| Buyers

Today we want to talk about what should be on your neighbourhood checklist when buying a home in Toronto.
There are a lot of factors to consider, especially for first time home buyers because budgets are tight and established neighbourhoods are expensive! The best bang for your buck is to purchase in an up and coming neighbourhood in Toronto, but how do you find those? Well, keep reading and find out!
While the number one on your list may vary from the number one on someone else’s list, there are a few key things you should ask about before buying your first home.
It’s important to be close to transit, but not too close to transit, in the sense that you can hear the subway in your basement, for two reasons:

  • One is the accessibility factor. So, if you live on the East or West end, and are not centrally located, you can quickly hop on the subway, streetcar or bus and be, in a matter of minutes, anywhere in the city.
  • And obviously the second thing would be, from a value perspective, you can definitely fetch more money for your home when you go to resell it, because everybody is looking for that accessibility factor when they’re purchasing a home.
Even if you don’t have children right now, you may want to have children in the future, so you do have to consider about buying into a good neighbourhood with good school zones. Obviously, young families are really concerned with that as well. When you do go sell your home, you don’t want to alienate certain families by not being in a good school zone, because that’s a key thing that some families are looking for.

In addition to school zones, parks are really important as well. It’s nice to be able to walk there, enjoy the sun, the trees, walk the dog, read a book, or play with the kids on the playground. Furthermore, if you’re purchasing a home that’s near a park, you’ll definitely have to pay more money. But, in the end, when you go to resell it, you’ll definitely recoup that cost. So, it just really depends what’s important for you.
Another key factor is the walk score. The walk score is essentially just the walkability of your neighbourhood. You don’t want to have to trek across town to go to cafes, restaurants and bars to meet up with your friends and family. When you walk into a coffee shop or restaurant where the employees know your name and even your order, it gives you that sense of comfort and familiarity, which is priceless. And then, obviously, from a return on investment perspective, you can get more money for your home when you resell it in the future.
While researching online and reading community blogs and asking your realtor are a good way to find out particular details about a certain neighbourhood, really the best way is just to get out there, hit the pavement, walk around, get a sense for the neighbourhood, talk to neighbours and see if it’s really a perfect fit for you and somewhere where you can really call home.
What are other things you may consider when choosing a neighbourhood? Let us know in the comment section below!

Meanwhile, if you’ve got any Real Estate questions, get in touch with us, we’ll be happy to help!

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