We can’t believe another New Year is already upon us! January has long been celebrated as a chance for new beginnings. What better way to honour that tradition than by reflecting on some of your short and long-term goals?
For many people, their most significant objectives revolve around real estate. Some intend to purchase their first home; others have their sights set on upsizing to a new house with more space. Alternatively, you may wish to purchase an investment property that allows you to generate passive income while building equity.
Whatever your objectives may be, expert insight and a superior strategy can help you reach them. In this post, we’ll outline a step-by-step plan to help you make your real estate resolutions a reality this year.
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Buying Your First Home
Buying your first house is one of the most exhilarating accomplishments you can ever achieve! However, expert guidance is even more critical since you have never been through the process before. Your first step is to connect with a professional Realtor® who has both the knowledge and the patience to guide you through the market from start to finish. At the Tanya Crepulja Team we are dedicated to ensuring that you receive quality service and an informed, smooth and efficient home buying experience.
This customized service will be invaluable throughout your journey. We can often provide access to properties you wouldn’t find on your own, we have the experience to provide you with sage guidance and insight, so that you have as much information as possible to feel good about your purchase, plus you’ll have a level of protection to ensure your first home is suitable for your needs at a price that is fair and reasonable for the market. The following guidelines will help you get started:
- Begin by getting a mortgage pre-approval to create a realistic budget range.
- Understand the guidelines that have recently come into effect that will make the market far more accessible for first-time buyers. You can now purchase a home for up to $1.5 million with much less than a 20% down payment. The new guidelines state that you will need 5% on the first $500,000, and just 10% from $500,000 to $1.5 million.
- Remember to keep some funds aside to cover your closing costs, including the Land Transfer Tax.
- Understand the provincial and federal programs that are in place to help first-time buyers in Canada. We at the Tanya Crepulja Team will be happy to walk you through all of the resources that may be available to you.
With the financial side behind you, we can now focus on the fun part – creating your wish list for your new home. This is where we’ll want to learn more about your unique goals and requirements for your ‘wish list’ to be as specific as possible while still being open to some compromises.
Remember that real estate is a journey, and you’re well on your way to your first step on the property ladder. Your first home purchase may not be the last one, therefore the best advice is to take that leap into home ownership at the earliest opportunity you have. Even if the property checks off most but not all the boxes, you’re now on the way to growing your wealth in real estate.
Are you ready for the exciting milestone of buying your first home? The posts below will help you plan for success:
- A Complete Guide To Relocating To Toronto And The West GTA
- The New Tax-Free Home Savings Account: What Does It Mean For You?
- 7 Things To Think About When Looking For A Home This Spring
Upsizing Your Existing Home
It’s hard to imagine anything more exciting than your first home – until you start considering all of the possibilities for what comes next. Your equity may have grown substantially depending on how long you have owned your home and your life plans may have also changed or outgrown your current home which means it may be time to move up.
All of this equates to greater purchasing power, which means homes you could only have dreamed about as a first-time buyer may now be within reach. If you’ve found yourself wishing for more space, an extra bathroom or bedroom, or a bigger backyard, this could be your year! And with more favourable buying conditions at the present time, the home that perhaps was out of reach in the peak of the market may very well be attainable today.
This is where you’ll want to give us a call as an excellent first step. We will happily sit down with you to discuss your options and help you create a winning strategy. First, we’ll help you maximize the sale of your existing home through expert staging, a comprehensive marketing plan, and astute negotiations.
Next, we’ll work with you to obtain your new home with the best possible terms. The equity in your existing property will play a significant role in determining your next steps.
You can learn what your property is worth in today’s market by booking your free home evaluation right here.
Simplifying Your Life by Downsizing or ‘Rightsizing’ Your Home
Bigger does not mean better for everyone. A new trend in recent years is that many people are looking to simplify their lives at younger ages than ever before. This is also why you’ll often encounter the term “rightsizing” instead of downsizing. Moving into a smaller home can offer numerous benefits, especially if your existing home has rooms you aren’t even using.
A smaller space isn’t just less expensive; it also requires less work to maintain, which means you’ll have greater cash flow – and more time to enjoy it. Downsizing doesn’t necessarily mean moving from a large home into a tiny condo, either.
Everyone has a different vision. Yours could mean going from a four-bedroom house to a three-bedroom. Or it could mean switching from two-storeys to a bungalow where everything is conveniently all on one level.
If rightsizing is on the agenda this year, we at the Tanya Crepulja Team can help you make the most of your sale so you can live out your real estate dreams the way you see fit.
If your future plans involve selling your existing home, the posts below can help you achieve outstanding results:
- Why You Should Start Preparing for the Spring Market Early
- How To Make Your Home Stand Out in a High-Inventory Market
- The Ins and Outs of Selling a Luxury Home in Toronto
An Investment in Your Financial Future
Current conditions make it a great time to buy an investment property. You can often find excellent value, particularly in the condo market. You could also look at multi-unit homes just outside of the GTA. Thinking outside the box can mean acquiring a property with a healthy cap rate (a real estate metric that measures the potential rate of return for an investment property) and low vacancy rate and allow you to keep expanding your real estate portfolio.
You will want to do some due diligence, both on the property itself and on any prospective tenants. It makes sense to be selective about who rents your unit. The right fit will be a long-term tenant whom you have a great relationship with so you can hold onto the home long enough to see significant equity gains.
We can assist you throughout your purchase and the leasing process. We safeguard our clients’ best interests carefully and are very thorough when it comes to the due diligence required in vetting a prospective tenant for your investment property.
Are you thinking about expanding your investment portfolio this year? The posts below can help you refine your strategy:
- How To Get Started As A Real Estate Investor
- What Is An Assignment Sale?
- Our Guide To Investing In Local Art
Keep Looking Forward
Perhaps the best advice when buying or selling is to keep looking forward to your potential opportunities rather than focusing on the past. Real estate is always changing, and new possibilities will always be opening up. Having a crystal clear vision will help you accomplish or even exceed all of your goals.
Just remember that the long-term trend is that housing values have always risen. The sooner you make your choice, the faster you can begin building equity in the future. With our guidance and market savvy, you can capitalize on the best opportunities for you.
Connect With a Local Realtor®
Whether buying or selling, perhaps the most powerful resolution you can make is to connect with a knowledgeable Realtor® who knows your area inside and out. Real estate is not an impulse decision. Your decisions should be based on facts, logic, and an in-depth understanding of the market at any given time. At the Tanya Crepulja Team, we put your interests first at all times.
Starting a conversation today can be the catalyst for achieving your real estate goals tomorrow. Whatever your objectives may be, we are happy to answer your questions.
Our clients benefit from receiving valuable expertise and an unparalleled commitment to your success. Reach out to Tanya Crepulja today at tanya@tcteam.ca or call 647-293-3785 for a complimentary, no-obligation consultation.
