7 Reasons Why Waterview Horizon Should be Your First Home
If you're looking to buy a brand new house as your first home, two options typically come to mind: a single-family townhouse for affordability or a two apartment to build equity. But now there's a third option to consider at the Waterview Horizon: a two apartment duplex. Unique to Waterview Horizon, these two apartment duplexes are the only ones available on the Avalon. Here are seven reasons why you should choose the Waterview Horizon as your first home:
1. You will get the 10% first time home buyer incentive
If you have never owned a house in the last 4 years or had a recent relationship breakdown, and that your annual income is less than $120,000, you could qualify for the first time home buyer incentive program. With the first-time homebuyer incentive program, you only have to put 5% down ($13,500) to get an extra 10% ($27,000) from the federal government, interest-free. It will help you save on CMHC fees and mortgage interests. You will have to pay it back when you sell the property or pay the mortgage out. For more information see here: https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive or contact us.
2. You will own the most affordable brand-new two apartment homes on the Avalon
Two apartment duplexes have not been available due to municipal development regulations (for example, the City of St John's requires that 40% of the basement is to be utilized by the main unit) and neighbour concerns. Out of the nine townhouses that we are building, the two facing Topsail Road got approved for adding registered basement apartments given its unique location in a developing area of Paradise and far enough away from the neighbours. Once these are sold, the next brand new two apartment homes available on the market will be in the range of $360,000 to $400,000. Get these while you can!
3. You will live here for free
With low interest rates and the first-time homebuyer incentive program, even when you factor in all property tax and insurance, you will be paying less than $620 a month or $7,500 a year in expenses. On the other hand, you will be building about $8,000 in equity every year, which means you are essentially living in a brand-new 3 beds 2.5 bath home for free, paying into expenses and putting all that money back into your savings.
4. It will become a great investment
Many people will start with a duplex and in a few years move into a bigger home, facing the decision between selling the house or turning it into a rental that barely covers the mortgage. At Waterview Horizon, you will be making about $7,000 in cash flow and $8,000 in equity per year. With a down payment of just $13,750, you have that recovered in less than a year and gain $15,000 per year of passive income year after year with a low maintenance brand-new two apartment.
5. You will be close to all the new developments
The Octagon Pond area has seen a lot of new developments in the last few years. On top of the existing Octagon Pond Trail right across the street, the new OPE elementary school makes it easy for anyone with school-age children, as well the new Sobeys and Paradise Plaza give you shopping and take-out options within walking distance. There's also the new junior high on McNamara Drive and many new stores coming. This community will be transformed in front of your eyes.
6. You will get a brand new home with your own touches
With construction only starting after you have picked out all your options, you will get to customize all finishes to your liking, from flooring to kitchen cabinets to light fixtures to wall colours, you will no longer have to live with something you do not like.
7. Your investment is protected
The Waterview Horizon is proudly constructed by Karwood Homes, a member of the Canadian Home Builders Association, where a 7-year Atlantic Home Warranty will be issued along with the build for your peace of mind. Furthermore, your 5% non-refundable deposit will be kept in trust with an attorney and will only be released at closing. The only thing you have to worry about is what to choose for your brand-new home.
Worry about yourself not being a landlord material? Or that a home like this may not be for you? Ask us about our VIP buyer program, where you can choose between our complimentary property management service or buy-back service for the first 12 months of ownership.
Are you still trying to decide what all your options are? Comment below or message us.