Phone

C$1,888,000

5 Wellman Dr, Richmond Hill, Ontario, L4K 1G1

5 Bedroom

6 Bathroom

2 Garage

MLS - #N12026335

FOR Sale

Description

**Elegance--TRUE JEWEL**Spectacular Family Hm W/ UNIQUE Style & Modern Sophistication To Live LUXURIOUS Your Family Life Nestled In The Highly Sought-After Lake Wilcox Neighborhood Of Oak Ridges **This 5-Year-New Masterpiece Boasts Approx 3,531 sq. ft.(as per MPAC) Of Sun-Filled Living Space With High-End Finishes Throughout. Step Inside To 20' Ceiling Foyer, Soaring 10' Ceilings On The Main Floor & 9' Ceilings On Both The Second Floor & Basement, Creating An Airy & Grand Atmosphere. The Open-Concept Design Is Perfect For A Large Family, Featuring 5 Spacious Bedrooms & An Inviting Chefs European-Style Kitchen With A Generous Island, Premium Finishes & A Large Pantry. The Kitchen Seamlessly Connects to The Family Room, Offering A Stunning View Of The Serene & Private Backyard.*The Primary Suite Is A True Retreat, Boasting A Vaulted Ceiling, Lavish Ensuite & Two Spacious Walk-In Closets.All Bedrooms Are Bright & Well-Appointed, Ensuring Comfort & Elegance.***Too Many Features & A Must See Home**The Backyard Is Beautifully Landscaped W/Interlock Paving, Creating A Stylish, Low-Maintenance Outdoor Oasis Ideal For Relaxation & Entertaining. Additional Features Include: Side Door Access To Both The Basement & Garage, Roughed-In Plumbing For A Second Kitchen & Laundry In The Basement,Potential For High Rental Income. Conveniently Located near Top Randed Schools, Highway 404, Lake Wilcox Trails, Community Centre & Parks**This Stunning, Move-In-Ready Home Offers The Perfect Blend Of Luxury, Comfort & Investment Potential. Don't Miss Out On This Rare Opportunity**

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Property type

Detached

Style

2-Storey

Community

Oak Ridges Lake Wilcox

Lot size

5,415 Sqft

Garage spaces

Home Overview

Basement information

Finished, Sep Entrance

Virtual tour

Tour Now

Mls® #

N12026335

Building size

Status

Active

Property sub type

Taxes

$9,427

Tax year

2024

Maintenance fee

N/A

Year built

Interior

# total bathrooms

# Full baths

# of above grade bedrooms

# of rooms

Family room available

Yes

Laundry information

Exterior

Construction materials

Brick

Other structures

# garage spaces

# parking spaces

Garage features

Built-In

Has basement (y/n)

Yes

Has garage (y/n)

Yes

Drive

Pvt Double

Amenities / Utilities

Cooling

Central Air

Heat source

Gas

Heat type

Forced Air

Sewers

Location

Water source

Municipal

Area

York

Community

Oak Ridges Lake Wilcox

Community features

, , , , ,

Directions

W.Bayview Ave/Bloomington Rd

Walk Score for 5 Wellman Dr

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Phone

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Mortgage Calculator

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Your Estimated Monthly Mortgage Payment.

Steps to calculate your payments using a mortgage calculator

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.