Analyzing a home for first time home buyers
We sat down with our beloved mortgage partner Renee Huse and picked her professional opinion about this listing and how first time home buyers could benefit from a property like this. Here's what she had to say!
First time home purchasers, there isn't a better setup for renting rooms than 75 Mahogany Row SE - This home has two master bedrooms both with their own ensuites, with the possibility of both renting for $1,000/month.
Located in the heart of the booming SE Calgary, this home is just seconds away from Mahogany Lake, picking up this home and renting out the other suite allows you to live for $1,000 per month! YES!
Here's the scenarios she laid out:
Scenario 1: You are an investor and you're looking to put down 20% to buy this as an investment property, minimum of $91,000 down, with a minimum payment (assuming a variable rate with 30 year amortization) - $1511.69 with rents of $2,000 per month this ensures you can cover the mortgage, property taxes and insurance, while giving you a small amount of room for extra money in your pocket every month.
Scenario 2: You and your partner are looking to get into this lovely home but you aren't quite ready to take on a $2,000 mortgage payment, you find a friend/family member or renter and you're living at half the cost, essentially the same renting while building equity.
Scenario 3: You buy this home through the Real Estate Partners, love it, enjoy the lake and everything Mahogany has to offer year round, build equity, and consider your investment options in the future.
More info about the Real Estate Partners 75 Mahogany Row SE Listing:
Welcome to lakeside living at its finest! This gorgeous 2 storey attached home features two master bedrooms each with an ensuite and large walk in closets and double detached garage. This home is RIGHT ACROSS THE STREET FROM MAHOGANY LAKE! The open concept design allows you plenty of space to entertain and relax within the almost 1500 sq.ft of living space. This home is completely upgraded with your very own chefs kitchen! The upgrades include quartz countertops, beautiful dark maple cabinets, wide plank premium laminate flooring, large island and stainless steel appliances. Upstairs you will find two large master bedrooms each with their own private ensuite as well as a good sized bonus room. The basement is ready for you to develop or leave as is for extra storage. The upgrades don’t end inside this home, there is a massive oversized porch as well as a large double detached garage. This home has been kept in show home condition inside and out.