Investing in Toronto real estate can be a big decision — one that you need to be prepared for and give substantial thought to; however, have you ever wondered what you should actually consider? With the help of our sales representatives, Naveen Chopra and Adam Miao, we’re breaking down the most frequently asked questions and what to think about before you make your first, or next real estate investment.
Reservations
Investing in a property is no little expense — all the more reason why you should feel confident in your decision to invest and have all of your reservations addressed. According to Naveen and Adam, a common concern amongst first-time investors is the size of the investment and commitment that they’re about to make.
Where first-time investors can find reassurance is in the stability of the long-term real estate market in Toronto. Not only is it a safe and profitable long-term investment, but at times it can be a great short-term investment as well. If an assignment of the Agreement of Purchase and Sale is allowed, investors are provided with even more flexibility — permitting them to sell their investment early, if needed.
Above all, before deciding to invest, it’s crucial to be “comfortable with a long-term investment. Although we have become used to seeing fast returns on real estate in recent years, it’s important to manage expectations,” says Naveen. “I am a firm believer that if you prepare yourself for a long-term investment in real estate you will always come out ahead.”
Understanding Your Investment’s End Goal
Before you set out on finding your investment property, you need to identify what you’re looking for. Perhaps real estate is a one-time investment for you or you plan on building a portfolio of investments, instead. Understanding what your end goals are for your investment property will make it easier for you to identify which selling features are important to you and will help you narrow your search. No matter which ideas and aspirations you have for your investment, our sales team is here to help you reach your goals.
Research and Education
If you’re a first-time investor, it can be difficult to know where to gather research from and how to educate yourself about mortgage approvals, projects specifics and investment options. According to Naveen and Adam, familiarizing yourself with comparable projects in the area you’re looking to invest, as well as related development fees and warranty programs is a great start to becoming an educated investor. It’s also important to understand how much you can invest — by speaking with a mortgage specialist, you’ll be able to identify a price range that you can afford and one that sustains your lifestyle choice.
If you’re a seasoned investor, the location of your investment, its price per square foot and whether the property fits the scope of your portfolio may be important to you. For first-time investors, you may be looking for resources that can help you source information and become more familiar with the specifics of your investment. You can contact your accountant for information regarding taxes, your solicitor for all legal inquiries or our own sales team, mortgage representatives and brokers at Empire who would be happy to assist you.
Deciding on Your Investment Property
When it comes to deciding which Toronto real estate property to invest in, it’s important that your choice suits you. According to some of our buyers at Empire Quay House, the building’s location and convenience were among their top reasons to invest. With transit, designated bike lanes and essential stores nearby, Quay House offers investors conveniences that other residences in Toronto may not. “My family and I purchased two units here at Quay House because of its location, proximity to transit, groceries, work, food and entertainment — all of which is within a 15-minute walk from the condo,” says Adam.
The building is surrounded by shops, restaurants and sandy beaches, as well as a new innovation centre coming soon. Steps away from George Brown College and located right across from Toronto’s waterfront, Quay House’s location is one of its best features of all. “Real estate by the water is rare enough, but in Toronto’s downtown core, it’s very rare — there may not be many more opportunities to invest in a property with a location like this one,” says Naveen. Quay House offers investors close proximity to the downtown core, but enough distance to avoid heavy traffic and noise. Offering some of the best prices per square foot in the area and an extended deposit structure, Quay House is the perfect combination of a fair market investment with opportunity for growth.
For more information about Empire Quay House, contact our sales representatives at 647-372-0619 or at quayhouse@empirecommunities.com.