How will I EVER afford a house in Toronto?
I just read an article from the Globe and Mail about how Toronto home prices are expected to continue to rise thanks to the falling gas prices.
Having saved and rented for years to get into a home of our own I understand how frustrating and ominous that sounds to buyers looking to get out of their condo or rental and find a home in the city. I do think though that rising prices may be a good reason to get into the market with something affordable so that you can stay in the game. Here are some possible solutions to the rising prices.
1. Fixer-upers. Today’s Toronto sellers are becoming much more savvy and un-staged, un-renovated homes are harder to find, but they ARE still there and the right agent can help you find them.
2. Not the house of your dreams. You see it on MLS. It’s awful. You hate it. But wait! Rip up that shag carpet and put down hardwood on sale at Home Depot. Paint those DREADFUL pink walls a lovely soft gray. The terrible kitchen can be replaced surprisingly easily with IKEA cupboards and a visit to a appliance store that specializes in huge discounts on products with slight (virtually invisible) imperfections (I know a great one!) A good agent can often help you see beyond the garbage. And think how AWESOME the before and after pintrest photos are going to be!
3. Compromise a little. Our first home was basically a dump on a main street with a streetcar going by. Every room was green, it was missing doors, none of the appliances worked and the basement was a dirt floor. But it got us going and into the market. It doesn’t have to be prefect but with a little effort and a little imagination you can be living in a first home you love and are proud of because you worked so hard on it.
Finding a great affordable home with great potential is work. It’s not for the faint of heart. It takes time and patience but they ARE out there and the right agent can help you find it. If you want some creative ideas about how to find it, drop me a line! I’d love to help!
Image: homestoriesatoz.com