Why Buy Someone Else’s Renovation? Build your Dream Home Instead!
We have a super cute house listed for sale 28 Nesbitt Drive. Located in Rosedale, this home is in one of Toronto’s best neighbourhoods – tucked away in a quiet, family-friendly part of the city.
While this home has a lot to offer currently, it would benefit from renovations. With a budget of $150,000, you could build a new kitchen, bathroom, and install hardwood floors throughout, which would leave you with a beautiful, modern detached home right in the heart of the city. A location like this, close to all the bike paths and on a country-like lot setting, doesn’t come up every day after all!
What are the Best Options to Renovate?
Why stop there though? You could always take advantage of this spacious lot and build up and out. With a lot size of 43.28′ x 100′ deep – the total lot coverage area is 4,238 total square feet. Considering that set backs are maintained – you would be allowed to build with an incredible 80% lot coverage – translating into a 3,390 square foot house!
Take a look at how incredible this home would look with a second story built on top! Please note that this photo has been edited to demonstrate the allure of adding a second floor, and does not represent the current state of the home.
How Much Would the Renovation Cost?
Lets look at the benefit of simply building up. If you buy the property for $1.5 million – when you factor in land transfer tax, you are into the property for around $1,550,000. You can then add on 2,000 square feet to the house at a cost of approximately $300 per square foot, meaning you will need a budget of roughly $600,000. To be safe, we can add a 20% price buffer, meaning a budget of $720,000 should easily cover the overall cost of the renovation. This number, combined with your purchase price of $1,550,000 equals a total cost of $2,270,000.
It’s important to note that two storey homes in this area are currently selling on average for around 2.7 million dollars. Therefore, by buying and building – you can save almost $430,000 and keep that cash in your pocket when you decide to sell the home in the future! The absolute best part of this deal is that you get to pick the finishes, the hardwood floors, the colors, the layout of the house, the appliances and so much more. All of the details are in your control, and you can build out the home of your dreams in the neighbourhood you never thought would be an option!
If you want to check out photos of this home, check out our listing page here and give Stu a call today to discuss building, or buying it already renovated!