5095 Yonge St. Suite B9
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Good Thoughts, Good Words & Good Deed!
The Best Investment
Why Buying a Home is a good idea!

As a general rule, homes appreciate about four or five percent a year ...
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Stable Monthly Housing Costs and an investment

When you rent a home, you can certainly expect your rent to increase each year ... Click here for

Forced Savings

Some people are not that good at saving money, but ...
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Freedom and Individualism

When renting a property, you are limited on what you can do with improvements. Click here for

Freedom of Space

Indoors and outdoors, you will probably have more space if you own your own home ...
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Shoreh Forjani,
Broker of Record, Owner


As a buyer or seller, you demand honesty, great service and complete dedication from your REALTOR. Our goal is to surpass your expectations.

 

Shoreh Forjani, Your Real Estate Broker of Record Presents:


Buying a Home and Resale Value. There are many things that should be considered when buying a home. Since most homebuyers expect to buy a bigger and better home in the future, resale value is an important factor in decision-making. You use the proceeds from selling one home to buy the next.

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1- "Location, Location, Location"
2- Local Community, Town or City.
3- Economic Stability.
4- Local Government Services.
5- Schools.
6- Property Taxes.
7- The Local Neighborhood.

1- "Location, Location, Location" is just about the most common catch phrase in real estate literature. Your agent may even mention it to you when you ask for advice about buying a home. However, what does it actually mean? And, why repeat it three times?

Mostly, "location" is repeated to emphasize that it is extremely important to the resale value of your home. The idea is to buy a house that will appeal to the largest number of potential future buyers. A careful choice of location can minimize potential negative influences on future resale value, and maximize positive influences. Focusing on resale value requires you to make several different "location" choices. The first choice you have to make is "community?" At the very least, you should narrow your choice down to just a few local good communities - such as Yonge, Sheppard and Finch area ;)

2- Local Community, Town or City. Before you can actually select a house, you need to choose what city or community you would like to live in.

Many factors come into play that you should pay attention to, not only for yourself, but because you intend to eventually sell the home to someone else. Carefully choosing your community is the first step in "location, location, location" and can help maximize your future potential resale value.

3- Economic Stability. When choosing a community for purchase, it makes the most sense to buy in a city with a viable and stable economy.

Five, ten, or even fifteen years from now, when you want to sell your home you can have a reasonable expectation that your community will still be a desirable place to live.

In addition to residential neighborhoods, there should be a healthy mixture of commercial and business districts. These not only provide jobs to the local residents, but also add an income source that the city can use to upgrade and maintain roads and city services. In fact, you should take a drive and see how well the community is maintained. You have probably heard of "pride of ownership" when referring to an individual home or an automobile. Look to live in a city that demonstrates community pride, as well.

4- Local Government Services. In addition to community pride, check on the services provided by local government. One example would be the local library system. Are there several library branches? Do they stock a good selection of books, including recent best sellers?

You should also look into local crime statistics and see how the city compares to the national average and other local communities. Is the police force effective and responsive to community needs? Are fire stations located strategically around the community so that they also can respond quickly in an emergency?

5- Schools. Even if you do not have school-age children and do not intend to have children, you must pay attention to the local school system. That is because when you sell the property, many of your potential buyers will have concerns of this nature.

You will want to know if the local schools are overcrowded. Take a drive around and see if there are auxiliary trailers outside the local schools. Call up the local school district and see if elementary aged children always attend the school closest to their home. If not, ask why. Are there enough schools to support the local population? If not, are there plans to build new schools? How will building new schools affect local property taxes?

6- Property Taxes. Property taxes may be higher in one town than another nearby city. This can sometimes affect whether potential homebuyers view a community as a desirable place to live. Often, they will choose not to purchase in a community with higher taxes, though this decision is not always justified. Higher property taxes often mean newer and more modern schools, well-maintained roads, and community services.

In addition, you will often find that the "cost per square foot" of homes is lower in cities that have higher property taxes. This means you can buy a bigger house for less money. Since the mortgage payment may be lower, but the property taxes a bit higher, the monthly housing costs may be approximately the same in each city. However, many agents and prospective buyers have a bias against a community with higher property taxes. If resale value is important to you, make property taxes a consideration when choosing the location of your new home.

7- The Local Neighborhood. The term "local neighborhood" refers to an area wide enough to cover your residential area plus nearby stores such as the "neighborhood grocery store." You want to be sure all essential shops and services are located nearby. This would include grocery stores, gas stations, dry cleaners, and convenience stores.

There should also be fairly convenient access to local highways, major traffic routes, and mass transit.


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