3-333 Northlake Drive for Sale in Waterloo


Every so often a property comes on the market that has potential for various reasons. Priced right for first time buyers and investors. 333 Northlake Drive is one of those properties. Located in Waterloo, just walking distance from Research in Motion the unit is a 2 bedroom walk up condominium. Near a major bus route and main street Weber, the property is on a quiet side drive. Soon to be expanded Light Rapid Transit is coming to the area, as proposed by City Hall.

3-333 Northlake Drive Waterloo

Kitchener/ Waterloo is a growing city with a very dynamic workforce about 60 minutes west of Toronto on the 401. A below national average population and above average income makes this a young professionals heaven. The reason, cost of living has not caught up to the wages people make. University of Waterloo and Wilfrid Laurier University have approximately 50,000 students and growing. These students need to live somewhere, and the universities can not build fast enough as they are still growing. Throw in RIM, a few major insurance companies in SunLife and Cooperators, you have a region that generates $21 billion in GDP annually.

Local Area

Being a Toronto resident, when I think of a condominium, I imagine the behemoth buildings gracing our beautiful skyline and lakeshore. Not the case in Kitchener/ Waterloo or the Golden Triangle as its sometimes called. In KW the condos are a little different. Majority come in size of about 3-5 storeys with only 12-20 units in each one. Not like free hold town homes in Toronto, these buildings are usually located in rows and communities of about 5 or 6 each. Units range from 700-800 square feet, and are very identical to each other. With very basic finishes, some are upgraded.

LRT

Property investors actually find these to be a steal. Owning 3-4 in your portfolio is a great asset. Many reasons make this an idea property among them: low cost, low maintenance fees, low taxes, high rental draw, not many more being built. Where in the GTA can you find condos for $125,000-$140,000 range that cost $350 to maintain. In Toronto the average condo is selling for around $550 and rents are not as high. For example around downtown a 1 bedroom condo rents for $1300 a month but costs $375,000+ with taxes and condo fees $600+. These condos rent for about $900-1000 per month and are two bedroom units.

333 Northlake Drive is a 2 bedroom, one washroom condo listed for sale at $144,000. The unit is being listed for sale by my friend and Keller Williams Commercial Director Benjamin Bach. This particular unit has had some upgrades done in 2010 with new carpeting, windows and bathroom vanity installed. A new refrigerator was also purchased. The taxes yearly on this unit are $1300 and $245/month in condo fees. I used an interest rate of 3.74% on OAC 5 year fixed rate with a purchase price of $137,000. Let’s take a look at how the numbers brake down for live in buyers and then investors with a mortgage calculator.

Buy to Live:

Purchase Price:                 $137,000

Down Payment:                $6,850

CMHC 3.75%:                    $4880.63

Mortgage of:                     $135,030.63

Payment:                           $622.38

Taxes:                                $110

Heating, etc:                    $245

Payment Total:            $977.38 per month

 

Buy to Rent:

Purchase Price:                 $137,000

Down Payment:                $27,400

CMHC 1.25%:                    $1,3700

Mortgage of:                     $110,970

Payment:                           $511.48

Taxes:                                $110

Heating, etc:                    $245

Payment Total:            $866.48  per month

With rent going around $900-1000 per month. This property would be cash positive and someone would be paying all your fees, mortgage and taxes. Amazing that a $28,000 investment can do that. With yearly appreciation, you area looking at a great cash earning asset. Build wealth thru real estate, one property at a time. Sticking to a sound, proven plan will yield long term results.

To find out more about 333 Northlake Drive please see the 3-333 Northlake Drive Waterloo or contact Benjamin Bach at benjamin@benjaminbach.com or visitwww.benjaminbach.com.

To view to listing on Realtor.Ca

Websites: Benjamin BachRIMRealtor.caMortgage Alliance

 

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About wojciechpianka

After a few years of studying English and History at the University of Toronto, I decided to transfer to Ryerson University and pursue a Bachelor of Commerce degree. While studying, I worked various jobs where I acquired many skills. Starting as a teller at Scotiabank, I moved on to being a manager of a restaurant, admin staff at a medical clinic, a sales agent for INGDirect and a manager at One King West Hotel. While all these jobs challenged me, I never felt my potential being utilized. Finally in 2008, I completed the Ontario Mortgage Agent Course and signed up with The Mortgage Alliance Company of Canada. This was a great decision, as it allowed me to use the skills I learned working to help people achieve their real estate and financial goals. My passion for real estate and numbers has lead me to becoming a mortgage agent. Growing up in New York City, I always had a fascination of historic buildings and skyscrapers. At 21, I bought my 1st property and have been investing in real estate ever since. I firmly believe thru steady, safe and conservative investing a one can obtain long term financial wealth. One day, I hope to develop the same buildings I help clients purchase.
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One Response to 3-333 Northlake Drive for Sale in Waterloo

  1. Mona Roorda says:

    I am a member of a social group in my town. Your blog has provided me with valuable information to work on in our next meeting. You have done a marvellous job!

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