I just listed a great second floor 2 bedroom, 2 bathroom condo that has a fantastic view of the canal in Sheffield Woods for $60,000. If you are not familiar with this popular condo community, it's located in the heart of Wellington right off Wellington Trace between Big Blue Trace and Forest Hill Blvd.
In my experience this is the type of property investors love purchasing because it has the potential to bring money in almost immedatiely after closing. Two bedroom condos in Sheffield Woods typically rent for $850-$1,100 a month, so my question to Wellington Renters is why spend money renting a condo in Sheffield Woods when you could possibly own one?
Let's run through the figures......
Purchase Price: $60,000
$215 a month for Principal & Interest*
$210 a month Condo Fees (Exterior Building Insurance, Exterior & Interior Pest Control, Basic Cable, Common Ground Maintenance, Access to the Amenities)
$129 a month Property Taxes*
Total monthly payment $554
Now you will obviously have the expense that comes with purchasing a property, down payment and closings costs, but if you can afford to buy what's stopping you?
*Monthly Mortgage is based on a 30 year fixed conventional loan with a 4% interest rate and 25% down. This is not a commitment to lend and restrictions apply. Property taxes will also vary, an estimate of 2% of the purchase price was used and when purchasing a home in 2012 property taxes will be based off the current homeowners rate.
Originally posted athttp://wellingtonhomesforrent.com/why-rent-a-condo-in-sheffield-woods-when-you-can-own/
HANSEN REAL ESTATE GROUP INC.
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I agree with the premise, however, many people who have gone through foreclosures or short sales have no choice but to rent.
I like the way your tell this story. Some people do not realize the degree that prices have fallen in many markets and what options are available. If you can buy, this condo does look like it has value at the asking price.
Michelle, we have condos around here that have about the same numbers as this one in Sheffield Woods (but a little less in HOA and taxes) and they are all swooped up by investors. Since there is no financing available for these types of condos (due to the high non-owner occupancy ratio), it's all cash and most renters aren't able to purchase them.
This one shouldn't last long at all! :)
Leilani
Agreed and what an affordable option in your area. People should take advantage of this while it is still available!
HI Michelle - this is fantastic opportunity for a new buyer, or investor. I am sure you will sell it quickly!
This condo looks like a great deal Michelle. Everyone is right, it won't last long.