What a great opportunity to purchase a home in Niagara Falls!
Cost of Ownership
Rents in the Niagara Falls area go anywhere from $500 – $750 depending on the size and condition of a home. Here are two actual ads for Homes For Rent in Niagara Falls:
- NIA Falls, 3 bdrm, kit, LR, RM, DR, bsmt, hdwd flrs, fenced in back yd, $600 + utils, xxx-xxxx
- NIA Falls Avail April 1st, 3 bdrm at xxxx xxxxxxxxx No pets. $595 plus utils. Sec dep. xxx-xxxx.
Let’s look at the numbers based on the above listed data:
- Approximate Monthly Insurance $62.50 and estimated monthly taxes would be $133.33.
- Based on a 20% down payment of $7,000 at 7% interest the mortgage would be $186.28, at 14% interest the mortgage would be $331.76
- Monthly outlay for this property would be between $382 and $528
Investors & First-time home buyers
RENTERS if you are paying $500 a month to rent a home, wouldn’t you rather own it and be building equity for yourself?
INVESTORS you have the opportunity for potential cash flow. True there is not the rate of appreciation but you could own the property outright in 10 years, and have it continue to produce income for you.
Still think home ownership is not possible? Perhaps you are an investor looking to add to your portfolio, we can help you too! Call Colleen Kulikowski at (716) 650-0051 to discuss your Real Estate goals and how we can assist you in achieving them. We work with several different lenders that have several financing options available to the first time home buyer and investors.
