Tips for Buying a Second Home in Toronto
Second homes are usually found in bigger cities and as such, Toronto has many of them. But buying a second home in Toronto is different from buying your first and as such, there are different things that you’ll need to take into consideration. Here are just a few things to keep in mind when you’re buying a second home in Toronto.
The reason for buying a second home in Toronto usually comes down to a certain lifestyle that a homeowner wants, and the desire to be closer to things that they love. While they aren’t usually extremely far from home, they also aren’t just in the next neighbourhood either. Because of this, think of the things you love the most and the elements that you want to be closest to. Do you want to be able to stay in the heart of downtown Toronto on weekends, away from your home in the suburbs? Or do you already live in busy Chinatown or Cabbagetown and are looking for a quieter place to escape to regularly? These are the things that will primarily determine whether or not you’re happy with your second home in Toronto.
While talking about the distance your second home will be from your primary residence, it can’t be stressed enough that you don’t want a second home that is too far away. While you might want to buy that small cottage that’s way up north, or that small villa in the ski hills of Quebec, if it’s too far away, how often are you really likely to visit it? Renting a cabin in the woods is nice for the summer; buying one that you only use two weeks out of the year is not.
Once you’ve determined what you want to use your second home for, and how far is “too far” for you, it’s then time to start researching the different areas where you’re considering buying a second home in Toronto. While you might think a location is perfect for you in terms of where it is, and how far away it is, if a particular neighbourhood is way out of your price range, it’s still not a good option. Always research the different locations and get to know as much as you can about them before you move in.
Lastly when buying a second home in Toronto, speak to a real estate agent and have them accompany you to the area you’re interested in, show you homes in the area, and tell you more about the community as a whole. Make sure that you visit at least three or four different areas so that you can get a true feel for which one would be best for you.
Buying a second home in Toronto can be overwhelming, but don’t let that detract you from the exciting time that it is as well. Work with professionals who know the area, know the housing market, and that are committed to working for you. You’ll be in your second dream home before you know it, and will soon be realizing all the benefits that brings!
Bryan J is the author of this article. For more information about Home equity line of credit or Toronto mortgage agent please visit canadianmortgagesinc.ca.
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