The past few months have been a time for people to pause and reflect on what is most important to them. The result of this has been an upsurge in demand for properties in Toronto. Many investors are looking for a stable investment with positive long-term growth potential that offers peace of mind and the opportunity to safeguard family wealth into the future.
Before you make a decision to buy, there are four questions to ask yourself:
Why are you buying the property?
Everyone has different goals when it comes to real estate investment. For some, it’s the chance to own the home you live in, for others, it’s an opportunity to live in a good neighborhood on your own terms. And for many, especially in Toronto’s booming market, it’s a way to grow your wealth by owning an investment property and secure long-term financial freedom for your family. Understanding why you want to buy a property will help you make the right decision about what type of property to purchase.
Does the real estate growth forecast look good?
Here’s where a real estate wealth specialist can really add value. They have access to the latest market data so you can get a good idea of the historical trends and what property analysts are predicting for the future (both in the short- and long-term). They can also offer strategic advice to help you minimize risk and maximize your returns.
What are your long-term growth goals?
Buying a property is a long-term investment. To give yourself the best chance of securing a good tenant at an above-average rental, as well as selling the property quicker when the times comes, you need to find a home with an edge.
This might mean narrowing your search criteria to focus on neighborhoods that have greater growth potential, or it could mean choosing a suburb that has a surplus of tenants looking for high-quality accommodation. It could even mean that you shift your focus from buying a condo to buying a house as demand continues to grow and inventory is limited.
What changes do you want to make today to secure your future?
While many people have been concerned about the short-term implications of the pandemic, the reality is that property is a long-term investment. If you are buying a pre-construction condo, for example, you will only take ownership three to five years down the line, so you need to have a good understanding of the real estate market projections.
There are new opportunities with incentives and deposit structures that support home buyers and further bolster the real estate industry. It’s a great time to dip your toe in the market as a first time home buyer or as an investor. There are so many projects with exciting deposit structure incentives to help you multiply your investment rental property portfolio.
Working with a respected real estate wealth strategist like Nikki is essential if you want to make a well-considered decision and find the ideal investment opportunity for your specific needs.
There are tremendous upsides to owning your own property, especially in some of Toronto’s sought-after neighborhoods. Nikki can walk you through the process and share valuable insights gained during her many years of experience in the industry.