A collaborative post
Changes in our lives are for the better. This is something I always stand up for. Life improvement starts with actions and changes, whether it’s lifestyle changes or major life events. From graduating college, getting a first job, getting married, or buying a house in major cities. I can’t imagine life without changes. Speaking of it, I went through major changes in my life, and living in a foreign country is one of them. To own a house in a place other than you live is a big investment you can make, especially in major cities like Tokyo, New York, or Toronto but the return would also be bigger.
According to United Nations, 68 percent of the population is expected to be living in urban areas in 2050 and Tokyo is the largest city with a mass of 37 million inhabitants. More and more people are considering living in major cities and so there has been an upward shift from buying a home in small-town to buying a home in cities. Convenience is one big reason and access to more entertainment. Last time I wrote about saving up for your dream house, this time is your guide to home-buying in major cities.
Benefits of buying a house in major cities
Living in urban areas offers centrality, convenience, more entertainment, and skyline views. As realtors would say, location is the key to valuable real estate. A good location will benefit a lot especially if it’s close to the station. Good public transport will save some money on a car. 90% percent of Tokyo’s population takes public transportation. Due to the quality of transportation in cities, it makes it easier to go from one place to another.
Amnesties and entertainment are also a factor to consider when buying a home and it is easy to reach in major cities. If health is your priority, then you don’t have to worry since Hospitals and Clinique’s are close by. Best of all, there are greater jobs available in cities.
Things not to do when buying a home in major cities
1. Not keeping your budget ready
Buying a house is a huge investment. Think about the down payment you have to prepare, not to mention the moving expenses, fees, and bills. Keep your budget ready for the transportation expenses and unexpected miscellaneous. Not keeping your budget ready will deter you away from buying a home when unexpected things happen. Prepare some extra cash because buying a house is always more expensive than the estimated amount.
2. No research about the city
In any big thing you do, whether it’s buying a new car, going to college, starting up a business, we all need to do some research before anything else. You can’t just go into a battle without any practice or armor.
Things you can spend time searching are neighborhood, market price, taxes, moving costs. You can always check homes for sale with Redfin. Toronto might not be included in the top 10 most livable cities, but I have always wanted to live and buy a home there. Homes for sale in Toronto are only getting high in numbers because of the strong demand. The place offers a great opportunity for employment and there has been a boost of immigration, but investing in a property will pay off.
3. Avoiding taxes
Tax is a social responsibility and avoiding it will put you so much into trouble. Do not take tax avoidance lately because it’s not just a simple error in judgment. There are penalties and you don’t want to take the consequences of not paying taxes.
4. Not hiring a Real Estate Agent
It is a wise decision to hire a realtor when buying a house in a city. You will get the proper guidance and help you need in the home-buying process. The Balance has the top 5 reasons why you should hire a realtor. They know what to look for because it’s their job and they have high negotiating skills. Plus, Henry Ford said it himself, it proves that you are smarter than they are when you hire people who are smarter than you. Recognize when you need help and find the right person.
5. Relying on virtual tours and inspections
Buying a house is a delicate process. It takes patience and it takes an actual look and visit of the place. Whether it’s a home for vacation or a home you will live in you’re buying, don’t rely on technology. Picture or any virtual tours are never enough.
Things you Need to Know and Consider
Living cost in the city
Before buying a house in the city, you might want to do extensive research on the living expenses and assess how much you can truly afford. Get a realistic plan for your budget and see how far you can stretch your money. Get familiar with the place and take into considerations all the factors that can impact your home-buying budget.
The neighborhood affects your lifestyle most. Having a comfortable life also depends on the place you are in. What kind of neighborhood would you like to be in?
This is probably the most important thing to consider when living in a different city. All parents would want a reputable education for their kids. You can compare the educational systems in different cities. Check out education around the world.
You can’t move into a new city without knowing anything about the taxes. I know there is a pain to deal with but they’re our responsibilities. Check out the municipality’s websites and get the latest tax rates.
OVER TO YOU
I believe that purchasing a home is to gain respect not only to your families but also to many of your community. John Paulson also said, buying a home is the best investment one can make.
Which city would you want to buy a home in?