Don’t pass by that shabby house just yet. With the average price of Ontario homes on the rise to almost $360,000, the Ontario Real Estate Association (OREA) recommends looking beyond move-in-ready properties.
Everyone wants a house or condo that will be perfect the minute they move in,’ says Barbara Sukkau, president of OREA. But with the price of houses continuing to rise, and some buyers 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,’ she says.
OREA recommends identifying properties with your realtor that will build equity after improvements are made but still remain in budget, and make sure the neighbourhood you invest in is worth it.