Prime Beach Detached
Sold for $1,950,000
A detached will give you the truest sense of home ownership and make entertaining and hosting family a dream. Not to mention not having to contend with that weird co-decorating coordination that comes with semi-detached living.
Let’s assume:
· Semi-detached was purchased in 2008 for $670,000 with 20% down (assuming you had gained more equity from previous purchase).
· Mortgage payments of $2,338 + $/451.21 month property taxes = $2789.21/month
· Mortgage after 11 years: $336,617
· Down payment to put down on next home after fees and next home land transfer = $913,333
· Mortgage on next home $1,036,667 = $5061.53 + $597/month property taxes = $5,658.61
Jumping from a semi to a detached home is an increase of $2,869.40/month.
You can always make that difference smaller by moving just outside of a prime location or going for a home that isn’t completely renovated.
Don’t forget to check in with an awesome mortgage broker — and don’t assume your own bank will do better because you already have your mortgage with them.
Our recommendation? Angie Alvarez from Capital Home Lending: email angie@capitalhomelending.ca or call 416-315-6261.
There are some great opportunities out there in the market today for your next move – give us a call or email to find out more today!
You can reach The Richards Group at info@therichardsgroup.ca or call 416-699-0303 to get the conversation started. Search local listings in Toronto’s east end.