It’s a really excellent day for homes… we start off with two very interesting condos on the esteemed 4th floor at Maple Crossing (the second one is rented, see below for a detailed analysis). We’ve got some great detached single garage homes, including one for only $409k, plus a well-priced double garage on Cobban and one on Tupper not backing onto any homes. The Bonin semi-detached has STEAL written all over it, so give us a call at 905-693-9346 if you want to have a look. It won’t last more than a day or two… so get moving quick and scoop it before the competition comes!
Looking at that condo a little further, let’s do the math. It’s rented for $1200/month. With 5% down (most banks want more if it’s your second property, but that’s another story), let’s say the mortgage works out to about $1100-1150/month at today’s rates. Condo fees are $260/month, and the tenant would pay heat and hydro, which are separate. Taxes are $1500/year, or about $125/month. So your total to carry this one is somewhere around $1500/month. Not my ideal investment property – you’re in the hole $300/month. It reiterates my belief that Milton is a great place to live, but there are very few decent investment properties in town (mostly because the prices went up faster than rents).