Tips to hunt cheap houses in Greater Toronto Area; how to crack the most affordable deal in 2022?

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The Greater Toronto area is one of the most happening regions across Canada and owning a condo here means living a life king size! The whole area features exuberant communities, exquisite suburbs, historically important monuments, natural wonders, corporate cityscape, among many other luring opportunities. The cities here boast excellent quality of life, with abundance of job opportunities making people self-reliant and independent.

Greater Toronto Area’s housing community comprises vivid compilations – it has a mixture of condominiums, studio apartments, single-storey houses, detached houses and villas in common. However, as per data, the housing community of GTA has exponential costs – the average buying price is quite high. This is mainly so because GTA’s accommodation requirement is growing over the years with more and more people migrating into the city for work. In such a situation, how do you find a house that fits your budget well? Well, it’s a daunting task but here are some ways that might help:  

1. Find a cheap neighborhood

If you are looking for a budget accommodation in GTA, finding a cheap, relevant and safe neighborhood can be the key. Although all communities in the area cost high, yet there are few areas which are decent and liveable at the prices offered. Some of the affordable neighborhoods are – Scarborough, East York, Malton, Black Creek, Whitby and Brampton.

2. Hire a Realtor

A major proportion of people might advise you not to hire a realtor for saving money during a deal but that is the wrong way to proceed. One should hire a realtor as doing so cuts a lot of expenses in the future (like taxes, legitimate pricing, good closure of deals, legal paperwork, etc). Having a realtor by your side also saves you from paying a surplus at each step of buying a house. Contact us to avail our services today (add link)

3. Hunt houses during fall or winter season

The spring and summer months record highest house hunting practices, which increases the demand for accommodation, ultimately leading to hiking of prices. Rather than finding a house during the peak seasons, try hunting one during the odd period – the winter or fall season. During this time, the market remains cold and prices inexpensive, typically landing you on a good deal under the desired budget.

4. Buy a house with a parking space

Several houses in the Greater Toronto Area come with zero parking space availability. While it seems feasible to get the deal at a cheap price and later rent a parking lot initially, the plan is however quite outrageous as in the longer run, it may cost you a lot. This is perhaps why buying a house with a parking space is necessary. It also increases the valuation of your property – if in future you ought to sell the house, you will receive a higher valuation.

5. Get a non-furnished home

It is an inevitable fact that houses that come with furnished equipment cost higher than the ones which do not come with any kind of furniture. To close a deal cheaper, one should avoid buying a furnished house and rather choose an unfurnished one. Later, as per requirement, one can shop for necessities. This keeps the process of buying a house at check as well as helps one with sustainability.

6. Look for an individual seller

If you wish to buy a home under budget, you should consider buying it from a single entity rather than an agency or any other third party involvement. An individual owner is easy to convince and bargain with. If you end up buying a house through or from an agency or other third party involvement, you will end up paying more and the process will turn out to be more complex as well.

7.  Choose an ideal mortgage

Buying your own house in the GTA might be overwhelming and require a hefty amount of finance. When you decide on investing in a new house make sure you choose the correct mortgage for yourself – look for options, take your time, understand the policies behind installments and interests, consult experts – and only then apply for one. Many times, choosing the wrong mortgage option costs people a lot of capital, making the entire process of buying a house expensive.

Summing it Up

The Greater Toronto Area is certainly one of the most prime locations across the globe for permanent residence and having your own house at the heart of the city is no less than a dream coming true. It is no wonder that the process is difficult – it involves a lot of buts and what ifs, researches, contact spilling, overwhelming thoughts, decisions and even cancellations – however, all of it seems worth it when an ideal home is found. They say home is where the heart is and we rightly believe so – contact us today for best recommendations and find a home in GTA under your budget within weeks! 

Anot Group
Jul 13, 2022