A new house for under $100 million might sound like an extravagant bargain, but it’s not, says a real estate agent.
It’s a deal that’s going to pay off.
The home will be built by a realtor, and the buyer will pay a $200,000 down payment, which includes the down payment and a 20 per cent down payment in case the house sells for less.
It will also include $1 million in mortgage insurance and a $100 a month rent supplement to help the buyer pay for the new home, according to a statement from the agent.
The home is scheduled to be finished in 2021.
The buyer of the house will then pay for construction costs of $1.6 million and $1,500 per month to help cover mortgage insurance.
That’s because the house’s builder will be the seller, and because the buyer pays $100 an hour in rent for the home, the buyer’s rent supplement will be more than enough to pay for that.
It’s a very attractive deal.
The real estate board of Canada is now accepting applications for a house for $250,000-$350,000, and will be releasing details of the new house at the end of the month.
If it goes through, it will be one of the priciest houses in the city.
The house will be designed by Peter Meehan, and built by the architect who designed the $100 Million house in 2012.
The owner of the building, a developer named Chris Daley, is the realtor who is building the new property.