Over the last decade or so, Toronto real estate has developed a reputation for being expensive. While there is some truth to this, it doesn’t mean that buying a house is impossible. In fact, there are plenty of affordable houses on the market today that offer buyers great value. You just need to know where to look (and what to look for).
While they may not check off every time on your wish list, these homes make it possible to achieve your dream of home ownership faster. Plus, the sooner you start building equity in a starter home, the more you’ll have when it comes time to upsize to your dream property later on.
In this blog post, I’ll touch on why certain houses cost less than others, and how open-minded home buyers can score a great deal on a great home. Let’s get started!
Why Are Some Houses Priced Lower Than Others?
Nothing is random in real estate. When a house gets listed for sale, its asking price is based on market data and careful research. So, when a house hits the market at a lower price than seemingly similar properties, it’s usually for a reason.
This doesn’t mean that affordable homes come with major issues or drawbacks. However, it does prove that even small details can impact the resale value of a house. Certain elements could be non-negotiable for picky buyers, but for others, they could be a smart trade-off for a great deal.
Buying a home for the first time? Check out these related resources from my blog!
- Buying a House Under $1 Million in Etobicoke? Here’s What to Expect
- How Much Does It Cost to Buy a House in South Etobicoke?
- Getting to Know Etobicoke’s Starter Homes
What Factors Make a Home More Affordable?
There’s a lot that goes into determining a home’s market value. Let’s look at certain features and details that can limit buyer appeal, making the home more financially attainable for those who are willing to be flexible.
It’s Located on a Busy Street
Location has a huge impact on property value. However, it’s not just the general neighbourhood that drives buyer appeal. Sometimes it’s the actual street itself that makes all the difference.
In Toronto, homes on busy streets are typically priced lower than those on secluded, low-traffic ones. Since many home buyers (especially first timers and families) are searching for a quieter, more relaxed environment, prices usually go up the more secluded a home is.
Yes, living on a high traffic street does have certain drawbacks, such as noise or a lesser degree of privacy, but there are also perks to it! For example, having easier access to other major roads and having public transportation right at your doorstep.
Noise From Cars, Trains, or Planes
Noise is another big factor when it comes to pricing. If you can handle a little ambient noise, you’ll have even more opportunities as you house hunt.
In Etobicoke, there are a number of houses that back directly onto train tracks. These properties are usually listed at a lower price point due to the occasional noise. Homes closer to Pearson Airport can also be priced lower due to the overhead airplane traffic.
The same goes for major roadways. Buyers can find great value if they’re okay with having a backyard that backs up to a high-traffic street.
The Lot is Small
When you picture your first home, you may imagine it with a spacious front or back yard. While having a large lot is nice, yard space in Toronto can come at a premium. On the other hand, homes on smaller lots are typically much more affordable. On the plus side, these smaller lots usually mean less maintenance and yard work for the homeowner.
About to buy a home? Check out these other blog posts to learn more about buying.
- Buying a House in a Buyer’s Market: What Are the Perks?
- What Should You Know About Buying a Power of Sale Home in Etobicoke?
- How to Buy a House When You’re Expecting Kids
There’s No Garage
Garages are a must-have for many buyers. But if you’re open to street parking, you can save a significant amount of money when house hunting. In Toronto, homes without garages generally sell for less than those with one. So if you don’t need a garage, it’s usually a worthwhile trade-off.
Ready to Buy a Home?
Regardless of what type of home you’re looking for (and what your budget is), your best bet is to work with an experienced real estate agent who can help you make the most of your purchase. That’s where I come in!
As a proudly local South Etobicoke agent, I know our unique market inside and out. I have the connections, insights, and inside scoop to help you begin your journey of homeownership. After getting to know your needs and preferences, we’ll work together to find a home that fits your budget.
Thinking about buying a home in Etobicoke? I can help! Call or text me at 647-239-7587 or send me an email at melissa@southetobicoke.com to get started.
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