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neighbourhood: Keylesdale-Eglinton West
X Factor: Almost a century old, this detached home in Toronto is considered to be one of the most affordable properties on the market.
The home is ideal for a young family, or as a fixer-upper for an investor given the age of the home and the need for renovations. The location is close to the proposed Eglinton Crosstown LRT station which is currently under construction, expected to be completed late next year.
If you are a first time buyer, you may be wondering, is this a good deal? We’ve brought in our expert, real estate agent othneel lichmore, to gain a better understanding of what this property is worth.
why is it priced like this: The home at 29 Hillary Avenue is listed at $798,888, which is likely based on other detached homes in the area, advises Litchmore. In September, a 3+1 bedroom with two bathrooms two minutes from this property sold for $837,000.
“Its value is based on what the other assets have sold for and can be sold, which is $800,000, $900,000 and so on,” Lichmore said.
Although it looks like the owner is looking to sell it for more than $800,000, Litchmore considers how “off-putting” it can be, considering its age and no parking. It will sell for very little. Also, only one bathroom.
Lichmore said older homes had fewer bathrooms. There’s potential room to add a second bathroom in the basement, but Lichmore envisions that the renovation could cost between $50,000 and $70,000 to reach the standard.
Looking at the photographs, Lichmore notices that there is a crack in either wall in one of the rooms. He said that considering how old it is, the floor probably creaks when you walk on it too.
“People are afraid of the situation that the house is in,” Lichmore said. “They tried some repairs[as]the kitchen and bathroom are very modern, but then you got these cracks in the wall.”
Litchmore sees the home selling for $750,000—with a potential opportunity to get it for even less, depending on how long the owners are willing to wait.
“They’re probably just waiting to see how much money they can squeeze in,” Lichmore said.
It has been on the market for more than 25 days and since the property has been passed down in the family bloodline for many generations, the mortgage can be paid off in full, which means there is no pressure to sell it, Lichmore said. Chances are, they are paying only property taxes and utilities.
Tips for finding such a place: Litchmore’s biggest piece of advice for finding a good deal is to identify homes that have been on the market for at least a few weeks.