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CENTURY21
Northumberland Realty (1987) Ltd.

MULTI-RESIDENTIAL HOMES for sale

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

32-34 Karen Drive

Charlottetown, Prince Edward Island

For sale $1,660,000
9,11,13,15 Shirley Street, east royalty, Prince Edward Island

9,11,13,15 Shirley Street

East Royalty, Prince Edward Island

For sale $639,000
36-38 Upper Hillsborough Street, charlottetown, Prince Edward Island

36-38 Upper Hillsborough Street

Charlottetown, Prince Edward Island

For sale $359,000
65-71 Donaldston Road, mill cove, Prince Edward Island

65-71 Donaldston Road

Mill Cove, Prince Edward Island

For sale $995,000
176-178 Royalty Road, west royalty, Prince Edward Island

176-178 Royalty Road

West Royalty, Prince Edward Island

For sale $575,000
4 Pleasant Avenue, souris, Prince Edward Island

4 Pleasant Avenue

Souris, Prince Edward Island

For sale $599,000
73 Spring Park Road, charlottetown, Prince Edward Island

73 Spring Park Road

Charlottetown, Prince Edward Island

For sale $749,000
2 Linden Avenue, charlottetown, Prince Edward Island

2 Linden Avenue

Charlottetown, Prince Edward Island

For sale $299,000
169 Cambridge Street, summerside, Prince Edward Island

169 Cambridge Street

Summerside, Prince Edward Island

For sale $820,000
101 Parent St. 45 Alice Ave.|45 Alice Avenue, east royalty, Prince Edward Island

101 Parent St. 45 Alice Ave., 45 Alice Avenue

East Royalty, Prince Edward Island

For sale $288,000
4069 ALLEYS MILL Road, cardigan, Prince Edward Island

4069 Alleys Mill Road

Cardigan, Prince Edward Island

For sale $439,000
13-15 MacAusland Drive, charlottetown, Prince Edward Island

13-15 Macausland Drive

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.