current house price trends. Plus, you will pick up ideas, suggestions and excellent real estate advice when you sell or buy your next home. Read Past Newsletters before you decide
kathy@etobicokehomes4sale.com Copyright © at Etobicoke, Ontario, Canada M9A 3T7 (416) 236-1241 First created - Tuesday, June 6th, 2006, 2006 at 6:06:41 PM -
