This new listing could be an affordable alternative for home seekers in Milton
Published November 18, 2021 at 3:27 pm
It’s no surprise that the real estate market in Milton has been extremely competitive, particularly over the last year. With prices continuing to soar high among competitive bidders, home seekers may be interested to know whether there are any affordable alternatives.
A land lease in the Milton area that comes with a renovated caboose has recently been put on the market and according to Jennifer Krane, a Sales Representative for Zoocasa, it could be a viable option for those trying to enter the market.
Krane told insauga that the main challenge for today’s buyers is lack of supply and while sales have dropped annually, it is not due to lack of interest. “There’s just too few properties for sale to meet the demand,” she said.
“There were 33 per cent fewer new listings brought to market this October compared to the same time last year.”
As a result, this has driven up home prices by more than 23 per cent compared to the same time in 2020, with the average now hovering around the $1.3 million mark.
Krane explained that while this specific listing doesn’t come with the ownership of land, it is being leased for $400 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,” she said.
“While the property requires a few big changes to make it liveable such as adding water and a sewage hookup. 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.”
The caboose is currently listed at $45,000.
For more information on this listing, click here.
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