Condo in Toronto under 200K - Promising Investment Properties
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
As of today, March 3 there are 36 condos available in GTA in the price range of 150 to 200 K. Please, note that the maintenance on all these properties is under $300 per month.
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.
Have questions? Give me a call, it is easy :)
Call or text 416-843-1515 or e-mail marina@marinag.ca
More on the subject:
Investment Properties Under 200K
Compliments of Marina Gavrylyuk
Real Estate Agent with Sutton Group Summit Realty
MarinaG.ca
As of today, March 3 there are 36 condos available in GTA in the price range of 150 to 200 K. Please, note that the maintenance on all these properties is under $300 per month.
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.
Have questions? Give me a call, it is easy :)
Call or text 416-843-1515 or e-mail marina@marinag.ca
More on the subject:
Investment Properties Under 200K
Compliments of Marina Gavrylyuk
Real Estate Agent with Sutton Group Summit Realty
MarinaG.ca