Ontario, the most populous of all the thirteen provinces in Canada, is the most sought-after location for property investors. While real estate prices here are higher than in some other provinces, especially around Toronto and the Greater Toronto Area, the amenities and infrastructure available in this region draw many buyers every year.
When it comes to luxury homes, Ontario ranks among the top three provinces in the entire country. Here is a guide to help you locate the best luxury properties in the province.
- Contact a Registered Luxury Real Estate Agent
While there are several real estate agents in Ontario, you should seek one who has experience dealing with luxury properties. Not only are these properties more expensive, but considering their prices, there are plenty of background checks and paperwork to be completed, especially if you are also looking for financing.
It would be of additional help if the agent knows the various localities and neighborhoods in a personal capacity and does not simply rely on facts received from the internet.
- Look Beyond the Photos
Luxury homes are grand and regal, but they look even more glamorous in pictures, thanks to technology and light effects. Do not make your down payment based on the photos alone or simply leaving everything to the real estate agent.
Come down for a personal visit and take a tour, especially if you want to spend some quality time here and the home is not just an investment. You might want a few things changed or moved around to make it exactly what you want, and for that, you have to be present in person.
- Financing and Insurance
There is a policy in Canada that to be approved for home financing. You need to be able to pay 2% more than the current interest rate. This is to make room for inflation in the future as home loans can have long tenures, sometimes up to twenty years. If you rely on getting financing to buy a luxury home, you need to inquire about it and check out financing options in Ontario.
Calculate how much you have saved to pay for the down payment and whether your income leaves you enough to pay for the luxury home. You should also consider what kind of home insurance you want to opt for. Does the property come with all the necessary papers?
- Resale Value
Although you might be interested in buying a luxury home to live a life of comfort with your family, you should always consider the possibility of selling it in the future. After all, things today are very dynamic. What if you have to move far away from Ontario some years from now?
You would only incur extra costs and pay taxes for an empty luxury property back in Ontario. Not many would want to rent such an expensive place. Hence, always consider the price appreciation statistics of the region and check whether you will make good money if you have to move sometime in the future.
- Open Spaces and Privacy at the Same Time
One of the perks of buying a luxury home is that such private properties come with good privacy elements. From high walls around the property to security systems, you are well guarded against intruders and prying eyes.
These homes are large and spacious on the inside for sure, but then, would you always want to remain cooped up indoors when there is so much space? When buying a luxury home, ensure that there is a great backyard or a private garden, and there is enough space for the kids to play and the pets to frolic around.
They can enjoy the best of the outdoors without having to step off the property, which is something worth the investment. Since Canada is a cold country, the open spaces will give you ample opportunity to soak up the sun in the summers.
- Smart Home
Luxury homes today are fitted with the latest gadgets. Smart homes come equipped with voice commandeered appliances, and the best technology is used for security. Those who want to reduce carbon emissions also invest in green homes that use sustainable technology for heating and lighting of the premises.
These are homes for them tomorrow, and they will bring about a great positive change to your lifestyle. You can also upgrade the technology with software updates inbuilt into the system sending you periodic system reminders.
Apart from these, luxury homes in Ontario almost always come with private swimming pools, garages for multiple cars, outdoor seating arrangements. Buying a luxury home here will enhance your stay experience in the province.