Ever considered purchasing a home with a carriage home instead of a condo and pay less per month? In Kelowna buying this kind of a home could actually cost you less per month!
Kelowna is very unique when it comes to zoning and allowing for an additional living quarters, such as a carriage home. Carriage homes offer the following benefits for both investors or homeowners. Assume we look at a house with a carriage home in the rear of the property for around $467,700.
1. Double revenue from one property- Rental return from two homes which at anytime allow you the security of income from one home at all times. Having both rented make this a great investment opportunity.
2. Reduce your mortgage faster by using the additional funds from the carriage home to pay off the mortgage quicker than your amortization.
3. Live in one home and supplement your mortgage from the other- Reduce your monthly payments to as low as $315* per month on a property worth $467,700 if rental from the carriage home meets or exceeds $1,300 per month.
Why buy a two bedroom condo in the $300,000 price range and pay a monthly payment of $1,053 which does not include strata fees and property taxes, when you can purchase a home with carriage home for $460,000 allowing you to have a monthly payment of $1,615 per month plus additional funds from the carriage home of $1,300 which brings your monthly payments down to $315*.
Why buy a condo when opportunities like this are out there everyday?
Call me to find out more about opportunities like this, 250- 575-1946.
*Figures based on 10% down payments and variable rate of 2.25% including CMHC fees but excluding property tax.
*Rates subject to change without notice.