As one of the most competitive and active real estate markets in the world, housing in the Greater Toronto Area (GTA) is distinct. Over the past decade, one of the most prominent challenges that home buyers have faced is a vast shortage of inventory.
Today, some buyers who are searching for their dream residence may encounter limitations in the existing housing market, leading them to explore alternative options. This has given rise to a trend of buyers purchasing smaller homes and demolishing them to make way for larger, custom-built properties.
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The Appeal of Teardowns
Tearing down an existing home and building a custom property in its place has a number of perks. For instance, it can be particularly advantageous for buyers who are looking to live in one of the GTA’s established core areas, where existing homes are on the smaller side. Additionally, many buyers value the freedom to design their homes from scratch, tailoring every aspect to suit their needs and preferences.
Custom builds also allow buyers to optimize their homes from an investment perspective, adding strategic value-adds throughout the construction process to maximize the property’s long-term appreciation.
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Restrictions & Red Tape
As with any construction or remodelling project, custom home builds are subject to an array of restrictions, permits, inspections, and other legal processes. With this in mind, buyers who are considering a teardown or custom build should always consult an expert – such as a local real estate agent to determine if their vision is feasible before committing to any plans.
Further, given the sheer volume of red tape, it’s important for buyers to consider how delays or adversities may impact the timeline of their project. Even beyond the scope of regulations, events like severe weather, labour or supply shortages, and other challenges may disrupt how soon you’re able to move in.
New Construction Custom Homes
While an increasingly prominent method of custom home construction, teardowns aren’t the only pathway to a new or bespoke property. In some of the GTA’s newly-developing communities and exurbs, buyers may have the opportunity to build a bespoke home without purchasing or demolishing an existing property.
New construction homes are similar to custom builds in that they can provide buyers with a unique degree of flexibility in shaping their next home to their desired parameters. However, instead of tearing down an existing property, new construction homes build on undeveloped or vacant lots.
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Working With a Bahia Realty Group
Purchasing a home in the GTA is complex enough without the added factors of teardowns or building custom. That’s where a trusted real estate team, like Bahia Realty Group, becomes an invaluable ally.
We possess in-depth knowledge of the local market, including neighbourhoods with sizable lots and high-potential teardown opportunities. Whatever your dream home may look like, we have the expertise to help you bring your vision to life.
We’re also exceptionally well-versed in the complexities of zoning, building codes, permits, and other legal nuances involved in these kinds of projects. We’ll help you navigate the maze of paperwork to avoid potentially costly violations, ensuring compliance at every step.
As a buyer, you also reap the benefits of our established relationships with leading industry professionals such as architects, contractors, inspectors, lenders, and beyond. Aligning with your vision and budget, we can recommend reliable and experienced specialists to streamline your project.
Finding Your Future Home
While building custom is a great option, Bahia Realty Group can also find turnkey properties that check every box on your home wishlist. Regardless of which path you take, our uncompromising buying strategies ensure you make a remarkable investment. After sourcing your perfect home, our steadfast negotiation tactics help you close a deal at the price, terms, and conditions that you’re comfortable with.
We promise that you’ll love your next home. If for any reason you don’t, we’ll buy it back from you or sell it for free – guaranteed.
If you’re looking for an uncompromising, high-performance real estate team that can help you discover or build your dream home, look no further than Bahia Realty Group. Click here to send us an email or call 416-498-3444 to get in touch.
