DEAR MIKE: We are motivated to move, but it seems overwhelming in this market. What if we sell our home in Toronto and can’t afford to stay or move back at some point?
One of the biggest challenges right now for people who want to sell their home is simply figuring out where to move. Upgrading, downsizing – whichever direction you’re headed – finding an affordable living space that meets all other criteria takes a lot of research. Prices have escalated anywhere within an hour drive of Toronto. In many cases, the equity my sellers have built up in entry level homes simply doesn’t give them the luxury of buying a new home and socking away enough savings for retirement.
But there’s no need for you to be paralyzed by uncertainty! Get what you want out of life and don’t wait! Careful planning with a trusted advisor who has your best interest at heart can help create movement towards your real estate goals even when the market seems to be at a standstill.
If you love Toronto and want to stay, ask yourself these questions: Can I afford to wait? How do I expect this move to improve or impact my lifestyle? Does it make more sense to buy or sell first? What are all my costs - no hidden surprises! What makes the best economic sense right now? Am I willing to consider alternative home ownership options such as condo or multi-unit living? Could I manage an investment property? Should I just renovate and stay put? Would I consider leasing in the interim?
Together, we can figure out a plan that works in your favour. I always tell my clients that I am 75% Facilitator and 25% Salesperson. What I do best is help guide you through the pros and cons, sharpen your focus and lead you towards the best decision. Give me a call when you’re ready to do some creative brainstorming.
The coffee’s on me!