Journal turg's Journal: Buying A House 26

We didn't think we'd be able to afford a house in Toronto. So we got half a house. Ha! Sorry , inside joke -- you'll get it soon.

Anyway, like I was saying, we didn't think we could afford to buy in TO. The asking prices are generally out of our reach and many, if not most, places are going for more than the asking price. I was talking to a friend on the weekend and she said they just looked at a place where the asking price was $300,000 (which is a low price around here). It was smaller than the apartment they're currently in and it needed $15,000 of work just to qualify for insurance (and, therefore, for a mortgage). There was a bidding war between four bidders and it went for $330,000.

But a friend of ours is an agent who specializes in finding inexpensive places. We told him to show us places under $200,000. We were looking for something (small) that was at least structurally sound and expecting to have to fix up the rest of it ourselves.

But we've found something quite interesting.

It's a row house -- about 100 years old. The row was originally built as housing for guards at the Don Jail. It's a pretty central location (a long way from the suburbs in any direction). It's had an addition (that more than doubled the size of the house) and some nice renovations (master bedroom has a skylight and ensuite bathroom -- the main level is all open concept). The lot is 106 feet deep

. . . and 12 feet wide.

But, hey, it's not only structurally sound, but has new roof, new wiring, new plumbing, 1991 furnace, and central air. It needs no major work. It's almost unheard of for something under $300 K to not need major work and the asking price on this place was $175 K. It was available for showings as of 11:30 AM Friday. There was supposed to be an agents' tour at 11:30. Our agent booked us an 11:30 showing but a bunch of agents just showed up for the tour with their clients. By noon the place was packed (which is admittedly not hard to do in this place, but still...). Everyone looking for an inexpensive place in the city was scrambling to have a look. Nathan (9 months old now) spent much of the time we were there charming the socks off of the sellers -- he grinned and giggled at them the whole time and adored their elephant-sized dog. They fell over themselves to play with him. So we're telling him that he got us that house.

Our agent told us that the place would probably sell that day (and that we almost certainly wouldn't see another place under $200 K in anywhere near as good shape as this place was). We got put an offer together by 6 pm and we were the first and I don't think they considered any others. (Talk about a self-fulfulling prophecy, eh?) Our offer was conditional on financing (and a professional home inspection) by tonight and that was a cakewalk so we signed the waiver and now we're committed.

It's not where we'll still be living in 20 years (did I mention it's sorta small? -- two levels, no real basement, no attic -- interior width is 10 feet and change) but at least we'll be building some equity while we're there.

It is significantly smaller than our current apartment. And we're probably paying more than most of the homeowners reading this paid for their homes.

If anyone's interested in seeing the MLS listing (with picture), e-mail or IM me for the link.