It can be difficult finding a house to buy in Toronto for less than $1 million, but if you don’t mind doing a little renovation work, more options become available.
Located right in Scarborough, this two-bedroom bungalow does need some work, but for $565,000 it might be well worth it.
The 23 Kenworthy Avenue home has a lot size of 37 feet by 137 feet, with a new cedar summer wood garden cabana and steel utility shed for more storage.
Right by Victoria Park subway station and the Danforth GO station, the home is close to restaurants, shopping and public transit.
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“This is a starter home in the east end and is likely to be most appealing to a first-time buyer or someone looking to move out of their condo and into a house close to the city. The property does need a bit of work, so ideally the buyer has a little extra money set aside or is able to get a Purchase Plus Improvements mortgage,” said Anthony Tomasone, a Zoocasa agent in Toronto, in a statement to Daily Hive.
“From a lifestyle perspective it’s worth noting that since there is no basement, prospective buyers should be comfortable with electric heating and window air conditioners.”
According to Tomasone, renovated homes in the area are selling between $700,000 – $850,000 depending on the property. So for an investor looking to flip the home, securing this property at the right price “will be key” otherwise the profit margins aren’t likely to be big enough based on current market conditions.
While the home needs some work, based on the price, making this house your own is worth the effort.