With the holidays fast approaching, perspective home buyers are writing their dream home wish lists, just as their kids develop their wish lists for Santa. When it comes to buying real estate in Toronto, not all home buyers are able to afford, nor do they want to carry the mortgage on the home that “has it all”. In these cases, cosmetic and/or stylistic dreams are compromised in order to find the best and most suitable home for you and your family. What compromises should you be looking to make? We’ve provided a short list of some of common misconceptions and believed “necessities” for you to cross off your list.
“I need to live in a detached home” – When purchasing a home, especially when it comes to first time home buyers or those looking to expand with their growing family, a detached home sometimes seems like the only way to go. However, Toronto offers many other similarly suitable options, such as semidetached homes, which on average sell for $100,000.00 less than a fully detached home. Keeping your search open to stylistic changes such as these can mean more money for renovations or upgrades in the future, or for more savings long term.
“We need more space” – Do you really? Although having an extra bedroom, or a second living room does seem like a great addition to a home, what do you plan on using it for? Could you use another room for dual purposes, or convert a shed/garage/attic into your extra space? By imagining the purpose behind these wish list items, you are able to understand if it’s truly something you need, or just a nice-to-have you could live without. Another bonus, less space = less cleaning.
“The house should be fully upgraded and finished” – This decision can be a tricky one, as buying older homes sometimes means that many of the aesthetic finishes throughout are old or outdated. However, if location, style, and size are higher priorities on your list, keep in mind that upgrades and new finishes can be changed with time. By giving yourself a home that needs a little more TLC, you’re opening yourself up to the ability to stay within budget, renovate as time and funds permit, and giving yourself more control over the final outcome of the home. This sense of control and personal validation once completed is definitely something to consider, especially for those who would initially reject an older or outdated home.
Have you sold or are in the process of selling your home, and now can use an advance on your equity before closing day, perhaps you need money for your new purchase deposit? Or to fund your renovations before sale? Tembo Financial can help! Tembo offers this unique service to homeowners in Ontario and the GTA. You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you. Don’t wait, start today!
*Subject to qualification.