Some Of The Worst Real Estate Advice Parents Give Their Kids, According To GTA Realtors

Just because they're mom and dad, doesn't mean they're always right.

Toronto Associate Editor
Some Of The Worst Real Estate Advice Parents Give Their Kids, According To GTA Realtors

Buying a home is stressful, and Toronto's real estate market doesn't make it any easier.

While turning to your parents may feel like the natural, logical step when making a move on this major milestone, realtors with Strata.ca have pointed to some legit terrible home buying tips that well-intentioned parents have given their kids over the past year — and why you may just want to turn to the pros.

In a report posted in December, a couple of Strata's agents laid out four tidbits of terrible tips that they have recently heard from parents. The first bit of awful advice is to "wait it out until you find the 'perfect' place" because you can miss out on someplace great.

One of Sam Massoudi's clients, a real estate agent with Strata, lost a condo he loved because his parents convinced him it wasn't in "good shape", and ended up looking for another two months before finding another home.

Another apparently god-awful tip is tossing in low-ball offers in hopes that someone will eventually accept it.

"Parents who tell their kids to use this strategy are not understanding how competitive this market is," Strata realtor, Jenelle Tremblett said.

"Follow the lead of your realtor as they know the pulse of competition, and can properly advise if low-balling is even worth your time."

Looking to buy your "forever home" is also something these agents have heard over the past year and something that they advise against doing.

"But the problem with this advice is that it's not even realistic in places like the GTA where property values are already so expensive," Massoudi shared with Strata.

Instead, Strata suggests that first-time homebuyers should look for a place that they can actually reasonably afford for now and then in a few years' time, find a different place to live that matches your lifestyle.

Lastly, Tremblett has heard parents tell their children to hit up the listing agent to represent you as a way to cut down on some costs when looking for a home.

"The seller's agent represents the seller, so they don't owe you anything in the negotiations. Everyone deserves their own representation, which is why you need to get someone in your corner if you don't want to overpay," Tremblett said.

Aside from giving some questionable real estate tips, some Toronto parents are handing over a generous $130,000 to their kids so they can use it towards their new homes. Toronto is, after all, one of the least affordable cities in North America.

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