About this Semi-Detached Streetsville home
If you are looking to buy to live in this beautiful semi-detached raised bungalow, here’s how the numbers could pan out for you. As I mentioned earlier, this home has a basement apartment with a separate entrance. Now, if you are OK with renting it out, you can expect a monthly rent of $1,000, which could contribute towards your monthly mortgage payment.
Assuming you are putting 10% down payment ($60K), your monthly mortgage and property tax would work out to approx. $2,700 per month based on 2.5% interest rate, amortized over 25 years.. Once you subtract the rental income, you are looking at an out of pocket monthly payment of approx. $1,700 per month towards mortgage and property tax. Or what you would pay to rent out a three bedroom townhouse in the area. Now that’s what I call a sweet deal!
*Please note that Seller and My Brokerage takes no responsibility of the legal aspect of renting the basement, or expected rental income. The current basement is not a legal basement apartment.
Streetsville Home and Its Surroundings
This semi-detached raised bungalow is minutes from the Streetsville GO station and the charming Streetsville Village. This neighbourhood also boasts of great schools. You will be living in the midst of nature and picturesque village charm. For all the outdoor enthusiasts, you will be close to parks, the Credit river and its hiking/ biking trails. For those who enjoy a relaxed, laid back lifestyle, you will surely enjoy the rustic charm of boutique style shops in Streetsville. For the busy, daily commuters to downtown Toronto, you will be minutes from the Streetsville GO. And if you are a young family, you can enjoy all that Streetsville Square and Village has to offer, like Goodfellas Wood Oven Pizza, Murphy’s ice cream parlour, and many other popular hangouts. This home is also located in one of the best school districts in Mississauga called Vista Heights.
The Math Behind Detached Streetsville Home
Most Streetsville homes were built in the 1970s. A common trend these days is for people to renovate or modernise detached homes in Streetsville. While most of the homes are still in great shape, they come in both old and new architectural style like bungalows, backsplits, ranch-style, single-level and double-level. The older style homes look very nice but with growing families, people want to make a much better use of built-up living space.
Hence some of these homes are being transformed into bigger homes. You will find a few properties on this street that have been remodeled into new architecture. And this is where the true potential lies. The value of land is prime. Now, if you are buying to live in it – that’s great. But if you are a prudent investor, you might want to buy and reconstruct it, to sell at a higher price. if you are keen on investing in such a property, call me to discuss.