Real Estate

Multi-task to make your real estate wait productive

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There’s a lot of steps to take to make the most of the time you have

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When buying pre-construction homes or condominiums, there will usually be a wait time of months to several years before you take possession, depending on when in the marketing cycle you purchase.

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There may also be many of you who are biding your time before making a new home/condo purchase because of the market flux we are in.

I believe that this year marks a bridge back to normalcy, but in the meantime, there are a lot of steps you can take to make the most of the time you have.

If you are a first-time buyer, research should be at the top of your to-do list. Find out what government help there is for you, and check the CMHC website for guides on buying real estate.

Visit your financial institution and get yourself pre-approved for a mortgage so you know where you stand when you do decide to shop. Take some time to learn to read floorplans, as with pre-construction, you will likely buy from plans or possibly a handful of models.

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If you have questions about what means what on a floorplan, be sure to ask a sales representative or agent. And find yourself an experienced real estate lawyer who can help with your purchase. If you are thinking of a condominium, be sure the professional you choose is well versed in condo law, which is different from Low-rise.

Those who are right-sizing from large low-rise homes to condo suites can begin the “purging” process when it come to the “stuff” they have amassed over the years.

There are many options today to arrange to give or sell possessions either in person at yard sales, or online via websites such as VarageSale.com. Cherished heirlooms can be passed down to younger family members now rather than in the future.

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Keeping in mind that condo living will likely involve a more compact space than you’re used to, shop around for multi-purpose furnishings that can save a lot of room once you move in.

Whatever you have in mind, if you have not purchased yet, spend time exploring the neighbourhoods you’re looking at, so you get the most return for your lifestyle and investment.

And keep a positive thought – as the year goes on, we are entering a less challenging market. At Baker Real Estate Incorporated, we are celebrating the success of Olive Residences at Yonge Street and Finch Avenue in Toronto.

Sales for this condominium by Capital Developments are already robust, especially with investors, who are hearing the call. This is great news and bodes well for the market to come.

Regardless of the economic climate, real estate continually proves to be a solid investment. Seasoned buyers understand the benefits of owning, and potential first-time buyers dream of taking advantage of that lifestyle step.

One of the attractions of buying pre-construction is that you have that time to make sure you understand all the parameters of your purchase, save toward your down payment and research what you need to. Take your time and make the best choice for you.

Barbara Lawlor is CEO at Baker Real Estate Inc. Keep current with The Baker Blog at blog.bakerrealestate.com.