Life changes….and that means your home might need to change too. What will it take to get you to the next place? Here are two examples of how you can take advantage of the market and have an opportunity for change.
Condo to Semi-Detached
Condo on Carlaw – Sold for $810,000
This super sexy Leslieville condo is amazing for two but for a couple about to start a family it’s going to feel really small, really fast! Let’s say you jump up to….
Beach Semi-Detached: Sold for $1,128,000
- Condo was purchased in 2010 for $327,060 with 10% down
- Mortgage payments of $1,333.31 + maintenance fees $563 = $1,896.31/mth
- Mortgage after 9 years: $209,568.82
- Down payment for next home after fees and next home land transfer = $516,596.18
- Mortgage on next home (assuming 5 yr fixed 3.29%) $611,403.82 = $2,985.18 + $339/mth property taxes = $3,324.27
Jumping from a condo to a semi-detached home is an increase of $1,427.96/mth.
Prime Location Semi to Detached
Prime Beach Semi-Detached – Sold for $1,400,000
While some semi’s are spacious, often times they’re not! Time for some more wiggle room and a place you can truly call all of your own? Upgrade to a detached home!
Prime Beach Detached – Sold for $1,950,000
- 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 + $/451.21mth property taxes = $2789.21/mth
- 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/mth property taxes = $5,658.61
Jumping from a semi to a detached home is an increase of $2,869.40/mth.
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.
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!