An interesting city Toronto turns out to be. One of its unique aspects lies in its urban planning, where apartment buildings were mixed into residential plots to make sure suburban sprawl was contained. The city did so successfully until the 90s when immigration started rising to the country in large numbers.
Toronto is now among the fastest growing cities in the Americas and the world, growing at a pace that might merge with Hamilton and may dwarf Buffalo out of contention. As of now, T-Dot is economically stronger than Buffalo.
Speaking of, real estate in Toronto is now more expensive than that of Vancouver, Seattle, Los Angeles, Boston, Hamilton, Montreal, Bournemouth, Honolulu, Tel Aviv, Rome and Brisbane. The city proper has properties priced at around C$ 1,000,000 and above. This indicates that inner city properties in Toronto are now quite more expensive than they once were.
Should residents buy properties in Toronto with watchful sights?
It may sound silly to some but yes, buyers in Toronto should be watchful when it comes to buying a home. There was a time when homes in Toronto were using Kitec plumbing. This proved to be disastrous as properties using that plumbing got flooded and resulting repairs put a hefty financial toll on residents.
This is where open houses come in handy. They help prospective buyers and home-owners examine the property carefully. This also helps them imagine themselves in the property and even place furniture their own way.
Are open houses for property buying beneficial?
While open houses might seem to be casual events by nature, dedicated and interested home buyers understand that checking out a home is not just about aesthetics or a quick view. In a robust market, they may not be able to get more than one look at any property before making an offer.
Hence, it is crucial that if buyers are quite interested in a home, it is a good idea to make the most out of the opportunity to spend time in the home in the spotlight.
Also, there are homebuyers who attend open houses just for the purpose of window shopping instead of taking complete advantage of this chance to get important details about the property being promoted for sale.
Open house sessions are not just for suburban townhouses and row houses. They are also for apartments, lofts, mansions and of course, toronto condos, the favourite of most Torontonians.
What should prospective buyers and residents alike look for in an open house?
When a prospective buyer visits an open house, they will have a lot of questions to ask especially for the agent the seller has hired. Buyers should also have conducted their research. At times, they wish to leave this process with the feeling that they have enough information to make a well-informed decision.
Here is what needs to be understood about open houses:
Prospective buyers should make a good impression
It’s not like buyers need to be dressed in a tuxedo or in a full three-piece tailored suit. They just need to be properly business casual dressed or in simple words, be dressed nicely so the seller does not avoid them or mistake them as delinquents. Buyers ought to be courteous to the agent and should not be afraid to ask any questions, if they have any.
Buyers should know what they are looking for
When buyers are checking out the interior of a home, they should be observant for things like uneven floor, water stains, cracks in the ceiling, floor, walls as well as presence of mould. On the outer side of the home, they should check if there is any damage to the outer walls, damages to the front door and for any missing tiles on the roof or pathway.
For condos, the balcony railings should be perfect. If there is any damage to the windows or window grills, they should get them checked too.
If buyers can easily spot damage to the property, then it will not be worth their time. Moreover, it is also important for them to consider how the cost of these repairs will impact their budget. Moreover, they should not forget to take pictures of the inside and outside of the house.
Checking out the competition
Are other prospective home buyers present at the open house? Are they serious about the process? Are they asking the relevant questions? And what about a checklist, do they have one? Buyers should always be on the lookout for all these when they enter the home. They are potential homebuyers who might also make an offer on the property.
This helps buyers avoid getting duped at buying a condemned property as well as avoiding a financial scam costing them their entire savings.
They should ensure they are memorable
Buyers should try ensuring that the seller’s agent remembers them. Creating a good relationship with the agent can be a key decision maker if they decide to make an offer on the property in the spotlight.
Buyers should not hesitate to tell a short story about themselves. They can also ask the agent about themselves and how they entered the real estate business.
Buyers should also make a genuine effort to get to understand the agent and seller in a short period of time, especially the time period spent viewing the home. Agents themselves are humans too and they remember those who made a good effort.
They should know which questions to ask
At this point, buyers should understand that an open house is not just a casual gathering of interested buyers, sellers and real estate agents. It is an opportunity to check the property being showcased, to speak and obtain information no one may have received from the listing.
For this reason, it is a good idea to have some questions prepared because the open house is the quickest way to get answers. If the home is most sought after, then other potential buyers might be looking to put in an offer as quickly as they can.
Buyers may want to obtain as much information as possible during such sessions. This can help them make informed decisions on whether or not to go forward with a good offer.
Here are some important questions buyers should ask agents during an open house session:
- How many offers has the seller received for the home so far?
- For what reasons are the sellers selling?
- For how long has the property been on the market?
- If it has been there too long, what are the reasons for it?
- When was the house built?
- Any features of the home updated?
- How much do the monthly utilities cost?
- Is the seller motivated to sell the property?
- How are the neighbours and the neighbourhood?
- How are the local schools?
- What is the noise level of the neighbourhood?
Answers to these questions aren’t often included in the listing information more can they be deduced by simple wild guesses. They can only be answered once the property is visited and agents are asked the questions. Yet, each question will give the buyer insight that could prove to be valuable to their decision-making process.
Buyers trying to get a feel for a home amidst the traffic of other buyers can be quite overwhelming. But with a little forethought, buyers can make their open house experience feel much better than they originally perceived.