I recently helped a couple buy their first home in East York. We looked at a number of opportunities at a very tricky price point, and here is what our first set of showings delivered.
House number 1: A decently renovated semi- detached home, which required very little work and was essentially in move in condition. What's the catch?? It was at the corner of a very busy intersection, and across the street from a commercial plaza. Not great real estate in my opinion.
House number 2: A great opportunity for the right buyer, and one who was looking for a big, back-to-the-studs renovation opportunity!! It was a cute little East York Bungalow, loaded with charm, potential (secret real estate code word for a lot of work!). It even had a separate side entrance for extra income down the road. The upside was the "potential" and its specific location situated across from a park. The downside was that it was on the fringe of East York, and surrounded by low income apartments. The area will do well in time, but they would have had to wait for the area to turn.
House number 3: On a busy street walking distance to the subway and on the boarder of Leslieville - better location than the previous one but.... No main floor kitchen, and an excuse for a bathroom on the main floor (it was a semi detached bungalow so if its not on the main floor its below grade). The kitchen and master bedroom were on the lower level! The main floor was so strangely laid out, that no matter which way we tried to lay out the furniture, it was still going to be very awkward and a tough resale. My advice... walk away!
At the end of our first day of showings, my first time buyers were a lot more aware of what their money could buy, and the upsides and downsides of different types of real estate in East York. I advised them to keep looking even though they got excited about every property we saw, until I mentioned the downsides...
When the right home became available, we both knew it as soon as we walked in. In fact, as I turned the key to the front door, I remember saying to them, this is the kind of home I would like to see you in.
As it turns out, this is the home they bought, and will likely be their home for the next 10 years. Well done and congratulations!!
If you're a first time buyer maybe these are some of the questions you have:
What is the Land Transfer Tax?, How much can I afford?, Should I continue renting and save more?? So many questions, but the good news is I've help a lot of first time buyers get settled in their first homes, and I would love to help you too.
If you're looking for a home in East York and you're a first time buyer, moving from a condo to your first home, or looking to expand into your forever home, please call me at 416-716-7073 or email me at email@example.com. I can help!!