Buying an old house (resale) in an established neighbourhood, what are the benefits and drawbacks?
If you are reading this article, most likely you like to learn more about the process of buying a house. There are many factors you need to consider to make sure you purchase the home you desire. You may consider preparing a checklist of what is critical for you and have the items in priority. You can't have everything on the list, so the checklist will remind you where you are willing to compromise. Show your list to your family and real estate agent to get feedback from them.
One question you should have in the list is as follows; what sort of neighbourhood do I like to be live in and raise my children in? For example, many great communities are in Toronto to buy your house that financially will make sense. But which one is for you?
To begin, I like to highlight the benefits of living in an established older neighbourhood and the drawbacks. I'll try to present an unbiased review to you since I admit my love for the old-world charm style communities. You can be better prepared to make the best decision for you and your family when it comes time to buying your next place to call home.
Lifestyle. Some people find the established neighbourhood setting charming and delightful. You will find many small businesses, restaurants, coffee shops within walking distance. You may discover daily walks in the busy streets enjoyable. A blend of architectural style will be hardly dull. Public transportation is typically more accessible, and it is closer to downtown centers. If you desire the hustle and bustle of a city center, an established neighbourhood can be an option.
Longer-term neighbours. In an established community, you expect to have long-term neighbours and a stronger sense of community. It is a safe bet that things do not change much in the neighbourhood. By walking and driving in the community, you can get a strong sense of where you will be living. You may pay attention to the landscape, upkeep of the houses, the number of cars on the street, driveways and so forth.
Mature trees and landscape. Many buyers may not even think about the trees and landscape in the neighbourhood. It is hard to blame them, considering the scope of the decisions they have to make. The shadowy tree-lined streets and trimmed green spaces are familiar in older neighbourhoods, and daily walks in the community can be joyful and rewarding. If you long for such a setting, you should know that trees and landscape take many years in the newer neighbourhoods to get that stage.
A larger yard. On many occasions, you'll discover houses with a more oversized backyard in the older communities. Perhaps, when these houses were built, the expectation was to have a bigger backyard and a smaller house. Maybe, people sent less time at mega size homes and more time outdoors. A fair size backyard can provide for neighbours, families getting together, a nice sitting area or barbeque. In newer build neighbourhoods, houses are built as big as the city allowed, and typically, your neighbour's fence is an arm's length.
There is no doubt that there are attractive benefits to living in an established community, such as a vibrant lifestyle and a close community with long-term neighbours. However, nothing is perfect in life, so we should turn our attention to some drawbacks.
Parking. In the city core, street parking and other parking spaces are always in limited supply. In the snowy days of the winter months, it is even a more significant issue. Depending on your lifestyle, you may think twice if you are willing to deal with such limitations.
Traffic and noise. Some people enjoy the hassle and bustle of the core city, and others will avoid it. You should spend a fair amount of time on different days of the week and access if that is for you.
Maintenance and renovations. In the old build-up neighbourhoods, you will realize that most of the houses are old. And you may decide to purchase a pre-owned house. Depending on how well the previous homeowners maintained that property, it becomes your responsibility to maintain that property. Old homes require more repair and replacements as well as maintenance. You should also keep in mind that you may have to bring it up to current legal building codes and standards on rare occasions. In addition to the financial costs, you should have a reasonable estimate of how much time is required to completer such renovation.
Smaller space. Typically older houses are smaller, ranging around 1400 square feet, generally with a fewer and smaller closet. The open concept is a recent revelation in-home building; hence you may find the older houses with a smaller compartment structure.
Cost. A pre-owned home can sometimes be more expensive than a new home, depending on where it is in the city. The closer you get to the downtown, prominent areas in the city, the more expensive those homes will become. So it's one thing to consider if you have a desire for a specific area of town, a resale home might cost you an arm and a leg compared to buying a new home construction in the suburbs. However, one good news is that buyers of pre-owned homes are NOT required to pay Harmonized Sales Tax and Goods and Services Tax, hence saving them a lot of money.
In summary, it all boils down to what is essential for you and your family and the compromises you are willing to make. Refer to your checklist, write down the pros and cons we discussed here. Your trusted real estate agent can help you sort out the information to find your dream home in a location that fits your lifestyle.
The above Real Estate article was provided by David Khosravi, a leader in his field in North York, Willowdale Real Estate, Reach out to David via email: firstname.lastname@example.org or by phone: 416.990.2424
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