||#104-3925 Kingsway, Burnaby BC
• Two bed/one bath, living room, kitchen, closet space, secure storage in the garage, one parking stall in garage. 828sq ft.
• HUGE patio for entertaining, and it leads out onto a shared courtyard.
• On Kingsway but it faces Jersey St, so it’s in a central location but it’s quiet and feels peaceful.
• Across from Central Park, 5 minute walk to Paterson Skytrain station, 15 minute walk to Metrotown and Joyce Skytrain station.
• Virtual tour and pictures at isellhousesbc.com – see “property listings”
Here are the details for the seller financing:
Utilities and maintenance fees will be in your name.
• Utilities are
• The maintenance fee is $230.35/month and includes caretaker, gardening, garbage pickup, hot water, management, and recreation facility.
An earnest money deposit is required, which secures your position as the buyer. The more you can put down the better, because it goes directly towards the purchase price.
Exact monthly payments will depend on your earnest money deposit. The loan balance is $255,000 with 7% interest at 25 years amortization. So for example if you paid 5% earnest money deposit ($12,750) the balance owing would be $242,250 and your monthly payments would be $1702.24. At the end of the term, the balance owing would be approximately $231,128.
IMPORTANT BONUS: We are asking CURRENT market value. What this means is, when you go to qualify for your own financing at the end of the term, the unit could potentially appraise for higher than $255,000, and the difference will mean additional equity for you! For example, if the value of the property goes up 3% per year, the value at the end of the 2nd year would be $270,500 and you would still have 6 months to go! So in this scenario, if you purchase for $255,000 now, and owe $231,128 in 2 ½ years, you could have at least $40,000 equity the day you buy!