Investing in Your Home is The BEST Investment You Can Make!
If 2020 has taught us anything – it’s the importance of adapting to navigate through our ever-changing world! One way that we are seeing more and more people adapt in the real estate world is by investing in an income property.
This could be developing a legal basement suite in your own home, or having a separate home as a rental property (our Cobalt Beach townhomes are perfect for this!). Interest rates are at an all-time low right now (we’ve seen them as low as 1.53%) which makes now an incredible time to purchase a home! The additional income from a rental makes housing affordable for first-time homebuyers or as a great investment opportunity.
Let’s crunch some numbers…
We have a single-family home, 146 Joyal Way in Jensen Lakes, with a full legal basement suite (complete with separate entrance!) listed at $674,900. It’s right across the street from the lake, 2 schools, trails, and exceptional amenities including a movie theatre… the location is unbeatable! But what’s even more exceptional than the location is the COST of living there with a basement suite. Let’s take a look:
We call this set up the “mortgage helper!” If you were to purchase this home with the minimum 5% down, at an interest rate of 1.7% over 25 years… your monthly mortgage payment would be $2624.90. To a first time home buyer, this may seem intimidating, BUT with the full basement suite rented out at $1500 per month, that leaves just $1124.90 per month from your own pocket! It would be challenging to even find a condo to rent at that price, which means you could potentially collect even more rent per month! PLUS you are having someone pay down a wicked amount of equity for you! And if you really wanted to “get crazy,” you could still save that monthly amount you would pay without the rental suite, and set it aside to pay down your mortgage a little faster! Who wants to live debt-free? We all do!
What a great investment! This is why we always try to educate our clients on the power of a rental property… it’s an amazing way to get ahead, especially when you take the time to actually work through the numbers. Having a rental property is way more beneficial than many people think!
If you would like to view either this home at 146 Joyal Way or our Cobalt Beach townhomes for yourself, visit us Monday – Thursday from 3-7PM and Saturdays + Sundays from 12-5PM or call us at 780-460-5996 to schedule a private showing.
