Not Sure Whether To Buy Or Build A Modern Home? Take A Look At This Toronto Post-war Bungalow Additi
Not Sure Whether To Buy Or Build A Modern Home? Take A Look At This Toronto Post-war Bungalow Addition.
As Toronto home values continue to edge upwards, home owners living in 800 square feet condos who are looking to trade up to a family sized home have limited options in the Central Core due to the big price jump. For a row townhome, based on 2016 prices, a purchaser will be looking at anywhere between $600k for a newer small 3 bedroom to $1million or higher for a townhome larger than 1500 square feet. For this reason, it may make more sense to look into buying a modest freehold home, with the option to add more square footage. In some areas at the edge of the core, it is still possible to get a detached home for low $600k based on 2016 prices.
The neighbourhoods riped for infill projects are East York, Birchcliffe-Cliffside, Mimico, New Toronto. The advantage of buying into these areas compared to freehold in the inner city is that you do get a bigger lot frontage, further away from adjacent houses, as most of these areas are considered to be the older suburbs at the edge of the core. There is a lot of upside to retrofitting your own home in these areas to add value in the long run but still be accessible to the downtown core. Based on 2016 prices in these areas, if you want to find a modern architect designed detached home in move-in condition with 3 to 4 bedrooms, you will be looking at $1.1m and up depending on the size of the the lot and the quality of the design.
In areas where there are still an abundant supply of original bungalows, home purchasers can consider a purchase-plus-build option. Below is a video of a second level modern addition project on a traditional East York bungalow by Moss Sund Architects. The original roof was taken off and the home owner kept the 2 walls from the original bungalow and retrofitted the space into a modern family home with 3 bedrooms above ground, and a basement unit to generate a source of income.
If you are thinking of your next move, instead of buying a more expensive turn key home that may not fit all your needs, call us up for a consultation to see if the purchase and retrofit option is right for you,
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