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Northumberland Realty (1987) Ltd.

MULTI-RESIDENTIAL HOMES for sale

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For sale $1,200,000
279 Pope Road, summerside, Prince Edward Island

279 Pope Road

Summerside, Prince Edward Island

For sale $525,000
36-38 Aintree Drive, stratford, Prince Edward Island

36-38 Aintree Drive

Stratford, Prince Edward Island

For sale $489,900
1 Beasley Avenue, charlottetown, Prince Edward Island

1 Beasley Avenue

Charlottetown, Prince Edward Island

For sale $400,000
32-34 Karen Drive, charlottetown, Prince Edward Island

32-34 Karen Drive

Charlottetown, Prince Edward Island

For sale $599,000
29-31 Abegweit Lane, north rustico, Prince Edward Island

29-31 Abegweit Lane

North Rustico, Prince Edward Island

For sale $515,000
57 Orlebar Street, charlottetown, Prince Edward Island

57 Orlebar Street

Charlottetown, Prince Edward Island

For sale $250,000
178 Central Street, summerside, Prince Edward Island

178 Central Street

Summerside, Prince Edward Island

For sale $399,000
65-71 Donaldston Road, mill cove, Prince Edward Island

65-71 Donaldston Road

Mill Cove, Prince Edward Island

For sale $309,000
513 Main Street, o'leary, Prince Edward Island

513 Main Street

O'leary, Prince Edward Island

For sale $1,175,000
536-538 Main Street, montague, Prince Edward Island

536-538 Main Street

Montague, Prince Edward Island

For sale $800,000
1634 Brackley Point Road, harrington, Prince Edward Island

1634 Brackley Point Road

Harrington, Prince Edward Island

For sale $459,900
30-32 SPRING PARK Road, charlottetown, Prince Edward Island

30-32 Spring Park Road

Charlottetown, Prince Edward Island

Multi-Residential homes included duplexes, triplexes and other multi-unit properties up to apartments. These are generally considered to be investment properties. Duplexes are often purchased by those who want to live in one unit while renting the other side. This helps defray the cost of mortgage, utilities and other cost associated with operating a household.

Smaller multi-unit properties up to 5 units can be purchased and mortgaged under the same terms as single family units – but over 5 units you will need a commercial mortgage. In most cases multi-residential homes are not eligible for mortgage insurance and you will have to have a 20% downpayment. Some lenders can offer 5% downpayment on duplexes.

When purchasing a multi-unit, even a duplex, you should think carefully and decide if you really want to have to deal with tenants. Running this type of property is a business and especially if you are planning to live in one of the units, you may want to consider if you want to be as close to tenants as they will have easy access to you when they have complaints or problems.