The Richmond Hill real estate market is a complex, living organism. Homes in Richmond Hill change monthly and yearly, thanks to its unique position in the market. With just over 60,000 homes available and a growth rate at 14%, its homes have steadily raising prices that make solid investments. These investments however are large investments, since the average home costs just over $605,000—making them high-scale investments that need professional guidance.
To help you out with guidance that will help guide you to sound residential real estate investments in Richmond Hill (because every home is an investment!), we’ve got some market-specific tips for what to look for in homes in Richmond Hill…
Know your Neighbourhoods
Every neighbourhood in Richmond Hill is unique. The Southern end of Richmond Hill is on the industrial side of town, Central is a healthy mix of residential and commercial that boasts many plazas, restaurants and entertainment venues—and Old Richmond Hill offers historical buildings with more classic architecture. The North end has more green and country spaces—each section of the city if unique. But before you begin your search for a home, decide what amenities you would like to live around. Also, decide how close-knit a community you would like (how well do you want to know your neighbours?). Once you’ve decided on some neighbourhood generics, speak with your realtor about what your expectations are for your new home, neighbourhood and community—and then use their neighbourhood experience to guide you to the right new home.
Calculate your Commute
When you buy a new home you should ideally see yourself living there for at least five years. Any less than that and the fees of buying a new home can outstrip the equity built over the years. This means when looking for a new home you should strongly consider the commute that you will be committing to for years. Richmond Hill, overall, is very well-connected to Ontario’s (reasonably) well-constructed road system, with access to both the 407 and 404, in addition to a number of North-South Toronto-access roads (including Yonge, Bathurst and Bayview). In addition to roads and highways, Richmond Hill is well-connected via transit, with both the York Region Transit system and the super-modern VIVA system.
When choosing your new home decide which commuting route you want to be closest to, because it can shave over a hundred hours off your commute annually.
Understand Growth Patterns
Many new families are moving to the North end of Richmond Hill for the natural beauty it brings—but, be aware of the quick-growth projections for Richmond Hill. When purchasing a home in an intended ‘green’ area you’ll want to know the construction projections in the area—which is something an experienced realtor, with experience in the neighbourhood, can tell you.
When it comes to what to look for in homes in Richmond Hill, an experienced, neighbourhood-oriented realtor can guide you through the process while making life-altering recommendations in property types and neighbourhoods—and there’s no more experienced than us here at The Wan Team, so give us a call today.