You'll REGRET Buying a House In TORONTO This Year

Summary

In this video, the host highlights five common mistakes homebuyers may regret making in the Greater Toronto Area (GTA). These include buying homes in poor locations, with poorly executed renovations, or with an unmanageable commute. He also emphasizes the hidden costs of homeownership, such as property taxes and pool maintenance, as well as the impact of energy inefficiency. The host offers advice on how to avoid these pitfalls, such as performing thorough inspections and considering long-term costs before making a purchase. Ultimately, the video aims to help buyers make more informed and thoughtful decisions in their home-buying journey.

Takeaways

• 😀 Don't overlook the importance of location. A great house in a bad location (e.g., near highways, railroads, or underdeveloped areas) can lead to long-term regret.
• 😀 Proximity to amenities like grocery stores, public transit, and recreational spaces should be considered when choosing a home. Lack of these can impact your quality of life and resale value.
• 😀 Homes with poor or DIY renovations can hide expensive issues such as outdated plumbing, electrical systems, or HVAC units. Always get a home inspection.
• 😀 A home inspection is crucial to uncover hidden problems. Make sure to check for permits and the age of key systems like the furnace, roof, and plumbing.
• 😀 An unmanageable commute can lead to regret, as time spent on the road adds up. Test the commute at different times and consider work-from-home flexibility before buying.
• 😀 Energy inefficiency in homes can lead to higher utility bills. Check for outdated insulation, windows, and HVAC systems before purchasing.
• 😀 Don't be swayed by cosmetic features like renovated kitchens and bathrooms. Focus on the home's structural integrity and its long-term maintenance costs.
• 😀 Be mindful of ongoing homeownership costs, such as property taxes, pool maintenance, and seasonal upkeep (e.g., shoveling snow, lawn care). These costs can add up over time.
• 😀 A pool can be a luxury, but it comes with high maintenance costs. Factor in pool repairs, heating costs, and seasonal maintenance before buying a house with one.
• 😀 Research the future development plans for the area around your potential home. New construction, such as high-rises or condos, can drastically affect your privacy, view, and property value.
• 😀 Always do your due diligence when buying a home. From inspecting hidden systems to understanding the full cost of ownership, being well-informed can prevent regret in the long run.

Q & A

What is the first common regret when buying a home in the GTA?

The first common regret is buying a home in a bad location. Factors like proximity to highways, trains, lack of amenities, and future development can greatly affect the enjoyment of the property. A good location is crucial, as it's not something you can change later.

Why is location so important when purchasing a home?

Location is important because it cannot be changed. Even if you find a great home, a bad location—such as being too close to a highway or upcoming construction—can significantly impact your living experience and future resale value.

What are some things buyers often overlook when inspecting a property?

Buyers often focus on cosmetic features, like a renovated kitchen, but overlook the home's internal systems, such as plumbing, electrical, HVAC, and the roof. It's important to check these systems to avoid costly repairs later on.

How can a buyer protect themselves when buying a home with renovations?

Buyers should check if the renovations were done with proper permits and ensure that the essential systems—like plumbing, electrical, and heating—are up to date. A thorough home inspection can reveal hidden issues that may not be visible at first glance.

Why is a home inspection so important when buying a property?

A home inspection is critical because it can uncover hidden issues, such as faulty plumbing, outdated electrical systems, or structural concerns. It helps protect buyers from unforeseen expenses and allows them to make informed decisions.

How can long commutes affect a home buyer's decision?

A long commute can lead to significant time loss—up to several hours a week—which may cause stress and regret. Buyers should test the commute at different times of day and evaluate if the convenience of the home justifies the commute time.

What should buyers consider when purchasing a home with a long commute?

Buyers should assess the impact of the commute on their daily life and consider alternatives like public transportation options or work-from-home flexibility. Testing the commute in different conditions will provide a clearer picture of its manageability.

What additional costs should buyers consider when purchasing a home?

Buyers should consider ongoing costs such as property taxes, maintenance, and utilities. These can add up quickly, especially if the home has expensive features like a pool, an old HVAC system, or requires major repairs.

What are the hidden costs associated with owning a home with a pool?

Owning a home with a pool comes with additional costs, including pool maintenance, heating, and opening/closing expenses. Unexpected issues, like pump or heating system failure, can result in high repair costs.

How do energy inefficiencies impact homeownership costs?

Energy inefficiencies, such as drafty windows or outdated insulation, can lead to higher utility bills over time. These inefficiencies often go unnoticed, but they can significantly increase the cost of living in the home.

What steps can buyers take to assess a home's energy efficiency?

Buyers should inspect the home's insulation, HVAC system, and windows for signs of inefficiency. Getting utility bills from the current owner can also highlight potential energy costs. Hiring an energy audit professional can provide a detailed analysis of the home's energy performance.