HOW TO UPGRADE YOUR VAUGHAN HOME

Have you owned your Townhouse in Vaughan for a few years? If so, it might be time to start looking at upgrading. Here's how some of my clients are implementing an upgrade plan without breaking the bank. In fact, in some cases, they are paying less monthly.

Peter and Samantha bought their Townhouse around $750k back when values were lower - now they're worth nearly 1.2 million dollars today for an average Townhouse in the City of Vaughan. So, let's say they sold this home.

Selling Price 1,200,000

Amount of Mortgage Left on the Property 650,000

Closing costs roughly. $50,000

Total Equity on hand. $500,000

If Peter and Samantha wanted to upsize and buy a Semi-Detached house in Vaughan, they could expect to spend roughly $1,200,000. That's right; the average semi-detached home price is approximately the same as an average price of a townhome. Let's say this Semi-Detached house came with a Finished Basement that they can now rent out. Here's a breakdown of what it would cost them:

Average Selling Price with Finished Basement	$1,200,000
20% Down Payment	$500,000
Total Mortgage	$700,000
Monthly Mortgage Payment (2% Amortized over 25 Years)	$2,967
Monthly Rent Collected from the basement	$1,400
Net Monthly Cost	$1,103

In another scenario, Peter and Samantha can decide to purchase a Detached House in Vaughan with their EquityEquity and here is the breakdown of what will cost them:

Average Purchase Price with Finished Basement	$1,550,000
Down Payment	$500,000
Mortgage Amount (3% Amortized over 30 Years)	$1,050,000
Monthly Mortgage Payment	$4,450
Monthly Rent Collected from the basement	$1,800
Net Monthly Cost	$2,650

While there is a slight increase in monthly expenses associated with owning a detached home, you will get a lot more for it in return in terms of space, privacy, return on Investment, etc. Of course, the above figures will vary depending on the condition of the house and neighbourhood, but if you have been thinking about upgrading your house and would like to get a free home evaluation without any obligation, please feel free to call Manoj at 647-249-9872. I will be more than happy to sit down with you and help you figure out what your monthly expenses will look like and let you know the value of your home.

*Townhouse & Semi-Detached house figures are based on Average selling price according to TREB as of October 2021

*Detached houses are based on the average selling price of a 3 Bedroom Detached house according to TREB as of October 2021