Affordable Homes Still Exist...

Winnipeg's real estate market is still hot to say the least.  If you are a seller, this is great news for you but if you are a buyer it's another story entirely.  I know, I know....you are frustrated and starting to feel you are losing hope in ever owning a home.

What if I were to tell you that you could buy a home for well under $200,000 and it's not a fixer upper?  Well, you can...you just have to adjust your search criteria.

One of the areas that I've been spending a lot of my time in is an older area in East Kildonan.   These homes make great starter homes.  You can get between 700 - 900 square feet, 2 bedrooms, one bath and a backyard big enough to BBQ and to call your own.  At the under $140,000 price point, you are usually getting a partial basement, big enough to house the furnace, water heater, washer and dryer and extra storage.  A full basement usually runs another $20,000 to $30,000 in this area. What's great about these homes is that, at this price, the home is usually completely updated.  Now, if you are coming from an apartment or your parent's basement this is good news for you and it gets you in the market.  Once you are in the market, you are not so susceptible to the market's ups and downs.

Instead of me telling you...let me show you.  I sold the following little home on Martin Avenue West last month for $130,000.  It had a partial basement, new windows, new deck, new fence, new interior finishes, new siding and all four appliances and window coverings were included.

 This similar home on Washington sold for $139,000 in March.

Because of our very hot sellers market, the homes in these areas are starting to evolve into great starter homes.  The dilapidated homes are being bought up by "flippers", and the renovated homes are being bought up by young families and first time home owners or investors for good revenue property.  Many of the homes have been torn down and brand new homes built to replace the old ones.  If this trend continues what will we have??  Possibly, great little affordable neighbourhoods that are owned by people that take pride in their homes?

Let me show you what's available for sale at the moment.  The following home is located on Harbison Avenue.  It is a 940 square foot, one and a half storey.  It has  2 bedrooms on the main floor and the entire second floor is the master bedroom and a 2 piece ensuite.  The inside is completely remodeled.

dark laminate floors

very private master bedroom with ensuite

sitting area in master bedroom

This 940 sq foot home on Bowman is also currently available and comes with a full and finished basement...

rec room

Still not convinced?  Is this where you tell me that you like living in your parents basement as there's a lot of perks that I don't know about?

Well, I do understand that too...

So then I will say this to you.... have you ever considered buying one of these homes, renting it out (which more than covers the mortgage and taxes) while you stay in your parents basement enjoying all the perks that come along with that.   You let your money work for you while you continue saving and building equity until you can afford a property that will provide you the lifestyle you have grown accustomed to.

A $130,000 mortgage, amortized over 30 years at 4% comes to a mortgage payment of  $621.00 per month.  The taxes for most of the homes in this area fall well under $100.00 per month.  Now compare that to how much would you pay for a 2 bedroom apartment with a balcony, allows pets, the freedom to paint your walls any colour you choose and you can't hear the guy living beside you snore?   

Bottom line...let's talk.  You probably have a lot more options than you thought you had.

Email me at slaurin@mts.net
 

I'm here for YOU.

~Ciao