Top Up Bungalows in East York – Episode #63

East York is one of the cheapest areas to buy bungalows that are so close to the Downtown Toronto Core. These “post-war” homes are starting at around $300,000+, you can potentially buy a bungalow and spend about $250,000 to add a 2nd storey (top up) and have it valued close to $700,000 plus/minus depending on the size and finishes. Because of this, there are many investors utilizing this strategy within East York and I can think of at least 10 active Top Ups right now. You have several exit strategies after adding a 2nd storey. To mention a few of the basic options: First, you may flip (sell) the house for a profit. Second, you may rent it out for premium rents and receive positive cash flow. And third, you may obviously choose to live in it. One of the biggest employers in the area is East York General Hospital, which is a great place to advertise for rent and find good tenants i.e. Nurses and Doctors.

Comments

  1. The Tall Red Head says:

    Very educational boyz! Thank you! Beautiful home Jeff…

  2. Keep up the good work Andrei. Your clients are lucky to have someone that takes the time to teach them along the way, cheers!

  3. Andrei Angelkovski says:

    It’s through action takers such as yourselves that allows me to educate my clients.  So thank you for taking action!

  4. Jerry Greer says:

    As the value of property in the GTA continues to increase due to the Green Belt and the support for higher densities, the topping up of bungalows within easy commute of downtown will likely continue to be a great investment. Jeff’s has the vision, the skills and experience. Thank you to Andrei for communicating the opportunity.

    • Andrei Angelkovski says:

      Very good point Jerry.  Toronto will only become more dense and with that commute times will become more heavy.  Therefore, more people will want to either live close to the City or near Transportation.  I believe prices will continue to grow in areas close to Downtown Toronto and people will have a desire to live in areas where the numbers make sense…and so far the numbers make sense in East York for top-ups.

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