So many people have opinions about buying a home, and naturally, the stakes are even higher when it comes to buying a luxury home. Unfortunately, myths about buying luxury are as common as they are damaging. Here are some of the ones we hear often:
You’ll get a better deal on a luxury home in the suburbs. Many people believe that luxury homes in urban centers are more expensive, and in most Canadian cities this is true, if you’re talking about purchase price. However, there are other costs a buyer must take into consideration, such as the price of a longer commute and of more yard work and maintenance, which homes in the suburbs often require.
There will be more selection in the spring, so this is the best time to buy. Some people will tell you that spring is the best time to buy a home as there is more inventory on the market. The truth, however, is that homes put up for sale during the winter—which, in Canada, is not always the most comfortable season to house hunt—are listed because the owner is motivated to sell. This can result in more leverage when negotiating. It also means that there may be fewer buyers out and about during the colder months.
You should wait to buy until… Ultimately, nobody can predict what the market might do next. Instead of focusing on “when” the right time to buy a home might be, focus on doing your research, having a contingency fund and working with an experienced real estate agent.