Location, location, location. The number one rule in real estate and in the perfect world, the mantra you should be adopting so that you have the right house in the right location. This investment naturally sees a ridiculous financial return, all the while your neighbours watch your dog/cat at your beck and call and they deliver freshly baked cookies every Sunday. Now back to reality. While location is of course, hugely important, there are many other factors which you need to be considering when renting, buying or investing. Read on to discover the key areas that you need to be on top of, if you’re serious about your next move.
Getting your finances in order It’s a dirty word but if you’re serious above your next move, you’re going to need some of it. Money. Not necessarily huge amounts, but enough to either get that first rental deposit down, or 20% of that mortgage. If this is filling you with panic, relax. It’s never too early to start your savings plan and you can learn more about this and how mortgages work at BMO – my bank of choice. The biggest advice I can give you is to wise-up on all things financial. There’s no need to be ignorant with this much information at your fingertips. So what’s holding you back?
Location Location Location We know how important location is, but we also know that what we don’t know, we don’t know. Did you know, for instance, that Toronto is considered as “the city of neighbourhoods”? With over 140 neighbourhoods across the city, you are bound to find the right spot for you. A huge benefit of renting is that you can immerse yourself in a neighbourhood and move on when it’s no longer doing it for you. Having this much flexibility is not to be sniffed at, and I’ll cover the pros and cons of renting versus ownership in a future post. But for now, get inspired and learn something new about your city. Check out the inspirational blogTO and prepare to learn something new about Toronto!
Move-me So you’ve got your finances in order, you know where you’d love to live, now you need to start looking at real estate. My guess is that if you’re anything like me, you were doing this way before looking at your finances. Some may view this as impractical, I prefer to view it as motivation. And the best place for you to focus this motivation? By viewing the largest multiple listing site in Canada, Realtor.Ca. From condos to houses, renting to buying, East to West – this site has it all covered. And anyone who is anyone is featuring their stock on this site, so stay ahead of the curve and download the app so that you can keep abreast with the market.
House happy Congratulations on the move! Crack open the Prosecco and get ready for the real work to begin. Whether you’re renting or buying, the likelihood is that a small reno is in order. Stuck for ideas and unable to see past the avocado bathroom and woodchip wallpaper? Fear not. That’s what Houzz is for. Prepare to be truly inspired by this gorgeous site which pulls together beautiful homes and rooms, and helps inspire you to create the home you’ve always dreamed of. It’s like having your own interior designer, without the fees. What’s not to like?
I hope these points have got you thinking about real estate and taught you something you didn’t already know. If there are other sites you think will add to those covered here, please get in touch – I love to be inspired!
Hi Katie,
Very interesting post. I have moved 4 times in the last 3 years, always renting. I like the freedom and the possibility to move if your life changes or if you just don’t feel comfortable in a house you though it was perfect. No mortgages to be tied to.
I agree with you, when you say location is probably the most important criteria. Once you know the area you want to live, the apartment orientation and the distance to the subway are key factors for me to choose a place 🙂
Hi Ainoa, thanks for reading my blog. I agree that renting is perfect when you aren’t sure of where you want to be. It’s perfect for testing the water, cluing up on locations and figuring out what matters most to you in a property. No mortgages are a huge plus too!
Hi Amanda, thanks for taking a look at my blog and I’m glad you are finding it useful. I am currently pulling together an up and coming list of hot-spots in Toronto so stay tuned!
Katie, you have such a useful blog, especially for me as for newcomer in this city. I believe that advices from the person who have already investigated the process of renting, while she was new to particular city in many cases will be more valuable comparably to advices from people who lived here whole their lives. A lot of things become obvious when you live for a long time somewhere, so it’s always good to find somebody with different point of view, who was in the same situation as yours. Your post helped me to summarize everything and of course to start thinking about finances (unfortunately I usually think of them only when they are actually needed right now, so thank you for putting them on the first place). And I’m totally inspired by some of the Toronto neighborhoods and house designs’ ideas after following the links you shared. As I have to find a new accommodation starting from September, I’m looking forward for new useful advices that will definitely make my life easier.
Hi Tati, I’m so pleased you’ve looked at the links I’ve shared. Houzz is my absolute favourite – so much inspiration to be had. I hope you will keep coming back for more tips and advice ahead of your September move!
Thank you share this information to us Katie. it’s very helpful. You are right, budget and location are very important.
Now, I live very close to our campus, but I will move after graduation. This blog is what i really need! And I am looking forward your post about renting VS ownership:)
Let’s get this out of the way first: Houzz is an amazing resource! I think I’m THE WORST at decorating, so this website is instantly going into my bookmarks. Aside from that, you distilled all the questions needing answering before getting a house: How much? Where? Who? Prosecco or champagne?
Hi Katie,
Very interesting post. I have moved 4 times in the last 3 years, always renting. I like the freedom and the possibility to move if your life changes or if you just don’t feel comfortable in a house you though it was perfect. No mortgages to be tied to.
I agree with you, when you say location is probably the most important criteria. Once you know the area you want to live, the apartment orientation and the distance to the subway are key factors for me to choose a place 🙂
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Hi Ainoa, thanks for reading my blog. I agree that renting is perfect when you aren’t sure of where you want to be. It’s perfect for testing the water, cluing up on locations and figuring out what matters most to you in a property. No mortgages are a huge plus too!
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What an informative post! Quick question, any insights on which area you think will be the next “hot” area to live in within Toronto?
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Hi Amanda, thanks for taking a look at my blog and I’m glad you are finding it useful. I am currently pulling together an up and coming list of hot-spots in Toronto so stay tuned!
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Katie, you have such a useful blog, especially for me as for newcomer in this city. I believe that advices from the person who have already investigated the process of renting, while she was new to particular city in many cases will be more valuable comparably to advices from people who lived here whole their lives. A lot of things become obvious when you live for a long time somewhere, so it’s always good to find somebody with different point of view, who was in the same situation as yours. Your post helped me to summarize everything and of course to start thinking about finances (unfortunately I usually think of them only when they are actually needed right now, so thank you for putting them on the first place). And I’m totally inspired by some of the Toronto neighborhoods and house designs’ ideas after following the links you shared. As I have to find a new accommodation starting from September, I’m looking forward for new useful advices that will definitely make my life easier.
LikeLiked by 1 person
Hi Tati, I’m so pleased you’ve looked at the links I’ve shared. Houzz is my absolute favourite – so much inspiration to be had. I hope you will keep coming back for more tips and advice ahead of your September move!
LikeLike
Thank you share this information to us Katie. it’s very helpful. You are right, budget and location are very important.
Now, I live very close to our campus, but I will move after graduation. This blog is what i really need! And I am looking forward your post about renting VS ownership:)
LikeLiked by 1 person
Let’s get this out of the way first: Houzz is an amazing resource! I think I’m THE WORST at decorating, so this website is instantly going into my bookmarks. Aside from that, you distilled all the questions needing answering before getting a house: How much? Where? Who? Prosecco or champagne?
LikeLiked by 1 person
Thanks for your comment Geoff and in my opinion, champs is soo overrated. Pop the prosecco instead!
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Thanks Celine, when you are ready to move do refresh your memory with my blog for a few house-tips!
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