Luxury home in residential GTA neighborhood

Durham Region, with its multitude of parks and trails and proximity to Toronto, is a great place to settle down. If you’re interested in purchasing a luxury home in this area, there are a few things you should know before you go ahead and sign on the dotted line!

Take A Tour Before You Buy

Arguably one of the most exciting parts of searching for your new luxury home is going through the images of active listings. But be careful of getting too attached to photos! It’s suggested that you visit the home in-person before making any decisions.

Sometimes, you may notice that the home is not exactly the same as pictured—for better or for worse! Maybe it feels smaller when you walk in… or even larger! Other times, you might become aware of something you weren’t able to fully grasp through pictures alone. Perhaps the layout doesn’t quite work for you, or the location (once you’ve arrived) leaves something to be desired. Or, a home might completely blow you away in-person when you might’ve felt iffy about it from only seeing it online. Take the time to schedule a showing if possible!

Be Aware of Extra Fees

Like any home purchase, there are a number of fees that you will have to take care of when buying a luxury home—and these aren’t always obvious! Beyond agent and closing fees, you may have to pay additional costs for legal services, appraisals, insurance, and more. 

As well, it is recommended that you get a home inspection before you complete your purchase in its entirety. Although it may seem like an extra, unnecessary expense, a home inspection can make or break a deal, especially if something unexpected is found. 

Consider Resale Value

When purchasing any home, but especially a luxury home, you will want to consider if the property has potential to increase in value over time. That’s just smart planning! 

One of the most significant factors that impact resale value is location. When searching for a luxury home, you’ll want to ask yourself the following questions: How accessible are main roads/shops/restaurants/etc? Are there new developments being planned for this area that might impact my home value? Is there room to expand my property on my lot? These questions are important to think about when determining if a property will hold or increase its value.

Read Up On Durham Region By-Laws and Property Taxes

If purchasing land or a property with the intention of making renovations, there are a few things you should be aware of. Durham Region by-laws dictate that digging requires a permit beforehand, as well as construction projects such as pools, outdoor decks, or fences. 

Each municipality in Durham Region has their own application process and fees, as well as different regulations. A deck that is larger than 10 square meters in size in Clarington, for example, requires a permit, obtained for a fee of $139. As well, ensure that when you are purchasing a luxury property, all permits have been obtained if any renovations or upgrades have been made. 

As well, before you settle on a luxury property to purchase, be aware of property taxes. These differ for each area, so make you’re updated on these costs, especially if you’re on the fence about a home!

Find The Right Agent

A great agent can help you find exactly what you’re looking for—and sometimes are even aware of exclusive properties before they hit the market! 

When searching for a luxury home in Durham Region, the Dan Plowman team is the correct choice. Their agents are knowledgeable and experienced, and will help you get the best deal on your dream home!

Glenn Kho Durham Region Realtor

Contact us today to help you with your next home

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