Last wee we discussed free hold homes in and around GTA under 200K. Today we will look what an amount of 200K will get you in a Condo market
If we increase the maintenance to $350, availability will increase to 60.
As an example, lets take a 600 sq foot, 1 bedroom / 1 bathroom condo located north west of downtown Toronto. The condo is listed for $195 000 and maintenance fee is $325 per month. 1 parking spot is included.
Lets take a very conservative mortgage rate of 3.2 amortized over 25 years
Property taxes for this condo is listed as $1395
With 35% downpayment of $68 250
Monthly mortgage payment would be $612.92
Other expenses $441.25
Total monthly payment – $1054.17
There was a number of condos leased in this building over the last 3 month. The lowest monthly lease for similar 1 bedroom/ 1 bathroom, 600 sq foot condo, was $1150, the highest was $1350. Hydro, telephone, TV is paid by the tenant.
Lets take the average $1250 – 1054.17 = 195.83.
Every month you will be walking away with $195.83. This is 2349.96 per year on your $68 250 investment.
And we did not even account for your tax breaks, property appreciation and annual rate increases.
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Compliments of Marina Gavrylyuk
Real Estate Agent with Sutton Group Summit Realty