Now, when it comes to a first home, sometimes it makes sense to stretch a little…this is one of those opportunities.
With a total household income of $97,000 per year, and no other debt, you could own this home!
Minimum down payment (5% of the purchase price) would be $24,445. If you’re a first time home buyer, this down payment could come from your RRSP’s, from a gift from a family member or, if you make a little more than $100,000/year, you could even borrow the down payment from a line of credit!
A variable rate mortgage at today’s interest rates would make for a minimum monthly payment of $2,151.
To rent this beautiful home, over 1800 square feet, with a double car garage, you’d be looking at about $2,000/month. Let’s do the math, if you rented this home for 5 years you would spend a total of $120,000 on rent. 100% of that money would go to padding your landlord’s pockets.
Think about this: if you purchased this home, your payments over those 5 years would total $129,109, but of those payments, $74,617 would go to REDUCING the mortgage. Basically, what I’m tellin’ ya is that $74,000 would go RIGHT back into YOUR pocket!
Here are the details:
On a quiet street just steps to St. Marguerite, Dr. Martha Cohen & New Brighton Schools this beautifully finished home is fully finished with nearly 2600 SF of space! The open main floor concept features upgraded hardwood and tile which flows into the kitchen with stainless appliances & large pantry. Enjoy meals in the bright dining nook or step outside into the backyard and entertain guests on the stunning brick paver patio. Enjoy cozying up by the gas fireplace, or in the summertime turn on your central A/C and enjoy lounging in the spacious great room. Upstairs are 3 generous bedrooms and a bonus room. The master features a walk-in closet and luxurious ensuite, and the 2 other bedrooms are complimented with a 4 pc. bathroom. The basement is fully finished with a 4th bedroom, and large recreation space along with full bathroom. Enjoy the many parks and pathways that New Brighton has to offer, as well as being minutes to fantastic shopping and amenities nearby. Call for your private tour!