Real Estate

Advice on Resale

  • Last Updated:
  • Jul 15th, 2018 11:32 am
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Newbie
Jan 18, 2014
30 posts
25 upvotes
Toronto

Advice on Resale

Hi everyone:

I am looking to buy my first property. I am doing it on my own and am looking for advise on some recommended areas within my budget.

My budget is very modest at 350k to a max of 420k. I am very realistic and know that does not include Toronto. I work in North York and possibly looking in the Durham region for a townhome.

Is this feasible?
16 replies
Deal Expert
Feb 22, 2011
16521 posts
21871 upvotes
Toronto
rfdrfd wrote: If a 1 bedroom is enough, you could stay in North York. It's a very very good area. Or increase your budget for a 2 bedroom.

https://www.bungol.ca/listing/C4140857/
I always see this building come up and it's so tempting, price is great and rent could cover carrying costs on 20 down with 30 year amort.
Deal Guru
User avatar
Jun 26, 2005
10111 posts
1966 upvotes
Toronto
rjg4235 wrote: I always see this building come up and it's so tempting, price is great and rent could cover carrying costs on 20 down with 30 year amort.
Maybe there's fundamental issues? Mold? Etc

Wow this is hit me, this is a 1 bedroom, approx 11 years ago, I bought my 2 bedroom condo at Finch and Yonge for $245,000 ish, TWO bedroom!!
Last edited by rfdrfd on Jul 13th, 2018 2:34 pm, edited 1 time in total.
Deal Expert
Feb 22, 2011
16521 posts
21871 upvotes
Toronto
rfdrfd wrote: Maybe there's fundamental issues? Mold? Etc
I don't think so my coworker rented there and said he loved it.
Deal Guru
User avatar
Jun 26, 2005
10111 posts
1966 upvotes
Toronto
rjg4235 wrote: I don't think so my coworker rented there and said he loved it.
First hand info, excellent.

Oh speaking of molds, the Empress Walk condo has mold inside the walls or something. My friend used to rent there.
Penalty Box
Mar 27, 2004
10493 posts
9009 upvotes
Toronto
nbrw247 wrote: Hi everyone:

I am looking to buy my first property. I am doing it on my own and am looking for advise on some recommended areas within my budget.

My budget is very modest at 350k to a max of 420k. I am very realistic and know that does not include Toronto. I work in North York and possibly looking in the Durham region for a townhome.

Is this feasible?
Oshawa you can, but do you really want to live in Oshawa???

Look into buying a condo in gta.

I can offer you a good rebate.
Full-time Realtor
Deal Expert
Feb 22, 2011
16521 posts
21871 upvotes
Toronto
rfdrfd wrote: First hand info, excellent.

Oh speaking of molds, the Empress Walk condo has mold inside the walls or something. My friend used to rent there.
So your random guess with absolutely no indication of it being true is better than someone who has lived there having no issues? Ok. Maybe you misunderstood me I was talking about liking the building over all not this specific unit.
Deal Guru
User avatar
Jun 26, 2005
10111 posts
1966 upvotes
Toronto
rjg4235 wrote: So your random guess with absolutely no indication of it being true is better than someone who has lived there having no issues? Ok. Maybe you misunderstood me I was talking about liking the building over all not this specific unit.
Maybe my words were confusing.

I was agreeing with your previous comment.
Deal Expert
Feb 22, 2011
16521 posts
21871 upvotes
Toronto
rfdrfd wrote: Maybe my words were confusing.

I was agreeing with your previous comment.
Oh my mistake.

I do agree a condo in north york is probably better than a TH in Durham at that price point. There aren't really any sub $400k ones that aren't old with high maint fees or incredibly small.
Banned
Feb 23, 2009
1670 posts
1496 upvotes
Oshawa
nbrw247 wrote: Hi everyone:

I am looking to buy my first property. I am doing it on my own and am looking for advise on some recommended areas within my budget.

My budget is very modest at 350k to a max of 420k. I am very realistic and know that does not include Toronto. I work in North York and possibly looking in the Durham region for a townhome.

Is this feasible?
Need more info.
Do you want to live there?
Where do you live now?
Rental? Are you looking to be a landlord?
Newbie
Jan 18, 2014
30 posts
25 upvotes
Toronto
Im looking at looking at there. No I dont want o be a landlord. To the poster that asked about Oshawa i would prefer not to. Possibly Ajax or Pickering. I have not thought about a condo in North York. I just assumed I was priced out.
Penalty Box
Mar 27, 2004
10493 posts
9009 upvotes
Toronto
You're priced out of Ajax or Pickering..

You are better off in a condo right now as a first time buyer. Build your equity, and once you are able to, with dual income with someone else, look to buy a freehold.
Full-time Realtor
Banned
Feb 23, 2009
1670 posts
1496 upvotes
Oshawa
nbrw247 wrote: Im looking at looking at there. No I dont want o be a landlord. To the poster that asked about Oshawa i would prefer not to. Possibly Ajax or Pickering. I have not thought about a condo in North York. I just assumed I was priced out.
Lots of possibilities in Durham.
It really depends on your longer term goals for a home.
Family? Kids? Grass? Trees? Yard? Garage?
Simply the further East you go, the more home your money can buy.
If you are into renos you can go with an older home than needs work.
There are plenty of semis and even detached in Oshawa around $400K.
I spent 2 mins and saw this in Whitby:
https://www.realtor.ca/Residential/Sing ... ngle-Creek
https://www.realtor.ca/Residential/Sing ... ngle-Creek
https://www.realtor.ca/Residential/Sing ... ngle-Creek
Good area and tons better than a crowded cement box in the sky that you share with hundreds of other people.
Penalty Box
Mar 27, 2004
10493 posts
9009 upvotes
Toronto
it's cheap for a reason. the distance and its oshawa. location always most important. condos are doing better than freehold right now.
Full-time Realtor
Banned
Feb 23, 2009
1670 posts
1496 upvotes
Oshawa
oasis100 wrote: it's cheap for a reason. the distance and its oshawa. location always most important. condos are doing better than freehold right now.
You are right, location is always important.
There is a difference in "cheap" and lower prices.
Lots of value in Durham.
Newbie
Jan 18, 2014
30 posts
25 upvotes
Toronto
Thanks for everyone's input. I have an appointment with a Realtor next week to review my options.

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