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C$579,999

reducedC$

245 QUEEN St, Centre Wellington, Ontario, N1M 3R6

bedrooms 2 Bedroom
|
washrooms 1 Bathroom

MLS - #X10877123

FOR Sale

Description

Riverside with Walkout! You won't have to leave your home to experience all the natural beauty Fergus has to offer. With sliding doors (2022) leading to your own ground-level private patio, it's easy to let your dog(s) out, barbeque, observe wildlife, and listen to the trees and the Grand River as it flows by. Peaceful and quiet park-like setting, all windows (2022) have views of nature, so this is a property that you can enjoy in every season. Home ownership doesn't get any easier. This stylish unit is carpet-free, with Flooring, 2 Full Bathrooms and Appliances all updated within the last 6 years. With its spacious open layout, this 2 bedroom/2 full bath unit, with eat-in kitchen and formal dining room is cozy with plenty of room for entertaining. All appliances are owned, along with the water heater (2021) in the large in-suite utility/laundry room with storage. This space has been refreshed and has everything you need, including a guaranteed parking spot, which make it move-in ready. This building is well taken care of, accessible and friendly. It is also a short walk to historic downtown Fergus, where you will find quaint shops, restaurants, community theatre, a post office, banking, festivals, parks and so much more. You can also find big-box stores, medical and dental in a less than 5-minute drive. You can get to Guelph in 15 minutes, KW in 30 minutes and 1 hour to Toronto. If you are looking for carefree condo living, this is the perfect location.

Last check for updates

Property type

Condo Apt

Style

Other

Community

Fergus

Lot size

0 Sqft

Garage spaces

N/A

Home Overview

Basement information

None

Virtual tour

Mls® #

X10877123

Building size

1000-1199

Status

Active

Property sub type

Taxes

$2,667

Tax year

2023

Maintenance fee

N/A

Year built

2023

Interior

# total bathrooms

1

# Full baths

1

# of above grade bedrooms

2

# of rooms

9

Family room available

No

Laundry information

Exterior

Construction materials

Concrete

Other structures

# garage spaces

N/A

# parking spaces

1

Garage features

Surface

Has basement (y/n)

No

Has garage (y/n)

Yes

Drive

Amenities / Utilities

Cooling

Central Air

Heat source

Heat type

Forced Air

Sewers

Location

Water source

Area

Wellington

Community

Fergus

Community features

Hospital, , , , ,

Directions

From Tower St. head West on Queen St W to the end of the road.

walking  Walk Score for 245 QUEEN St

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1. Determine the purchase price of the home.

2. Calculate the down payment (usually 5-20% of the purchase price in Canada).

3. Subtract the down payment from the purchase price to get the mortgage amount.

4. Choose a mortgage term (typically 5 years in Canada) and amortization period (usually 25-30 years).

5. Determine the interest rate (check current rates from Canadian lenders).

6. Use a mortgage calculator or formula to determine the monthly payment based on the mortgage amount, interest rate, and amortization period.

7. Factor in additional costs like property taxes, home insurance, and possibly mortgage insurance if the down payment is less than 20%.

8. Consider the impact of making accelerated bi-weekly payments instead of monthly payments to pay off the mortgage faster.

9. Review the total interest paid over the life of the mortgage.

10. Ensure the monthly payments fit within your budget, typically not exceeding 32% of your gross monthly income for housing costs.

Terms Explained

Home Value: The current market value or purchase price of the property.

Down Payment: The initial upfront portion of the total home purchase price paid by the buyer.

Mortgage Amount: The amount borrowed from a lender to purchase the home (Home Value minus Down Payment).

Interest Rate: The percentage charged by the lender for borrowing the money, usually expressed as an annual rate.

Mortgage Term: The length of time your mortgage agreement and interest rate are in effect (typically 1-5 years in Canada).

Amortization Period: The total length of time it will take to pay off the entire mortgage (usually 25-30 years in Canada).

Monthly Payment: The amount paid each month towards the mortgage, including principal and interest.

Principal: The original amount borrowed, which decreases as payments are made.

CMHC Insurance: Mortgage default insurance required for down payments less than 20% of the home's value.

Property Taxes: Annual taxes levied by local governments based on the property's assessed value.

Home Insurance: Coverage to protect the property against damage or loss.

Land Transfer Tax: A tax paid to the provincial government when purchasing a property.

Closing Costs: Additional expenses incurred when finalizing a home purchase (legal fees, inspections, etc.).

Prepayment Privileges: Options to pay extra towards the mortgage without penalties.

Fixed Rate Mortgage: A mortgage where the interest rate remains constant for the term.

Variable Rate Mortgage: A mortgage where the interest rate can fluctuate based on the prime rate.

Refinancing: The process of replacing an existing mortgage with a new one, often to take advantage of better terms or rates.

These terms are commonly used in mortgage calculations and discussions about home financing in Canada.
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