Many homeowners are on the edge of the fence when it comes to deciding if it’s time to sell their Toronto home and cash in. There are many reasons why you would choose to sell such as wanting a bigger home to start a family, the desire to finally get out of the city and enjoy the peace and quiet of rural life and job relocation. However, some of us need better excuses:
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All of the New Condos
When you bought your home you enjoyed the view of Lake Ontario. These days all you can see is into the windows of new condo owners. It seems these days, a condo can’t even advertise as having a waterfront view because the day after, another condo is built in front of it. It won’t be long until condos are built on stilts in Lake Ontario. If you are resentful of losing your waterfront view, or feel claustrophobic being surrounded by buildings and cranes, it may be time to move. Have you considered any of the new waterfront condos going up?
Your Neighbors have retired
You live on a dead end street and were lucky enough to be surrounded by middle-aged professionals with children who are all grown up. They even have well behaved dogs. Unfortunately, the next door neighbours have opted for early retirement and they are already bored. They invested in both a power washer and a leaf blower and even if you could handle the noise, you are getting tired of them power washing your Blue Bin and leaf blowing the cobwebs under your patio. Did we mention they get up at 5am every Sunday?
The Neighbourhood is too cool
The neighbourhood used to be kind of dangerous but only in reputation. It was home but now areas like Cabbagetown, Riverdale and Kensington are turning into a hipster’s paradise. There’s a fair trade coffee shop within every three paces, you can’t even purchase non-organic fruit anymore and if you have to see one more artist in, “skinny jeans” you’re afraid of what you might do. Yes, you may be getting tired of your trendy neighbourhood but the good news is that now your house is worth five times its original worth!
In all seriousness, it’s becoming more of a seller’s market in Toronto than ever before. Homeowners who have been living in the same home for years are finding that selling now means a profit they never would have thought possible when they first purchased their home. This is a great opportunity to buy in a neighbourhood more to your liking or get right out of the city entirely.
Even if your neighbours haven’t started a chihuahua sanctuary it is the best time to sell your Toronto home and cash in. Just be sure to hire a real estate agent that has the experience, local knowledge and selling know-how to get you the price you deserve and to get it as quickly and seamlessly as possible.
The strongest hint I will take heed of that I should already sell my home is the absence of the feeling of being ‘home’. Once the house no longer becomes a home for me, it would be better to give that opportunity to another family.
I’m trying to convince my parents to sell their Toronto house and double their investment from 10 years ago.
They have too much room now that none of us kids live there and they are sick of the city. Now all they really need is to decide where to retire. But they had better decide quick and cash in while the getting is good!
The GTA has seen over twelve years of “profit” for home owners!!
Depending on your parents future plans, cashing in does seem like an enticing option.
Yes! Your parents should surely take advantage of this perfect timing to cash in your property. They could even use the cash to buy a smaller and more affordable retirement home.
I lived in Toronto for 10 years, and I would agree that if you bought homes in the Queen street area or even in the Beaches area, you will get a sure bang for your buck. These are both truly a very artsy and upper middle class areas, if this is your taste.
The hipsters are invading!!! On another note, thanks, good things to consider.
Sadly selling a home isn’t that easy, I’ve been trying to get my parents to sell they’re old house and go live in a retirement home but they just won’t and I think the memories of me and my sister growing up is tied in with this house and I guess my parents just aren’t ready to give that up
I must agree that if you don’t feel being home then you should of already sell it. I am sure that whenever you don’t feel like being home for a longer period of time it’s time for a change. At least this is my opinion.
At points in your life you start to feel you need a change. When I purchased a brand new condo, I loved it. Then after about seven years, I was bored and wanted to sell and leave and I did. Sometimes life calls for change.
What do you think is the most important indicator that it is time to sell your property?
That is a very complex question to answer with many moving parts!!
Among many indicators are the family dynamics, career paths, social factors, lifestyle, location and of course the investment.
From the investment perspective, obviously it is always best to sell at any “percieved” peak periods in the market. To maximize your return, proper timing during the calendar year is also a prime consideration especially in the GTA.
Having said that, you would most likely be buying a property again so you should consider “all” the moving parts in the decision making process.
All things being equal, if you are moving from a “prime” location to an up and coming neighbourhood, a reno project or scaling down you could put a few dollars in your pocket.
Don’t be discouraged though if you are in fact “moving up” to more expensive accomodation.
It has been my experience that as the Buyer pool gets smaller (higher prices – more knowlegeable buyers – 2nd time buyers) the property prices can be realistically more palpable. Less Buyers to compete with (especially in bidding wars) with the resulting opportunity to negotiate on the property.
I cannot stress this enough, this is where a professional, full time agent should be consulted to guide you through the entire process of the sale and purchase.