How to Buy a Luxury Home

Toronto is consistently ranked as one of the best cities to live in throughout the world. It’s filled with a high quality of life that features beautiful parks and easy access to nature preserves. Additionally, it is a thoughtfully planned urban environment with high-end shopping, restaurants, coffee shops, and plenty of entertainment. There are also amazing public and private schools in the area, making Toronto a favorite with families.

The city is filled with high-end neighborhoods that offer the best of luxury living. Whether you’re looking for a private estate boasting seclusion and sprawling acreage, or a luxury high-rise on the top floor with sweeping views of the city, there’s the perfect property for every buyer in Toronto.

If you’re looking to invest in Toronto real estate, you might wonder how to get started. The luxury market can be competitive, and you want to know that you’re getting the best deal possible. Our guide will walk you through the most important steps when buying a luxury home.

 

Buying a home is an exciting time, but it can sometimes feel overwhelming. However, once you know how the buying process works, everything will seem like a breeze. First, you want to establish a relationship with a great buyer’s agent that can walk you through the process.

Together, you and your agent can decide what neighborhood you want to live in and what features are most important to you in a luxury home. Once you determine your criteria, your agent will help you find great listings that fit your needs. When you’ve found the home of your dreams, it’s time to work with your agent to negotiate a great price and close the sale.

 

The first step in the buying process is to partner with an excellent real estate agent. A buyer’s agent works with the buyer to find the best listings that fit their needs. A great buyer's agent will take the time to get to know you as a person and listen to your needs around purchasing a home. They will be able to get a clear picture of what you’re looking for and walk you through every step of the buying process.

A great realtor should also know the area well and have experience in the luxury market. They’ll be able to understand market dynamics in the area and have amazing connections with all the real estate professionals you need, including contractors, home inspectors, and more.

In the Toronto area, there’s no one better than Barry Cohen. Barry has extensive experience in the Toronto luxury real estate market and is ready to help you with the entire home-buying process.

 

Once you’ve decided on your agent, you will want to work with a financial planner to assess your finances and see what you can afford. It’s important to work with a trusted financial planner that you have a good relationship with and who will put your best interests first. If you already have a long-standing relationship with a financial institution, this can be a good place to start. Your financial planner will advise you on if you should finance your purchase, how much to use for a down payment, and how much you’ll need in savings for unexpected repairs and expenses.

 

Similar to your financial planner, you’ll also need to work with a bank for your closing transactions and any financing you need to use. A bank that you have a history with will be able to help you best and ensure you get the lowest mortgage rates. However, be sure to shop around to ensure they are indeed providing you with the best rates available.

 

In order to find the best possible luxury home for your needs, you’ll want to research the different neighborhoods in Toronto. Toronto is a big city, and there are many distinct enclaves as well as suburbs in the surrounding area. Consider if you’d like to be close to the action, with restaurants, bars, and coffee shops right outside your door, or if you’d like more privacy and seclusion. Does the commute to work or school matter to you? These are all important things to keep in mind when selecting a neighborhood.

 

Similar to selecting a neighborhood, you should also take time to consider what luxury means to you. For some, a luxurious lifestyle means having a large private estate with plenty of room for the whole family. For others, it’s easy access to the outdoors and nature preserves, with a private pool and sauna on-site. Still, others might consider luxury living as having a full-service building with 24/7 concierge availability and stunning views of the city from their penthouse. Consider which features are important for your vision of luxury living and communicate those to your real estate agent.

 

Once you’ve found a great listing, you will want to see the property in-person. Not all properties are photogenic, and it's important to see the flow of the space for yourself to really assess the value of the property. Seeing a home in-person will help you decide if the property is right for you. When you do find you’re a perfect fit, you’re going to want to work with your real estate agent to create a competitive offer and hopefully close your deal.

If you’re ready to start searching for the perfect luxury Toronto homes for sale, contact Barry Cohen today. Barry has extensive experience in the luxury market and will be able to help you find the perfect property that fits all your needs.

_{*Header photo courtesy of Barry Cohen}