Is the idea of a bigger home in Toronto’s West End starting to sound more and more appealing? For growing families, an extra bedroom or bathroom or two can sound like a neccesity. Ambitious professionals who have recently enjoyed a promotion or increase in pay may also love the idea of something bigger, better, or in a different neighbourhood.
Whatever your reasons for moving, you’re in for an exciting journey as you begin to explore the many possibilities. That said, you’ve also got some work cut out for you, particularly if you plan to sell your existing home to finance your next purchase. In this post, we’ll talk about some of your top considerations when upsizing to your next home.
What should you look for when buying West Toronto real estate? Our Buyer’s Guide can help you navigate today’s market to find your ideal house. Download your copy for free right here.
Real Estate Dynamics Are Always Changing
If you’ve bought and sold a house before, the entire process of moving may feel a little less intimidating. Still, it’s important to keep in mind that the Toronto real estate market is always changing, and conditions could be very different now.
Some background research into the local market is always valuable because it helps you set realistic expectations. You’ll have an idea of how long it could take to sell your existing home and how much you can reasonably expect to earn from the transaction. None of this is to say that you should wait for the market to change before moving. If there’s one thing you’ll learn as you proceed, it’s that there are always disadvantages and advantages to every situation.
What Toronto neighbourhood is right for your next home? The posts below will give you a few to consider:
- 5 Reasons To Love Living in Swansea
- Best Neighbourhoods In Toronto For Young Families
- 5 Reasons Baby Point is an Incredible Place to Live
Understand Your Challenges and Advantages
Imagine you’re trying to sell your home in the middle of a slow buyer’s market. As the seller, this is the worst possible scenario. Almost no one is searching for a house, and those in the market are well aware that they have the upper hand. It could take longer to find a serious buyer, and you may have to offer a price concession when you do.
Perhaps this whole situation sounds like a nightmare, and you may be tempted to put off your decision until things improve. Just don’t forget about the silver lining.
Your house will sell eventually – with an effective strategy, of course. When it does, you get to be the buyer, and suddenly, all of those conditions are now in your favour. The reverse is also true in a busy seller’s market.
With plenty of buyers eager to acquire your home, you have a good chance of an successful sale, but now you enter a market as a buyer with what might be fierce competition. Thus, the trick isn’t to wait; it’s to plan and strategize, as well as to buy and sell in the same market whenever possible.
Talk to a Local Real Estate Professional
If you want to make the most of your upsizing experience, don’t underestimate the value a knowledgeable West Toronto real estate agent can bring. Getting a handle on the market is challenging for someone not constantly immersed in it, but helping people buy and sell homes is what we do all day every day.
The key to getting the best house your budget will allow is to earn the highest possible price when selling your existing property and negotiate the lowest price when buying. An experienced real estate agent knows how to position and market your listing for the fastest and most profitable sale the market will allow. They’ll also keep an eye out for hidden opportunities that let you maximize your budget. All of this requires a keen pulse on the local market, as well as the ability to negotiate professionally.
Why live in West End Toronto? There are so many reasons, and you’ll find just a few in the posts below:
- Top Hiking Trails In The West End
- Five Best Skating Rinks in the West End
- Explore the Best of Toronto’s West End This Spring and Summer
Clarify Your Goals and Timeline
Like all worthwhile goals, a successful experience in upsizing your West End Toronto home begins with a clear vision and a logical, step-by-step plan. You may already have the big picture in mind. Now, it’s time to iron out the smaller details. For instance:
- What is your timeline? Do you want to be in your new home three months from now or a year from now? The more time you give yourself, the less stressful your transition is likely to be.
- Should you buy your new home first or sell your existing one first? This decision will depend heavily on current market conditions as well as your individual goals and resources. Your real estate agent can help you decide what works best for you in your situation.
- What attributes do you absolutely require in your new home? What do you wish to avoid? Making a list of all of the must-have, nice-to-have, and what-not-to-have features will save you time and stress during your search. However, a little flexibility also pays off.
- Where do you want to go next? West Toronto is full of incredible neighbourhoods. Take into account what matters most to you. It could be access to the highest ranked schools, or perhaps you want to be close to an exciting shopping and dining district.
- How long do you plan to stay in this house? Is it another milestone on the way to bigger and better things, or is it your forever home? The answers to these questions will help you decide how much money and time you’re willing to invest in updating the property to suit your lifestyle.
Looking for more practical tips for a seamless transition? The posts below will help you whether buying or selling:
- Navigating Toronto’s Shifting Real Estate Market: A Guide to Successful Home Selling
- Could a Cosmetically Imperfect Home Be the Best Choice in Toronto?
- Navigating the Journey as Your Family Outgrows Its Home
Follow Your Plan and Checklist
It’s all coming together. You’ve got a vision and a plan, and now the time has come to execute your strategy. Many of the smaller steps will depend on what is happening in the current market. Since things can change quickly, it always helps to remain patient and flexible throughout both the selling and buying processes. As always, a local real estate expert can help you with every decision going forward.
Do you want to explore more of your options when upsizing your home? Our West Toronto real estate agents are happy to guide you through it all. Reach out today at 416-769-3437 or email info@sidorovainwood.com with any questions or to get started.
