[Guest Post] Six Considerations when Buying into an Up-and-Coming Neighbourhood

When considering a move to a newly built neighbourhood, or a neighbourhood under construction, you are wise to avoid “eyes wide shut”.

Toronto’s East Bayfront, once the site of abandoned industries, for example, promises to be a chic and cultural urban haven. Its massive reconstruction project began in the mid-2000s, and is now the home of Corus Quay, Sugar Beach, the George Brown Waterfront Campus, and Sherbourne Common.

Be warned, however, that the process of transforming brownfield sites is still active, with four ongoing construction projects for commercial and luxury condo developments. While many potential condo buyers wait patiently in the wings to grab a piece of the area’s real estate, others who are vigilant have already voiced concern for the lack of planning regarding public modes of transportation for future residents.

And while more robust streetcar and GO train services exist in the new high-density, mixed-use community of Fort York, potential buyers might want to factor in major road reconstructions that have seriously impacted access in and out of the area over the last year, although the promise of completion has been recently publicized as the end of October 2016.

In other words, moving into the hood of your dreams may not come without some sacrifice to your wellbeing, and times will occur when your biggest challenge will be to steady that initial unwavering eye on that coveted neighbourhood. Unpredictable construction delays, or ongoing dust, dirt, mud, noise and maddening traffic holdups in and out of a neighbourhood-in-progress are just some of the tests of the potential buyer’s mettle.

What are you willing to put up with for the sake of acquiring some Toronto real estate?

Before you answer, consider the following six questions in your quest for the right neighbourhood-in-progress for you and your family:

Do you want suburban living or city-dwelling?

Living in the suburbs of the GTA means a quieter lifestyle, conducive to raising children. With children in tow, the right community that meets the needs of your family is everything, and that includes proximity to family-styled amenities, such as schools, libraries, daycare centres, parks and family entertainment.

If you and your family decide to take a chance on the city, Danforth West (GreekTown) is a more affordable bet, although it is rapidly becoming a hot real-estate bed. City News suggests trying further east at East Danforth with its better house prices, or the Woodbine and Kingston Road area. Visit also Toronto Life to view how Toronto’s 140 neighbourhoods have been ranked, from an area’s crime rate to amenities.

If you prefer city living, condos are still considered the most affordable way to get into the market. You might consider joining financial forces with a condo-mate or two, to make purchasing possible. Young, single, would-be tenants are well-advised first to take note of job opportunities and reliable public transportation from their area of choice to the downtown core, before being lured in by fun eateries, clubs, cafés and entertainment sources.

Your commute to work?

If Suburbia is your preferred choice, factor in how far your workplace is from your prospective home? Do you have a reliable vehicle, or can you rely on public transportation? Will you be comfortable driving on major highways, probably during rush-hours − and are you a skilled winter driver? Keep in mind too, that if both parents work, dependable daycare will also need to be factored in, along with the accompanying expense.

Is your location safe?

To ensure you’re not moving unsuspectingly into a petty or major crime area, research accurate crime stats for several neighbourhoods by going to the police, the public library or, even better, jumping online to the appropriate (and current) sites. Find out about the frequency of police presence in the area you’re considering buying a house.

Can you walk to nearby amenities?

It’s not always about public transit and reliable vehicles, no matter where you choose to live. Your ability to venture outdoors on a whim and walk or ride a bike to the park, trail or store is restorative, stress-reducing and fitness-enhancing. And don’t underestimate the power of sidewalks and good lighting. A combination of the two are fabulous crime-deterrents.

What’s the skinny on school districts and extra-curricular opportunities?

If you have school-age children, the school district, location and ratings of schools will be of paramount importance, and so will opportunities to enrol your children in extra-curricular sports, dance or arts programs. One source points out that, even if you don’t have children at home, a residence in a desirable school district is an attractive commodity if you sell your home down the road.

Other Financial Considerations?

Condos are, reportedly, less to own than a detached home with a yard, but condo fees can cost as much as your annual taxes. I knew a condo-owner whose fees went up, exceeding her monthly mortgage! So, ensure you are aware of the costs of all fees and services, and inquire if fee-hikes are anticipated in the near future.

For prospective homeowners, keep in mind that that a home’s annual taxes just outside the city will be significantly less than if you buy just over the boundary in the city.

One source says to check with the developer about potential homeowners’ association (HOA) fees, which may be very expensive; and do check on the rules. Ask if you are allowed storage sheds, solar panels, certain paint colours, and more. Be sure to find out if the HOA can assess penalties for infractions.

To conclude, don’t neglect to ask your agent about plans for the new area that interests you. It’s also worth a visit to the city planner’s office to see all that’s in store for your preferred location(s).

This post was a guest post by Zoocasa is a real estate brokerage based in Toronto.