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CENTURY21
Northumberland Realty (1987) Ltd.

MULTI-RESIDENTIAL HOMES for sale

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For sale $1,420,000
42,44,46 Kelly Heights, stratford, Prince Edward Island

42,44,46 Kelly Heights

Stratford, Prince Edward Island

For sale $499,900
2,4,8 Chestnut Street, charlottetown, Prince Edward Island

2,4,8 Chestnut Street

Charlottetown, Prince Edward Island

For sale $615,900
7 Walthen Drive, charlottetown, Prince Edward Island

7 Walthen Drive

Charlottetown, Prince Edward Island

For sale $505,000
6457 Route 20, new london, Prince Edward Island

6457 Route 20

New London, Prince Edward Island

For sale $1,100,000
27 (1 & 2) Gaul Road, montague, Prince Edward Island

27 (1 & 2) Gaul Road

Montague, Prince Edward Island

For sale $749,000
101 Upper Prince Street, charlottetown, Prince Edward Island

101 Upper Prince Street

Charlottetown, Prince Edward Island

For sale $225,000
198 Cumberland Street, charlottetown, Prince Edward Island

198 Cumberland Street

Charlottetown, Prince Edward Island

For sale $1,550,000
247 St Peter's Road, charlottetown, Prince Edward Island

247 St Peter's Road

Charlottetown, Prince Edward Island

For sale $429,000
12 Barkley Avenue, stratford, Prince Edward Island

12 Barkley Avenue

Stratford, Prince Edward Island

For sale OPEN HOUSE $629,000
6-8 HILCHIE Court, west royalty, Prince Edward Island

6-8 Hilchie Court

West Royalty, Prince Edward Island

For sale $1,708,700
17,19,21,23 Shirley Street, east royalty, Prince Edward Island

17,19,21,23 Shirley Street

East Royalty, Prince Edward Island

For sale $778,000
40-42 Bambrick Drive, charlottetown, Prince Edward Island

40-42 Bambrick 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.