Upgrade to Townhouse

How to Upsize Your Client's Home for $300 Less a Month! 

Hi , With the new norm, we've seen a  rise in "work from home" arrangements across many employers. This has left families desiring a larger space for themselves. Typically, only 10% of your clients will consider moving each year. Below, is an opportunity which will help your clients in the 90% category potentially move this year.Please refer to the example below where your client can actually SAVE money by moving from their current townhome to a detached property in a similar area. The gap between a townhouse and a detached property has never been so low, and I believe this would be a great opportunity for your clients. Current HomeAverage Freehold Townhouse in Markham/ScarboroughPurchased in 2015-16 for $600,000Today's estimated value: $770,000Mortgage balance after 5 years, assuming 10% down: $474,861Monthly Mortgage: $2,575Property Tax: $333Total monthly cost: $2,908 Total equity if sold:  $295,139 New PurchaseAverage 2-Storey Detached in Markham/ScarboroughPurchase Price: $1,100,000Down payment: $220,000 Monthly Mortgage payment: $3,315Property Tax: $416Total monthly cost: $3,731Basement (1Bdrm) Suite Income: $1,200/month Total Monthly Cost: $2,531It will cost $377/month less than owning a townhouse! Total Closing Costs (Sale & Purchase)$220,000 Down payment $38,500 Realtor Fees $1,000 Mortgage Discharge Fee $2,000 Legal fee $18,475 Land Transfer Tax (Markham)$500 Inspection $14,644 NET proceeds after costs Detached Property w/ Separate Loft Apartment in Markhamhttps://www.realtor.ca/real-estate/22029516/24-peony-st-markham-cornell

If you have any clients you believe this would benefit, I would highly recommend contacting them with this opportunity and running some high-level numbers to give them an idea of how much they can save by upgrading their property. Alternatively, if you need any help crunching numbers, I am more than happy to assist you!Thanks for reading, I welcome your feedback and questions and most importantly the opportunity to help your clients. Best regards,Varshan Thavarajah Mortgage Broker & Partner | MBL # M1600275Banyan Mortgage Group | FSRA #10530647-404-8812

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