Buyer pays $42,000 over asking for home in need of an update

4 Oakhaven Dr., Toronto

Asking price: $988,000 (February, 2023)

Selling price: $1.03-million (March, 2023)

Taxes: $4,101 (2022)

Days on the market: Eight

Listing agents: Mary Jo Vradis and Meray Mansour, Rare Real Estate

The house was freshly painted to make it move-in ready, but it still needs some updating.Rare Real Estate Inc.

The action

This 45-year-old house was well maintained but, despite recent upgrades, was showing its age. To compensate, it was priced below $1-million. Nearly four dozen buyers toured the home in February before the sellers accepted an offer that added a $42,000 bonus.

“It was right when things were starting to get busier on the market and there was no inventory,” agent Meray Mansour said.

“We did some painting and made it look really cute for someone to just move in, but it does need some updating. But that price point is in a sweet spot because rentals are so expensive that buying something is still going to be cheaper than renting.”

The kitchen includes updated appliances, tile flooring, and granite countertops.Rare Real Estate Inc.

What they got

This three-bedroom house has a two-storey plan and an attached garage on a 44- by 101-foot lot.

Some improvements carried out in recent years include the installation of a new air conditioning unit and hardwood flooring throughout, as well as updated appliances, tile flooring and granite countertops in the eat-in kitchen.

New sliding doors also separate the dining area from a fenced-in yard with southern exposures.

The larger of two entertaining areas is in the basement, along with a fireplace and one of the home’s three bathrooms.

The closing date is May 11.