The best tip we can give our buyers:
"Buy the best home you can afford in the best neighbourhood you can afford. Your almost better off with the least expensive home in the area rather than the most expensive home."
We had a older couple who lived in the west area in Vaughan. House was 3000 sqft and was around 15years old. The couple loved the house even though it was only the two of them. The kids had since moved out and it took them many years for them to come to this realization that its time to move on from this home. We showed them smaller homes just under 2 years old that was about 5mins north from where they lived and it had everything they needed. They couldn't accept the fact that these smaller homes were almost the same price as their home and almost have the size. The kids convinced the parents that this is the best decisions for them. The parents struggled with this move but it was indeed the best move for them. Aside from the bills being cheaper in there smaller home, the home they live in now had already gone up $50,000 which is almost double the appreciation of their old home. The home they live in now is in a subdivision with much larger homes, the home is closer to the highways, lower maintaince fees, better schools and has an overall better appeal then their old neigbhourhood which makes their neigbhourhood very desirable to potential buyers. Its been almost 2 years for them in their new home and they admit that moving there was the best decision for them.
Lesson: Ask your agent where are the better resale areas. You will make a better investment.