If you thought buying an older two-bedroom house in Toronto might mean paying less than you would for the typical astronomically priced home, you might have to think again.
A dated two-bedroom, two-bathroom house in the Humewood neighbourhood of Toronto just sold after six days on the market for a whopping $1,461,000. Located at 124 Kenwood Avenue, the home was initially listed for $999,000 and sold $462,000 over asking.
The little bungalow sits on a relatively large 25 ft x 130 ft lot with a decently sized backyard and a two-car garage at the back. With parking space being a hot commodity in Toronto, that feature alone would be attractive to buyers. Add in the fact that the garage could be turned into a laneway house, and the eventual selling price starts to make more sense.
The house itself is in need of some modernizations with everything from the kitchen to the stairs and ceilings having a dated look. According to the listing, the house does have central air conditioning, which is a big bonus when it comes to older homes.
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The basement of this bungalow is already finished and appears to have been converted into a decently large studio apartment with its own kitchen, laundry room, and bathroom. The possible rental income that comes with having a basement unit can be a big draw for buyers. The listing also notes that the basement has 7-ft ceilings, which would definitely make it feel less cramped.
With all the potential this house has and the possible rental income, it’s not entirely surprising that it sold for so much in today’s market.