Investment alert


Dorchester Circle

233, 7297 Moffatt Road
List Price: $235,000
Floor Area: 740
Taxes: $907
Maintenance Fee: $135.73
MLS: V965302

If you have some money burning a hole in your pocket and would like to consider investing in real estate, this is the type of property I would suggest putting your investment dollars.  Main reason: location.  The location has an excellent walk score (70 out of 100), with it being close to restaurants, shopping, coffee shops, schools, community centres, parks, and transit.  Perfect components for a rental unit.  The complex is also situated on a beautiful quiet and welcoming cul de sac, a nice place to call home.

The unit was renovated in 2008 and still looks like new.  There is decent closets/storage space within the unit and a separate storage locker.  The bedroom is large and currently has a king size bed with two large dresser units filling the 143 sqft room.  The bathroom is compact, with the a small tub, but it has been upgraded to match the rest of the condo.  The den is a great size that could be converted to a second room or used as an office.  Although the kitchen is small, the open living area provides a nice flow through the unit.  The patio is a good size and the view, along with all windows of the unit, face an open court yard.

Its a large building with amenities including a pool, steam room and exercise centre.  Considering those extras, the maintenance fees are very reasonable.

Before anyone considers to buy an older property, I recommend some due diligence to ensure that no surprise bills are expected in the near future.  That being said, this building has finished replumbing in 2008 and more recently painted the exterior walls and replaced the roof.  The complex has an on-site manager and is known to be excellently maintained.

If investing with a 20% down payment, your $47,000 would leave you with payments of approximately $800/month at a 3.09% interest rate and a 30-year amortization.  This particular unit was rented out a few years ago at $950.00   Depending on the market now, it is possible to cover your full property costs (mortgage, maintenance fee, and taxes).

If you’re considering buying, a 5% down payment of $11, 750 would give you payments just under $1100.00 at a 3.09% rate and 25-year amortization.  You would need an income of around $50,000 to support a $229,400 mortgage (inclusive of mortgage default insurance).

PROS

  1. Location, location, location
  2. Priced better (per sqft) than the other 1-bedroom unit available in the building (and it’s not renovated).  Comparisons
  3. Amenities included
  4. Quiet and nice cul de sac
  5. Nice renovations
  6. Great den
  7. Welcoming and functional layout
  8. On-site management
  9. Building upgrades recently completed

CONS

  1. Small bath tub
  2. Hallways have “mixed” smells from cooking and smoking units, however, the unit is not effected by this
  3. Long walk from entry to unit, however, there is a shorter route from parking garage
  4. Older building, may need additional maintenance upgrades over time

From my home to yours –
Irene

Leave a Reply

Your email address will not be published. Required fields are marked *