When I was a teenager in Montreal there was a plastic surgeon who did a lot of nose jobs. Thing was, most of those noses ended up looking the same. You could look at someone’s nose and say “That nose was done by Dr. Dave.”

There’s nothing wrong with that but I’ve never taken a one size fits all approach to real estate. It’s not the way to get the best possible results.

Every buyer is different. Every buyer’s situation is different. Every buyer’s process is different. But not entirely. There are also similarities.

There are lots of helpful tidbits to be gleaned from looking at what other buyers have done so that’s what we’re going to do here. We’re going to look at two different stories to see what we can learn. I’ll provide a short takeaway summary of the practical tips at the end.

Buyer 1: Sam

(Sam has a family. I’m only using one name to keep things simple)

Sam lived in a beautiful, big home in a great central Toronto location. It was extensively renovated about fifteen years ago and was within walking distance of shops, restaurants and the subway.

Now that almost all the kids had left the nest, Sam decided it was time to renovate to give the house a new look which included changing the layout.

Sam is logical and methodical. Before doing anything she contacted me to determine if a renovation made financial sense. If the value of your home plus the cost of a renovation is greater than the cost of a new home you may be better off just buying a new home (unless there are reasons to stay where you are, like if you love your exact location).

I told her approximately how much her current home was worth and how much a new home would cost. Then she met with an architect and a builder to get an idea of how much a renovation would cost. 

The numbers were pretty close. At that point, she had to decide if it was worth it to do the renovation because she knew she’d get exactly what she wanted or if she’d prefer to buy another home and not have to go through a time consuming and stressful renovation. How would YOU feel about going through a major reno?

She decided to start looking at other homes and to start the planning process for the renovation at the same time. If she found a new home she loved, she’d buy it. If she didn’t, she’d go through with the reno.

Her next big decision was whether to buy or sell first. She looked into her finances and determined she could carry two homes if she bought first and her current home didn’t sell in time. She didn’t want to sell first and risk having to rent if she didn’t find her new home on time. She preferred to look patiently for her new home and could live with the risk of owning two homes. How would YOU feel about owning two homes?

We looked at homes over the course of about two years. Sam was becoming very educated about the market. She was seeing the different options and learning how much they would cost. Sam knew what she wanted and was prepared to wait for it. We were looking for a specific type of home in only a few specific neighbourhoods. I’m very patient with my clients. As long as they find the home they want I don’t care how long it takes. Are YOU patient or do you like to make fast decisions?

While we were looking at homes the renovation plans were taking shape. Sam was getting a very good idea of what was possible, what it would cost, how long it would take and what would be involved. This included finding rental accommodations for about a year or more while the renovations were being done.

Now that she had this information she could compare the buying option to the renovating option more accurately. The renovating option was looking less attractive because of the stress, inconvenience and time commitment.

We looked at a lot of homes, but nothing fit the bill. Then one day I saw a new home listed on one of the best streets in central Toronto. I thought it might be great for Sam. The problem was it wasn’t in one of her preferred neighbourhoods even though it was very close by. It was well priced and I knew we’d have to move fast because it would sell quickly.

I spoke to Sam about it and she was willing to take a look at it even though it wasn’t in one of her preferred neighbourhoods. She liked it a lot. We prepared an offer and kept our fingers crossed no one else would offer.

We started the negotiations. That’s when another offer came in. We were now in a multiple offer situation. Sam increased her price. I’d worked with the listing agent before, knew her well and had a very good relationship with her (still do). She likes working with me because she knows I don’t play games. When I told her Sam was a solid buyer in a sound financial position who understood the market and was unlikely to change her mind after the deal was done she relayed that information to her clients with confidence. Based on that, they decided to accept Sam’s offer even though the other buyer indicated he was willing to pay more than Sam. Does YOUR Realtor have this kind of reputation and relationships?

We got a long closing to give Sam enough time to sell her current home. She’s now living in her new home and loving it.

Buyer 2: Syd

Syd lived in a big and beautiful home she had custom built in a great location in central Toronto. Her kids were all university aged or beyond and it was time to downsize.

Syd didn’t like the idea of possibly owning two homes so she decided to sell first. But before selling I suggested she start looking for her next home so she’d be fully educated about her options and prices. That way she’d be ready to pounce on the right home as soon as she sold to lessen the chance of her not finding a new home in time and having to rent until she did.

We talked about the kind of home that would work and both had a very clear idea of what we were looking for. It was a recently built townhome with a family room, four bedrooms and a private drive around Yonge and Lawrence so we looked at homes like that.

But every once in a while Syd wanted to see an older home that required major work and didn’t have the key features for which she was looking. It was the beginning of the process and I figured Syd wanted to get a broader feel for the market.

Once Syd had a good idea of what she wanted, she sold her home and got a long closing. It’s almost always easier to sell than buy in central Toronto.

Now the hunt was on to find her the perfect new home before her old home closed so she wouldn’t have to rent. That’s when Covid appeared and the market dried up. There are some things we can’t control.

There was almost nothing to look at even though Syd needed a house and was ready to buy. She’d ask me about new townhomes and also about older homes that required renovating.

Eventually I could tell these older homes had an emotional pull for her even though they weren’t as practical as the new townhomes so we talked about this. Syd knew common sense dictated she buy a newer townhome but said those homes left her feeling cold and the older homes made her feel good. I’ve always believed you should love your home and get a warm fuzzy feeling in your belly every time you come home. What kind of buyer are YOU?

As the closing date on Syd’s home approached it was becoming apparent she wasn’t going to find a new home in time because of the limited selection available due to Covid. She decided to find a rental and found one on a month to month basis.

Then an older home came on the market. It required renovation and didn’t have a family room or a private drive. It was in a great location, but like Sam’s new home, it wasn’t in one of Syd’s preferred neighourhoods. I was surprised when she wanted to see it and I wasn’t surprised. What was going to win out? Her heart or her mind? In the end her heart won out. She wanted to make an offer. You have to know yourself and what makes you happy. Are YOU more of a logical buyer or an emotional buyer?

But there were four offers on this home. It was already priced near the top of Syd’s range and it needed significant work.

Syd offered her best price with a three week closing. The house was already empty so we knew the seller would prefer a quick closing. We also knew it had been the seller’s family home for many years. This was a different listing agent than with Sam’s home, but I knew this listing agent and had a good relationship with her, too (still do). I told her “Syd is a very solid buyer. She’s sold her house and is ready to buy. She got a great feeling the moment she walked in and felt at home. A quick closing is worth a lot of money in today’s circumstances because every extra day a seller has to wait for their money is a day when the world can change or the buyer’s situation changes and the deal doesn’t close.”

The seller accepted Syd’s offer. The listing agent told us after it wasn’t the best price, but the seller liked the quick closing, liked that Syd loved the house and liked that the listing agent said I know what I’m doing and my clients are good clients.  

Now that Syd has a rental she has time to do the renovations she wants to do before she moves in.

Takeaway tips

1. Contact your Realtor really early in the game, well before you want to move, if possible, to figure out the best process.
2. Does it make financial sense to move or should you renovate?
3. Figure out your finances before doing anything.
4. Do you want to buy or sell first? How do you feel about the risk of owning two houses? How do you feel about renting?
5. Know yourself. Are you more of an emotional buyer or a logical buyer?
6. Working with an agent who works in the area could mean the difference between getting the house and not getting the house. Local knowledge and reputation are important.

Syd and Sam are both very happy. They both have great new homes in great locations, coincidentally around the corner from one another. And one of the best things of all is that Sam and Syd are sisters so it’ll be even easier for them to see each other than it was before!