Can this 5-Bedroom Bungalow with a Separate 2-bedroom Basement with garage be a Good Investment?
Main Highlights:
- Listed Price: $ 644,000
- Bungalow with 3+2 bedrooms and 2 washrooms
- Freshly painted with a finished walkout basement
- Located in a quiet, friendly neighbourhood
- Close to shopping, grocery stores, schools, banks, and bus stops
- 5-minute drive to HWY 401
- Main floor: 3 bedrooms, washroom, living room, and kitchen
- Walkout basement: separate entrance, 2 bedrooms, washroom, living room, rough-in kitchen, and laundry
- Spacious fully fenced backyard with a man-made pond, backing onto the green space
- 4-car driveway with no front walkway
- A separate side entrance to the basement from the single-car garage
- Ideal for first-time buyers and investors
Key Facts:
- Annual Tax: $2, 800 / 2024
- Property Type: Single Family Residence, Bungalow
- Size: 980 feet²
- Lot Dimensions: 70 x 110 feet
- Parking: 1 garage, 5 parking
- Basement: Finished, Walk-Out Access
Our Take – Why do we think this is a good deal?
This property is great because it offers a spacious 3+2 bedroom bungalow with a finished walkout basement, ideal for first-time buyers or investors.
It’s in a quiet neighbourhood close to important amenities and HWY 401. The large fenced backyard with a pond and 5 parking spots adds extra value, making it move-in ready.
Numbers are given below –
How much it will cost you to buy this property?
If you plan to buy this property and lock the deal below 3% of the current listing price, you will need about $131k to cover all closing costs. Below is a detailed cost breakdown:
| Buying Price | 624,680 |
| Down Payment (20%) | 124,936 |
| Closing fees (Approx.) | 8,969 |
| Total Funds required at closing | 131,641 |
How much will it cost you monthly to hold this property?Â
If the mortgage interest rate is approximately 5% and the amortization period spans 25 years, your monthly mortgage payment would be around $ 3,155 to maintain ownership of this property. Here’s a detailed breakdown:
| Mortgage Payment | 2,921 |
| Property Taxes (Approx.) | 233 |
| Condo fee | 0 |
| Total monthly cost | 3,155 |
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