Richard was interviewed for WealthBar’s Life & Money section, which offers practical advice for Canadians at every stage of their financial journey. The topic was how first time buyers can enter the housing market.
When it comes to preparing yourself to enter the housing market, a lot of it is about creativity. You need to be creative with your money, if you're a first-time buyer, you need to be imaginative, when it comes to choosing the neighbourhood that fits your needs and you need to able to look ahead when it comes to choosing the property. The latter might be the most important.
Are you handy? Be prepared to put in some sweat equity
"When you are new to the market, try and look for properties where you can add value," said Sotheby’s International Realty Canada Senior VP of Sales Richard Silver, past president of the Toronto Real Estate Board. "Stop searching for the perfect house and buy the imperfect house."
Put those DIY skills to good use, or get a reliable contractor who can help you fix up your property cost-effectively. "Finish the basement, add a third floor, or make other improvements. Buy under what you can afford and add value."
Read the whole article by Jonathon Narvey here.