COVID-19 has changed how we view real estate, and many things about our daily lives. But one thing that has taken the top spot is the feeling we have about the space we call home. Where we live. Where we’ve been spending nearly 24 hours per day. Do you love where you live? Could you spend months and months in your space and be happy?
The more time we spend at home, the more value we place on the space we live in. How much space we have, how organized it is, what we invite in and what we keep out. Making this space a happy one is becoming more and more important as each day goes on. And those that have spent the past few months being miserable are deeply reconsidering their sanctuary and are planning to make changes as soon as they possibly can.
Post COVID-19 Real Estate: To Rent or Own
We’ve heard from many renters who are going through an uncertain time with their homes. Living in someone else’s owned property, even though you have a rental agreement in place puts added stress to an already stressful situation.
What if your landlord needs to move back in? Legally they can, which would displace you from your “home”. What if you can’t afford rent and your landlord offers no assistance or help? And what if you’re near the end of your rental term and are looking at an increase in your monthly costs. There are so many factors in play here, and although some are unable to purchase, those that can, may look at homeownership differently.
Homeownership will become increasingly important to millennials, who see that real estate is a secure investment. Especially small condos that they’re likely renting right now. Our advice? Find a way to buy.
Here are some of our ideas that have found success for many clients:
- Buy a home with friends
- Ask mom and dad for help
- Think of untraditional ways of saving for a down payment
Rethinking Your Space After COVID-19
One of the trends we were starting to see when it comes to pre-construction condos, is the sudden increase in demand for 1-bedroom +den suites. Both investors and end users are taking note of these high-demand units that are on the market and have suddenly started eating them up before some of the studio or 2-bedroom suites.
We’ve also noticed an increase in searches for condo renovations – our blog post on how we renovated our condo has shot to the top of our most-read list, as people determine how they can upgrade their own condo from traditional builder-basic finishes.
We’ve also been chatting with clients who are looking for older condos – the ones that are 10+ years in age and there’s a really good reason why they’re becoming so popular. Square footage. If you’re looking to live in the downtown core but are priced out of the housing market, and older condo could hold some incredible opportunities.
Condos that were built 10 or even 15 years ago have pretty big floor plans. You’ll see some 2-bedroom + den suites that are well over 1200 square feet. If they’re sitting with some of those tired builder-basic finishes that are currently dated, you should think about snapping one of those up. Putting in a bit of work and some investment dollars could not only pay off for your pocketbook, but for the enjoyment of your living space for years to come.
Moving into a House Post COVID-19
Condo life isn’t for everyone, that’s a fact. But some small families who thought raising a family in a condo was possible may be rethinking their decisions. Plenty of buildings have incredible amenity spaces like pools, children’s play areas, rooftop patios and lounges. But with all buildings having these facilities closed during the pandemic, a lot of families are locked into their own space with no other options. A small balcony is hardly a play space for a young child.
Many of these condo owners are looking to upgrade their living situation to better suit their family lifestyle. Perhaps it’s a semi in Toronto with a yard, or perhaps it’s even the decision to move outside of the city for a bigger space.
We’re seeing all kinds of clients rethinking their living situation and getting ready to make a move. Once this has passed us, and we’re living our new normal, we’re definitely going to think about the place we call home in a very different way.
If you want to learn more about real estate after COVID-19, upgrading, downsizing or even just how you can get into the real estate market as a renter, just fill out the form below. We would be happy to meet with you to show you how it’s easier than you think.
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