YOU'RE MAKING YOUR LANDLORD RICH! PART 1

Working with first time home buyers is always exciting for me. I mean, who isn't excited about their first home!  I get to educate them about the market, how to prepare for ownership, and what is required to purchase a new home. Some of them are ready to purchase right away and others are simply putting together a ROADMAP TO HOME OWNERSHIP. 

During this process I thought about some of you renters out there who might be interested in knowing that often times it's the same price, IF NOT LESS, to own your own home than it is to rent!

Take a look at the two scenarios that I've put together for the purchase of a condo that is under five years old. REMEMBER: If the home is brand NEW then you may be eligible to receive up to $10,000 FREE MONEY from the government. (For more info on this take a look at last weeks BLOG post)

This could be your home!

SCENERIO #1 - Condo

$150,000 Purchase
5% down payment $7500

CMHC insurance fee - $4204
Total Mortgage - $146,704

Mortgage payment: $560
Property Taxes: $65
Condo fees: $132
Utilities: $30

PPT (Property Purchase Tax): FREE if you're a first time home buyer

TOTAL MONTHLY PAYMENT :  $787

INCOME REQUIRED: $27,000

YOU ONLY NEED TO BE MAKING APPROX $14 AN HOUR !!!

SCENERIO #2 - Condo

$200,000 Purchase
5% downpayment - $10,000
CMHC insurance - $5605

Mortgage Payment- $747
Property Taxes - $65
Condo Fees - $132
Utilities - $30

PPT (Property Purchase Tax): FREE if you're a first time home buyer

TOTAL MONTHLY PAYMENT : $974
Total Income Required - $34,000

THAT'S approx $18 an hour!!!

* Consider getting a room mate and charge them $400 to $500 per month with this scenario and then it only costs you approx $500 to own! 

*Interest rates are at all time lows plus it's a great market currently for you first time buyers with ample product to choose from.

So what are you waiting for? 

Whether you're looking to buy now or down the road, It's never too early OR LATE to put together your ROADMAP TO HOME OWNERSHIP. 

EMAIL: Lacey@homeswithlacey.com or CALL: 604.910.LACE (5223)

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