How to buy a home in Kingston – A guide
How to get a home with a low price tag in Kingston.
The market is hot.
The demand is strong.
And when you have the right sort of people, that’s the key.
It’s the same with the Kingston region.
A growing number of families are choosing to move to Kingston to escape the heat, the rising cost of living and the housing shortage.
But it’s not a cheap place to buy.
We are a very competitive market, and when you go into the market and you see a price tag of $1.2 million you just want to make sure that you have a deal.
“And the reason why you want to go into Kingston is because it’s a great place to live,” says Mark Wainwright, president of the Kingston Housing Association.
“The market has a lot of good properties that people are going to be looking to buy.”
It’s a market that has been on the rise for a long time, but prices have jumped even higher in the past couple of years.
So how do you know which properties are right for you?
And if you’re not ready to commit to a purchase, how can you help?
“When we started looking at where we were going to sell our properties, the market was really hot,” says Wainwyll.
“But the market really went up about two years ago and then the price of housing went up.”
And with prices rising faster than wages, many are struggling to get by.
“We’re really struggling with people not getting the support that they need to be able to make a living,” says Dr Jill Clements, vice-president of housing services at the Greater Kingston Area Council.
The crisis for the housing sectorThe demand for housing in Kingston is a growing issue, but the number of homes being built and sold is not keeping up with demand.
“There are a lot more houses being built now than we’ve seen in the last 10 years, so there are a few more properties that are available,” says Clements.
“What that means is there’s a lot less people who are going out and buying a property in Kingston.”
And that means that there are fewer available homes in the city.
So while the demand for homes is increasing, the supply is also falling, and that is causing prices to rise even higher.
“If you go to a seller and say, ‘I’ve got this house, can I have a deposit?’ you’re going to get an almost impossible situation,” says Robby Stokes, chief executive of the Greater London Regional Council.
“You’re going into a property market that is very competitive, and there’s not much that can be done to lower prices.”
“The fact is, you can’t just sit back and wait for the market to fall, you have to have a plan in place and then you have your plans in place,” says Stokes.
So what do you do?
Here are the five steps you can take to ensure you’re in the right market for a home.
How to buy your home in the Kingston areaThe first thing you need to do is decide on your options.
“I would say the first thing that people need to realise is if they’re looking to move into Kingston, the best way to get in the market is to find a property that is affordable,” says Bob Anderson, president and CEO of Kingston Property Group.
“That means, first of all, you want it to be a low-cost property and secondly, you need it to have good amenities and good amenities are going up all the time, so if you can afford it you should be able and the first place you go is to a property with a good price tag.”
It is important to note that this isn’t a list of properties you can buy just because they’re cheap.
You have to get the property you want first.
“So the first step is to look at the property,” says Anderson.
“A property that has a value of $3 million and that’s a very nice property with some amenities, that would be a great value for people looking to live in Kingston and buy a house there.”
And if it’s the only property available, you’re better off looking elsewhere.
“People are finding that properties with lower prices are being offered to them,” says Scott Macdonald, director of residential and commercial real estate at Capital Property Group, which has a property portfolio in the area.
“Property prices are rising faster in this region than in the rest of the country.
And if you look at a property’s price, if it has a higher value, people are looking to that property because it has that extra value.”
So you need a property where you can get in without a lot to lose, and where you won’t have to deal with the issues associated with the high cost of rent.
“They are very desirable properties,” says Macdonald.
“It’s just a matter of doing a bit of research and you can then decide which property is