Nobody likes to compromise, but it’s a reality of Toronto’s real estate market right now. At some point in your house search, you’ll likely recognize that you need to compromise on one of the following:
Consider the following compromises – they’ll open up a world of new housing opportunities:
- Consider a semi-detached or row house instead of a detached house (everybody wants detached these days)
- There’s nothing wrong with street parking! And the market for houses with no parking is smaller, so the competition is less intense
- Look for houses with unfinished basements (though don’t fool yourself, it’s EXPENSIVE to finish a basement)
- Most people want 2+ bathrooms, but if your marriage can survive it, the 1-bathroom house can be a real opportunity
- Busy streets aren’t as in-demand by families with young children
- Streets near the train tracks are also less expensive (and who doesn’t love a train?)
- If you don’t really need 3 bedrooms, consider getting a 2-bedroom house (bonus: the in-laws stay at a hotel!)
- Ugly houses that need some cosmetic updating are often overlooked by Toronto Buyers. Ugly is good!
- Expand your neighbourhood criteria – this is often the compromise that yields you the best new options. Look for undiscovered neighbourhoods that are just starting to transition and areas further from the subway for the best bang for your buck.
- Don’t forget about townhouses! They can be an amazing alternative and come with way less maintenance [Related: Can’t Afford a House? Consider Buying a Townhouse]
- Consider a condo. Don’t be fooled into thinking that you’ll spend less maintaining a house than condo maintenance fees will cost you. Buying a condo can be a great way of getting into the real estate market.[Related: Condo or House? Which One is Right for You?]
And of course you can always decide to compromise on budget…if you really do need that 3-bedroom home on a nice street, in a hot neighbourhood, with a finished basement, 2+ baths and a backyard…you may just need to increase your budget to get it.