Can You Find a Cheap House in Toronto?
Finding cheap houses in Toronto, a home that has great value but is under-priced or a “diamond in the rough” that will not break your budget with needed renovations or upgrades, is no easy task.
In today’s Toronto real estate market many homes sell even before they appear on the Multiple Listing Service (MLS) website, making it even harder to find an affordably priced home in Toronto.
The following are some tips that will help you find your dream home, at the price you can afford, or lower!
When Searching for a Cheap Toronto Home to Buy
- Expand your desired area by a few kilometers or more – many properties are priced by their neighbourhood values so finding a cheap home in an expensive neighbourhood is no easy task.
- Network online and with friends – your best opportunity for finding a cheap home is before it is listed.
- Use the services of a well-connected real estate broker to expand your search are for cheap homes that are not listed or under-valued.
- Be prepared for additional ownership expenses – always consider how the house will look after you renovate, not as it is now, this will help to make the home and its cheap price more desirable to you.
Stay Within the Budget You Can Afford
- Apply for pre-approval for your mortgage and discuss any government grants or loan programs with your mortgage broker or banker that are available, and if you are eligible. This can help to reduce your payments significantly, lowering the cost of your home.
- Do not allow your emotions to get the best of you should you end up against competing offers on the home you are considering. Many people quickly over-pay for a home because they end up in a bidding war.
- Decide if you want to rent out a portion of the home you purchase as rental income can significantly reduce your monthly obligations.
The Best Advice for Finding a Cheap Home in Toronto
If you are a first-time buyer or a seasoned homeowner, using the experience of a trusted real estate broker can make all the difference in the price you pay for your Toronto home.
Team Diamond has sold thousands of homes throughout his career so far and has the experience to help you negotiate the best possible price, whether you are looking for a resale or new home to call your own.
A home may be the biggest purchase of your life and if you do not plan properly you may end up having to sell your property, allowing it to become someone else’s cheap Toronto home.