Jun
17

Moving Mayhem: Home Hunting

Posted by Scotch Mommy Wednesday, June 17, 2009 11:50 AM

What is it they say is more stressful, divorce or moving? So far, our bid to sell our home to find a bigger one has gone well. Not to say it hasn't been stressful. We've had so many showings over the first six days (44, not including open houses) we haven't even been able to cook meals, which has meant popcorn for dinner while we go to the movies. The flip side of that is 1) we've seen a lot of great movies, and 2) we haven't been home to mess it up. Bonus!

Now we start the hunt for a new home and I'm struggling to decide which features I absolutely have to have and what I can live without. I know we are unlikely to get a home we can afford, in the neighbourhood we want, with absolutely everything I want. But what do I lose?

I really want two-and-a-half stories (that way the kids can have the bedrooms on the second floor and we can have the bedroom(s) on the top floor). We need a main-floor family room or a finished basement. Two bathrooms is a must; two and a half would be ideal. A nice backyard is pretty necessary. We're seeing a few houses in our preferred neighbourhood, but many of them are missing one or two of the items on my "would like to have" list. How will I choose what to cut? This market is pretty tight: there isn't a lot of inventory out there but there are a lot of motivated buyers.

Bidding wars are alive and well in the Toronto market. If you're a seller, it's crucial to price your house right: not so high that you lose a large portion of the market (because of the low interest rates, there are a lot of first-time buyers out there) and not so underpriced that potential buyers sniff out a set-up for a bidding war. Many agents will warn their clients away from these situations, especially if they've been burned in the past.

We've accepted a conditional offer on our home, from a young couple who've been looking since December. They've lost out in many bidding wars and seemed a little shell-shocked when we met them after signing the deal. I admit I cried when I realized we would actually be leaving our home.

So the hunt begins. Share your home-buying experience: Did you have to make any compromises when shopping for your new home?

Related: How to Survive a Bidding War

Reni Walker (AKA Scotch Mommy on slice.ca) shares her moving mayhem Wednesdays.

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Comments:

I have been in my home for many years now, and now have two young kids. When we first bought our home, it was a one-level 1100-square-foot rancher, which was fine for just the two of us. After living in it for a while, we did some significant renos (added another floor, for one thing!) and now it's pretty much the house we want. I would say to you: you can change almost anything about your house except the neighbourhood, so shop for that first :O) Our neighbourhood has parks, schools, rec centres, small stores and a library, all within easy walking distance, and it's something I really treasure. Whenever I think about moving to a "fancier" area, I keep that in mind (along with all the work we've done to make our house our HOME) and I realize I'm pretty content. I'm writing from the West Coast, and our market is a little different than yours, but I would urge you to think about where you want to be - the rest is a matter of renovating and HOPING you don't need Mike Holmes to rescue you! Good luck, and best wishes for a happy and healthy life in your new home.      

Louise Clarke

June 17, 2009 3:33 PM

 

After living in my home for 23 years I am forced to sell due to mounting medical bills for the leukemia that I have been battling for 14 years. But, when talking to a well known R.E. Broker and also a good friend, I learn that in our economy I would lose tens of thousands if I tried to sell my home right now (June 2009). So, what does a divorced woman that is an empty nester do? My R.E. taxes have tripled mostly due to the fact that I have always been very conscious about my home and wanted it to look very nice and I tok out a HELOC and had the enitre exterior remodeled. From siding, picket fencing, roof, etc. I spared no expense, but I wanted my home to raise in value and all I have done is getting my taxes raised to the point that I can no longer afford living here.When you are suddenly put on disability and that is your ONLY income, what does a woman do?

Patty

June 18, 2009 12:54 PM

 

We sold our four bedroom, two storey home in Toronto and are actively looking for a house in Pickering.  We would like to be near Frenchmans Bay.  A two bedroom bungalow is perfect as our children are grown up and gone.  Can anyone help?

Yvette

June 24, 2009 9:45 PM

 
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