Budget of $250,000

[odin2404]

Hi,

Would appreciate any and all help for the following question:

"What kind of accommodation would I get (buy) in $250,000 tops?

I'm looking for accommodation outside Toronto, connected to the city by a max 45 min train ride. I've also tried to look at real estate sites but they do not mention things like how far out it is, what kinda neighbourhood etc.

Thanks everybody!

 

[tinuadeadebola]

am intrested please any response?

 

[prof456]

$250k is a tight budget in Toronto. It should be able to get you an average (not high end) house in a fairly decent neighbourhood outside Toronto. Check www.mls.ca

If I were in your shoes, I'd pick out a few neighbourhoods I'd like to live in and then search for houses there so as to get a fairly good idea of what they cost and their features so as to adjust accordingly.

To be able to get approx distances, use google maps.

Hi,

Would appreciate any and all help for the following question:

"What kind of accommodation would I get (buy) in $250,000 tops?

I'm looking for accommodation outside Toronto, connected to the city by a max 45 min train ride. I've also tried to look at real estate sites but they do not mention things like how far out it is, what kinda neighbourhood etc.

Thanks everybody!

 

[odin2404]

$250k is a tight budget in Toronto. It should be able to get you an average (not high end) house in a fairly decent neighbourhood outside Toronto. Check www.mls.ca

If I were in your shoes, I'd pick out a few neighbourhoods I'd like to live in and then search for houses there so as to get a fairly good idea of what they cost and their features so as to adjust accordingly.

To be able to get approx distances, use google maps.

Thanks,

I was looking for neighbourhoods just outside Toronto, hopefully that should get me something decent - as mentioned, maybe 45 mins by train to central Toronto.

 

[scylla]

odin2404 -

I think you should wait until you've moved here and have a chance to get to know the different neighbourhoods before you make any decisions about buying a house. There are many many different areas in and around Toronto - and each one has its own personality and characteristics. And what one person loves another person might hate.

$250K is definitely a tight budget - so you may have to give up one thing in order to get something else (e.g. be in a nice neighbourhood but it takes longer than 45 minutes to get downtown). It will also make a difference if you're willing to buy an older house that may need some renovations - or want a new house where everything is up to date and modern. Do you want to make sure you're close to good schools? Do you want to be walking distance to a grocery store or are you willing to drive? All of these things will have an impact on what you can buy and where.

Anyway, that's just my two cents. (I live right downtown so unfortunately I don't know enough about the suburbs of Toronto to suggest any areas you might want to look at.)

Good luck!

 

[rocky272727]

http://www.househuntingintoronto.com/#homesearch

 

[odin2404]

http://www.househuntingintoronto.com/#homesearch

This link was SUPER ... thanks Rocky and a +1 in appreciation

 

[steaky]

Get a good realtor to act as your agent to negotiate with the seller or its agents. Just my 2 cents.

 

[odin2404]

Get a good realtor to act as your agent to negotiate with the seller or its agents. Just my 2 cents.

Sounds good, I'm off to Toronto for a recon trip this July, will try and get one then!

 

[steaky]

When you find the right place, you can also hire a house inspector to identify the problems before you complete your purchase.

 

[odin2404]

When you find the right place, you can also hire a house inspector to identify the problems before you complete your purchase.

Hey thanks, did not know that

 

[scylla]

Also, keep in mind that in addition to the cost of the house, there will be additional closing fees to pay that will amount to several thousand dollars. Here's a summary of the main fees:

http://www.tdcanadatrust.com/mortgages/closing.jsp

 

[odin2404]

odin2404 -

I think you should wait until you've moved here and have a chance to get to know the different neighbourhoods before you make any decisions about buying a house. There are many many different areas in and around Toronto - and each one has its own personality and characteristics. And what one person loves another person might hate.

$250K is definitely a tight budget - so you may have to give up one thing in order to get something else (e.g. be in a nice neighbourhood but it takes longer than 45 minutes to get downtown). It will also make a difference if you're willing to buy an older house that may need some renovations - or want a new house where everything is up to date and modern. Do you want to make sure you're close to good schools? Do you want to be walking distance to a grocery store or are you willing to drive? All of these things will have an impact on what you can buy and where.

Anyway, that's just my two cents. (I live right downtown so unfortunately I don't know enough about the suburbs of Toronto to suggest any areas you might want to look at.)

Good luck!

Thanks,

Since you've mentioned that you live downtown, would you please share your experiences / views etc. about living costs and living downtown generally?

I can clearly see from my last post that I need to revise my budget (which was pulled out of a hat FYI) ... any pointers?

We are just two (my wife & I) and would like to be within walking distance of local transport and essential stores.

Thanks

Thanks

 

[tran]

Also, keep in mind that in addition to the cost of the house, there will be additional closing fees to pay that will amount to several thousand dollars. Here's a summary of the main fees:

http://www.tdcanadatrust.com/mortgages/closing.jsp

It is funny that the buyer has to pay the CMHC insurance for the mortgage loan to protect the bank.
The bank should pay for it.

 

[tran]

Now is the best time to sell(i.e. if you can sell at your asking price), and worst time to buy.
Rent first and bargain hunt later.

http://www.greaterfool.ca/

http://www.chpc.biz/