Nanaimo First time home buyers - opportunity of the week

Nanaimo First time home buyers - opportunity of the week

I am currently sitting an Open House at the Thyme Place condos on Mcgirr and Hammond Bay.  I have to admit they are lovely!  The outside of the building is unassuming - but don't let that fool you. The insides are large and roomy and very modern.  The builder has taken great pains with the sound proofing between units.  The show suite has been professionally staged and is gorgeous!

I have chosen Thyme Place as this week‘s #1 pick for Nanaimo First time home buyers - opportunity of the week

Priced from- $249,900 - $256,900. Plus HST

This 18 unit new development in N Nanaimo has not only a great location, close to both levels of schools, shopping& recreation but offers affordability to those looking for a home with 2 bedrooms, 2 bathrooms & a den. Starting at $249,900 + HST these desirable floor plans unit sizes range from 1214-1387 sq. ft.

 Features include: 9 ft. ceilings throughout, Craftsman style trim package, designer lighting, brushed nickel door handles, B/I fireplace surround & mantle, lrg kitchen island, shaker style natural, cappuccino or antique white cabinets in kitchen, tile backsplash, appliance package including fridge, stove, dishwasher & over the range microwave/fan. Upper units are accessed through interior stairways to protect you from the elements, and include a deck. Lower units have patios.

Pets & rentals are permitted. Built by Harbour Homes, this contractor has an extensive history of building high quality homes here in Nanaimo.

So, if you were to put an offer on one of these condos what would your payments look like?

I asked Ardie Windley, a Mortgage Advisor with RBC Royal Bank to put some numbers together based on a down payment of 5%.

The following numbers are based on:  Listing Price $252,900 (does not include the HST) Interest Rate- Variable  2.35%, Term: 5-year Variable, amortization of 30 years. 

Down Payment                                              5%

Down Payment Required                             12,645

Default Insurance premium                        2.95%

Default Insurance premium                        $7088

Mortgage to be Financed                             247,343

Monthly Mortgage Payment (P&I)          $929.

Property Taxes                                                 $217

Estimated heating costs                               $75.       

Condo fees                                                         $174.    

Total Monthly Payment                                $1395.

The above figures are based on a 5 year rate.  There are many other finance options available.  Please contact me for additional information on how you, too, can get into the Nanaimo Real Estate market.