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.