How to Upgrade Your Townhouse without increasing your Monthly Expense
Have you owned your townhouse in Vaughan a few years? If the answer is yes, you may be able to lower your monthly mortgage cost and get into a bigger house without having to dish out extra money on a monthly basis. Here’s how some of my clients are implementing a home upgrading plan. Peter and Samantha bought a townhouse a few years ago for $750,000 and the current value of their townhouse is now $930,000. If Peter and Samantha sold that townhouse here is a breakdown of what they will receive for it.
- Amount of Mortgage left on Property
- Total Equity on hand is
If Peter and Samantha wanted to upsize and buy a Semi-Detached house in Vaughan, they can expect to spend roughly $900,000. That’s right the average semi-detached home price is actually lower than the average price of a townhome. Here’s a breakdown of what it would cost them:
If Peter and Samantha choose this option, they’ll still retain approximately $50,000 in their pocket, after deducting real estate fees, land transfer tax, lawyer fees and other miscellaneous closing costs. You can, of course, use that money however you choose, whether it’s to lower your monthly mortgage cost, do some upgrades in your new home or save the money.
In another scenario, Peter and Samantha can decide to purchase a Detached House in Vaughan with their equity and here is the breakdown of what that will cost them:
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.
If you’re interested in understanding how you might implement the above scenarios and what it might cost you to own a bigger home, please feel free to call me at 416-994-0188. I’d be happy to give you a Free Home Evaluation with no obligation, so you can have a better idea of your options.