Renovated caboose in Milton area proves to be affordable alternative in real estate market
Published May 17, 2022 at 3:49 pm
A land lease in the Milton area with a renovated caboose recently sold for $45,000.
Back when the listing hit the market in November 2021, Jennifer Krane, a Sales Representative for Zoocasa told insauga that it could be a viable option for those trying to enter the market.
While a renovated caboose is not exactly a conventional choice for prospective homeowners, it’s definitely proved to be an interesting and more affordable alternative amid competitive prices and lack of supply. Both of which have continued to be a challenge over the last year.
This specific listing didn’t come with the ownership of land, however, Krane told insauga that it is being leased for $500 per month.
“As affordability becomes more of a challenge for a greater pool of home buyers, it can take some creativity to get into the market. We know the tiny home movement has really taken off in recent years, and that this caboose offers a really unique opportunity for someone who’s interested in that lifestyle,” Krane told insauga.
While the property requires some modifications including a sewage hookup to make it “liveable,” Krane noted that listings like these are a good opportunity for those looking to save money while also entering the market.
“Depending on the extent of other desired renovations, costs may range from a few thousand to tens of thousands, but compared to the resale value of traditional homes in the community, the opportunity for savings is considerable.”
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