As seen in the 2011 Home Builders’ Annual Magazine by New Home and Condo Guide.
When Jeff Paikin bought his first house in 1985, he followed the three most important rules of real estate: location, location, location. Everything else, he learned on the job, so to speak. With a purchase price of $50,000, he invested 85 percent of that into renovations and went over budget. In the end, he has a home in a great location and when he sold it, the proceeds were invested in his next home.
That first house eventually led to the establishment of his first home-building company. Today he is the president of New Horizon Development Group with more than 17 successful years of building homes and condos to its credit.
“Be in the game” is the best advice Paikin has for today’s homebuyers. “You want to buy rather than rent. Buying has the potential for lifelong security. Renting pays your landlord’s mortgage. Buy the best you can afford, whether it’s a four-bedroom home in the suburbs or a zero-bedroom bachelor condo. Don’t get four bedrooms if you only need two. You can always sell and use the equity for the next size up. It’s a good, safe investment for life and no one gets hurt.”
With an eye on encouraging affordable home ownership and a stepping stone into the market, New Horizon is launching Haven, low-rise condo right across the street from its Time Square complex which is 90 per cent occupied. “These projects offer the best of both worlds,” says Paikin. “Haven gives people a chance to get into the market in Burlington.”