Today I would like to talk about duplex. If you are struggling to get mortgage approved for a detached house in Kelowna's hot market, half duplex is the way to go. The main advantage of half duplex compare to the townhouse is no strata fees (in most cased, but there are still some exceptions exist). And you still can enjoy all the benefits of being a homeowner, such as gardening, snow shoving and landscaping.
Today, I came across this great house, half duplex, and I ...would like to share my find with you. It’s a character 4 Bedroom Half Duplex in desirable Kelowna South - walk to Capri shopping, Parks, downtown. It has beautiful updates charm and character. The house features hardwood and tile floors, charming curved cabinets in kitchen and large Living- Dining room area. It has 3 Bedrooms up, 1 with 2 piece en-suite and full basement with separate entrance with 1 bedroom with walk in closet, huge family room and 3 piece bathroom. Address: 990 Borden Ave.
The possibilities are endless in this house. You can either occupy the whole house by yourself and your family or enjoy only upper level and have extra income from basement in-suit, which potentially can give you anything between $900-$1000. Obviously, you will have to make sure that secondary suit meets all bylaw codes for secondary apartment and be registered as legal suit.
Listing Price: $399,900
Down payment (5%) – $19,995
If you put less than 20% down, you have to pay CMHC. In our example, it will be additional of $13,676 (3.6% with traditional down payment) added to your mortgage amount.
Monthly mortgage payment: $1,760
Property taxes: $156.50 ($2647- $770 property tax rebate on primary residence)
You will be living in your house for roughly $1000-$1100 (excluding utilities and home insurance) a month. Does it sound good?
But, if you are looking for investment property numbers are looking even better. There is a snapshot:
Monthly Mortgage payment: $1260.80 (based on 20% down, 30 years of amortization, 2.49% interest rate and 5year fix term)
Property taxes: $220.60 (no rebate will be applied)
As an investment property, your fixed expenses are roughly $1500 and potential income can be at least $3000 a month ($1900 – $2300 for upstairs and $900-$1000 for basement + tenants pay utilities)
Let’s work together on creation and realization your real estate dreams))))
Lake Okanagan Realty Ltd.