Great family neighbourhood
Purchase Date: July 15, 2014
Local attributes: The townhouse is centrally located in a family-friendly neighbourhood, close to schools and all other amenities (shopping, recreation centres). Courtice is a rapidly growing area, focusing on building their own identity as a community (apart from Oshawa and Bowmanville). The house is located close to the Courtice Community Centre and planned developments to define a downtown area for Courtice.
Purchase price: $215,000 (current value approximately $275,000)
Down Payment: $43,000
Mortgage: 2.75% (variable), 25 year Amortization
Rental Rate: $1550 plus Utilities per month
Property Taxes: $217.42 per month
Equity-build: $411.72 per month
Cash Flow: $430.67 per month (after deducting 5% Vacancy & Repair allowances)
Renovation costs: $13,500, Closing costs: $2500
Current status: Wonderful tenant took possession on October 15th.
What went right:
- We worked on improving our systems – painter, colour scheme, sequence of renovation work, developing our list of preferred contractors, planning the renovation.
- The renovation turned out to be mostly cosmetic.
- We came in close to budget for the renovation. Initial rough estimates were $12,500, but we ended at about $13,500
- We had cash available to pay for most of the reno.
What would we have done different?:
Much longer lead-time than anticipated for the installation of the garage door and the patio door (upwards of 6 weeks from ordering). This made a Sept. 1st tenant placement impossible. In the future, we would try to place major orders before closing.
- Date January 13, 2013
- Tags Courtice, Townhouse