Toronto Loft Conversions

I know classic brick and beam lofts! From warehouses to factories to churches, Laurin will help you find your perfect new loft.

Modern Toronto Lofts

Not just converted lofts, I can help you find the latest cool and modern space. There are tons of new urban spaces across the city.

Unique Toronto Homes

Not just lofts, we can also help you find that perfect house. From the latest architectural marvel to a piece of our Victorian past, the best and most creative spaces abound.

Condos in Toronto

I started off selling mainly condos, helping first time buyers get a foothold in the Toronto real estate market. Now working with investors and helping empty nesters find that perfect luxury suite.

Toronto Real Estate

For all of your Toronto real estate needs, contact Laurin. I am dedicated to helping you find that perfect and unique new home to call your own.

 

Consider a fixer-upper as home prices rise

Ontario Real Estate Asso­ci­a­tion says home own­er­ship can still be a reality

With the aver­age price of Ontario homes on the rise to almost $360,000, and higher in some cities, the Ontario Real Estate Asso­ci­a­tion (OREA) rec­om­mends poten­tial home­buy­ers look beyond “turn-key” prop­er­ties that are move in ready and con­sider homes that are in need of renovation.

Every­one wants a house or condo that will be per­fect the minute they move in so they only have to do the min­i­mum amount of work to it,” says Bar­bara Sukkau, pres­i­dent of OREA. “But with the price of houses con­tin­u­ing to rise, and some buy­ers des­per­ately look­ing for a fam­ily home in a seller’s mar­ket, it may not be an option for all buy­ers. Buy­ing a prop­erty that needs work can be a way to save on the over­all cost even when you fac­tor in the cost of an exten­sive ren­o­va­tion,” says Sukkau.

OREA rec­om­mends poten­tial home­buy­ers work with their Real­tor to iden­tify prop­er­ties that will build equity after improve­ments are made but still remain in bud­get. Together with their Real­tor, home­buy­ers should research what the top homes in the neigh­bour­hood sell for before buy­ing a fixer-upper.

It doesn’t make sense to invest $100,000 worth of ren­o­va­tions in a prop­erty if the other homes only sell for fifty thou­sand more than what you bought the house for,” says Sukkau. “Buy­ing a house that needs ren­o­va­tion should grow equity — not become a prop­erty that’s too expen­sive for the neigh­bour­hood when you want to sell.”

Sukkau says there are other ben­e­fits to buy­ing a prop­erty that needs ren­o­va­tion, such as the fact that HST does not apply to the price of a resale home, unlike newly built homes, which can save a home­buyer thou­sands of dol­lars. Also, the fed­eral gov­ern­ment cur­rently offers grants up to $5,000 to own­ers who want to make their home more energy effi­cient. If an older home needs new win­dows or a new fur­nace, then home­own­ers can apply for the grant for this cost. And finally, ren­o­vat­ing a home lets the home­buyer add their own per­son­al­ity to the space and deter­mine what’s most impor­tant to them. Newly built homes, while beau­ti­ful, can have a cookie-cutter feel and look very sim­i­lar to the other homes in the neighbourhood.

No mat­ter if a home­buyer decides on a fixer-upper or a prop­erty that needs no improve­ments, accord­ing to Sukkau the most impor­tant thing is for poten­tial home­buy­ers to know their bud­get and stick to it. “Before look­ing at any home, dis­cuss with your Real­tor what your bud­get is for both the prop­erty and any pos­si­ble ren­o­va­tion. Even though it is dif­fi­cult, remain emo­tion­ally detached when look­ing at homes, and if a prop­erty is beyond your means, then move on to the next one,” says Sukkau.

———————————————————————————————————————
Con­tact Lau­rin Jef­frey for more infor­ma­tion – 416−388−1960

Lau­rin Jef­frey is a Toronto Real­tor with Cen­tury 21 Regal Realty. He did not
write these arti­cles, he just repro­duces them here for peo­ple who are
inter­ested in Toronto real estate. He does not work for any builders.

———————————————————————————————————————


Incom­ing search terms
  • fixer uper real estate toronto
  • fixer upper house in toronto
  • old vic­to­rian bricked fixer upper house in toronto
  • loft fixer upper in toronto
  • fixer upper house for sale toronto
  • fixer up homes in toronto ont
  • fixer up houses for sale toronto
  • LOFT FIXER UPPERS IN TORONTO
  • fixer upper lofts toronto
  • lofts toronto for sale fixer upper

  • Leave a Reply

    Your email address will not be published. Required fields are marked *

    You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>