Even though Toronto’s real estate market is always changing, one thing remains the same - homes are always in high demand. The price of a home is determined by its location, age, appearance, and building materials used.
Homes in popular areas like new suburbs are in high demand because their value appreciates in time. This is why homes in great locations are more expensive. The amenities present or planned in the home’s surrounding area, such as shopping areas, public transport, parking zones, restaurants, and recreational facilities also help increase its price.
Older homes often require costly renovations, like changing or repairing pipes, roofs, and so on. This is why some older homes lose part of their value over the years. Poorly maintained exterior areas can drive the home’s marketability and resale value down as well.
The home’s appearance and building materials influence its comfort and value. Homes with wooden structures are noisier than those with concrete structures, so they may devalue in time.
Pre-construction homes are always in high demand because they check all the important boxes that determine their value:
- they’re generally built in up and coming areas
- they have a modern appearance that attracts investors
- they’re built using only the latest materials, so they won’t require repairs for a long time
- they’re roomy and comfortable, so they are perfect for modern families.
Thanks to all of these factors, investing in pre-construction homes is a great idea. Investing early during the construction process usually leads to higher returns, which makes the idea even better.