-Retirement Option-
Brand New House
Walk Up Lot – $129,900 list price
Move-in ready engineered home-$256,500
- Bottom floor accessed from street level=1000 sq ft two bedroom
- Upper level walkout to back yard=1200 sq ft two bedroom
- Foundation
- Services
- Home and installation
- Driveway
- Landscaping
Total=$386,400
Financing
- 20%Down Payment=$77,280
- 10%deposit on the lot=$12,990
- Remainder=$64,290
- 80%Mortgage
- $309,120 @ 2.6%5 year fixed
Carrying Cost=$1,414 per month
Rental and Operating
- Bottom suite-$1150 per month
- Upper suite-$1500 per month
- Mortgage-$1,398 per month
- Strata Fee-$100 per month
- Future Maintenance budget-$100 a month
- Taxes-$2898 annually
Net Income=$727.50 per month or $8,730 Year 1
Net Income Total Year 5=$46,920
*Based on 2%annual increase in rent and operating expenses
Equity
- Mortgage reduced by $8,934 in Year 1
- 2%increase in property value=$7,720 in Year 1
Equity increase Year 1=$16,654
Equity increase by Year 5=$40,200
Disclaimer
This case study was developed as of Sept 21st,2018 and is intended to provide a guideline only.It was created based on information solicited from modular home builders,mortgage brokers,property managers,municipal information and the developer.Prices,interest rates,rental rates,property valuations and costs are estimates only and should not be considered definitive.
