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#firsthomefriday – June 15th, 2018

Check out this adorable listing Punam Grewal at CIR Realty!  

Address: 236 WHITEWOOD PL NE, Whitehorn, Calgary, Alberta   T1Y3N4

List Price: $449,000

Minimum Down Payment: $22,450

Minimum Mortgage Payment: $1,976

This cute little number is an opportunity to talk about the benefit of having a basement suite.  What an amazing opportunity for a university student with savvy parents!

Scenario 1: Parents send their child to University in Calgary and they pay $1500/month in rent.

Scenario 2: Parents send their child to University in Calgary, they make one lump sum payment of $22,450 and co-sign on the mortgage.  THEN the child is responsible for renting the other 4 bedrooms in the house (which will likely rent for between $500-$750 each).  Your child is living for free or possibly even covering their food expenses for the month!  What?!?!  True story!!  (as always – if you’d like to explore some more numbers – call me)!

There are so many benefits to secondary suites.  What about aging parents that aren’t yet ready to move into a care facility?  What about exchange students that need temporary, medium term accommodation?  What about just a little extra money each month to save for a vacation or to just help with paying down your mortgage more quickly?!

DID YOU KNOW:

If you purchase this property, your regular mortgage payment would be $1,976, but if you added $1,000/month to you mortgage payment and paid the $2,900/month – you could potentially pay off the mortgage in 15 years instead of 25?  TRUE STORY!

Check out the details from the MLS:

Open House Saturday, June 16 2pm-4pm. This beautiful bungalow has been PROFESSIONALLY renovated by Utopia Construction and features a total of 5 bedrooms, 3 full bathrooms, 2 kitchens, 2 laundry locations, spacious detached double garage, and beautifully landscaped open backyard. Natural sunlight gleams throughout the entire house. Entertain in your brand new custom kitchen which features; textured melamine cabinets, a stunning mosaic back splash, quartz counter tops and brand-new Samsung stainless steel appliances. The main floor also features a large living space, gleaming laminate flooring throughout and an ensuite bathroom in the master. The lower floor features a PRIVATE entrance to the illegal basement suite which includes two bedrooms, living room, kitchen, full bathroom, den and laundry room. Mechanical room includes a brand new hot water tank and newer furnace and humidifier. The exterior features a brand-new roof, shingles and windows. Don’t miss out on this lovely starter home!