Opening the Door To A New Lifestyle With An Income Property: 122 Crawford St
It is a rare occurrence to find such a gem in Toronto that is the perfect solution to today’s tumultuous environment. 122 Crawford St is the perfect example of the kind of property everyone in Toronto should aspire to buy. Though we sold it earlier this month, it is a fine example of the type of property Leonard loves.
122 Crawford is a gorgeous Victorian semi-detached multiplex directly across from Trinity Bellwoods Park. With three spacious and bright units, all with separate entrances, Crawford is purposely designed to be an incredible income property. The property had two of the units tenanted at the time of sale.
Some buyers often are wary of properties that come with tenants. There’s a stigma and perceived differences when comparing it to a vacant property. While it adds a few key things potential buyers need to be aware of, they can also add plenty of great opportunities for a savvy buyer. Tenants can open the door to a new lifestyle for you. A tenanted property can subsidise your mortgage, allowing you more freedom and opportunities in your life.
Often the wariness that potential buyers have is merely perceived negatives that are often unfounded. With the right realtor at your side, it’s easy to break down the fears and see the opportunities for what they are. Buying a multiplex property that is tenanted can often be less of a hassle as there’s no pressure for you to find tenants which, after such a tumultuous year, can be an incredibly stressful process.
Inheriting tenants during a sale means your property will be generating income immediately. All of the legwork in procuring tenants and setting up leases has already been done for you. It gives you time to make plans for your new property without financially hurting yourself as opposed to buying a vacant property.
We find it unusual that tenanted properties are often looked over in comparison to vacant single-family homes in Toronto. Many multiplexes have larger square footage and are in much better condition than many single-family homes that have sold recently in a bidding war. There is a perceived notion that it is easier to buy a vacant home – regardless of its condition – in comparison to buying a tenanted property. This notion is incorrect in many cases. Buying a vacant single-family home with the intention to convert it into a multiplex income property takes a considerable amount of time, money and effort. Buying a tenanted property allows you to have an income while renovating and remodelling in many cases.
When looking at 122 Crawford, it had the added benefit of having the upper unit vacant. Any remodelling or renovation could easily be started in the top unit. Alternatively, buyers could easily live in the upper unit and keep the lower two rented out. It is a well-kept property with Victorian charm and class – a true gem. Additionally, it has a detached garage, something that could be used as a workshop or studio, another way to upgrade your lifestyle using your own home.
Being right in front of the park is something that many people, particularly now, are seeing as an incredible feature. After a year and a half of a global pandemic, outdoor space and walkability is something that many are craving. The Trinity Bellwoods neighborhood also affords convenience whether it’s for public transportation or an easier commute.
Investing in properties such as 122 Crawford is one way that would open a door to such a lifestyle. Whether you want to use it fully tenanted as an income property or if you want to subsidise your mortgage while living in one unit and renting the rest, it has the potential to change your life.
Multiplexes may not seem as popular as Toronto’s single-family homes but they are some of the best properties to live and invest in. A multi-unit property, whether it has three units or eight units, gives the owner more control over the maintenance of each unit and the overall property. Multiplexes are truly underrated next to single-family homes and Leonard believes that a multiplex is a means to create a lifestyle through real estate.
These types of properties don’t come around every day but rest assured when Leonard finds them, he’s the first to see the amazing potential they have. We are always on the lookout for listings like these and continue to buy and sell multiplexes across the GTA. Call us to find out more.