Desirable duplex is good income property
By Mark Schadenberg
Is
there a more solid investment than real estate?
Bricks
and mortar.
You
might think I’m typing this solely because I sell real estate, but over any
length of time the value of a property will increase. The analogy is that
simple.
Your
personal house increases in value and after -- perhaps 30 years -- and after
raising your children you may no longer have a mortgage. That equity is also a
tax-free with no capital gains on this ownership as you do not pay tax
obviously on selling your personal property.
Another
important property consideration could be buying a duplex or triplex. Particularly
if you have a 30% down payment, this investment is safer than the stock market,
in my opinion. We have seen many seemingly strong companies lose their stock value
significantly in recent years and not all are in the tech field. Buying at the entry-level
duplex level is not HST applicable as you are supplying a ‘place to live’. If
you bought a large apartment building, for example, HST would be applicable as
you would be deemed to be in the business of owning multi-residential.
Consider
my listing:
762
Parkinson, Woodstock (MLS 71326)
If
you are currently considering entering this income property market, call me now
as 762 Parkinson Road in Woodstock would be a good place to start. Listed at
$174,900.
The
up-and-down duplex is classified as legal non-conforming to its zoning but has
been a duplex for more than 30 years.
Each
unit has two bedrooms. The upper apartment is tenant occupied, while the main
floor is currently vacant. This vacancy is interesting because this property could
be ideal for someone who wants to reside on the main floor (The living room is
more than 20’ x 20’) and have the upper rental income assist in paying the mortgage.
Also attractive in that arrangement is the idea the property has an almost
completely rebuilt 1-car garage.
The
building is vinyl sided and structurally maintenance-free (soffit, fascia,
etc), with 3-year-old shingles, a poured concrete foundation, gas furnace, central
air, and patio doors out to a wood deck.
With
its location near Southside Park (pool and skateboard park), box mall shopping
and restaurants, two high schools, public schools, and the Cedar Creek golf
course add to its value. The quick access to 401 / 403 is also important.
If
you have interest in viewing 762 Parkinson, or any other MLS listing, call me
anytime:
Mark
Schadenberg
Sales
Representative
Royal
LePage Triland Realty
757 Dundas
St, Woodstock
www.wesellwoodstock.com
(519) 537-1553,
cell or text
Email:
mschadenberg@rogers.com
Twitter:
markroyallepage
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