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C$649,900

reducedC$25K

49 FIRST St, Woolwich, Ontario, N3B 1H1

bedrooms 2 Bedroom
|
washrooms 2 Bathroom
|
garages 1 Garage

MLS - #X11822898

FOR Sale

Description

ALL NEW BLACK MAIN FLOOR WINDOWS, NEW FRONT & BACK DOOR HAVE BEEN ORDERED FOR JANUARY INSTALLATION! Welcome to 49 First St W, Elmira! This charming 2-bed bungalow offers an incredible opportunity for first-time homebuyers, investors, or DIY enthusiasts looking to transform a property w/ great potential. Set on a spacious, fully fenced lot measuring 71 x 150 feet, this home provides plenty of room to grow both inside & out. The main floor features 2 comfortable bedrooms, including a spacious primary bedroom, & a bright, functional living area.The real highlight of the main floor is the huge eat-in kitchen, which boasts stainless steel appliances, ample cabinet storage, & plenty of counter space perfect for family meals or entertaining. This generous kitchen has the potential to be opened up into the living room, creating a beautiful open-concept layout that's ideal for modern living. With its expansive space & great flow, you can easily envision a kitchen & living area that works for your lifestyle. A 4-pc. bathroom completes this level. The full basement offers even more potential, w/ a sep. entrance from the attached garage. The basement could be transformed into an in-law suite, rental unit, or additional living space whether you need extra bedrooms, a rec. room, or a home office.With its separate entry, the lower level provides great flexibility for privacy or multi-generational living. This home is an ideal project for those looking to renovate & make it their own. With a bit of work, you can turn this house into a dream home/great investment property. The large backyard offers the perfect space for outdoor enjoyment, while the location is unbeatable. You'll be close to parks, walking trails, & just minutes from downtown Elmira, where you'll find shops, restaurants, & local amenities. Don't miss the chance to see this home w/ amazing potential. Schedule a showing today & explore the possibilities at 49 First St W!

Last check for updates

Property type

Detached

Style

Bungalow

Community

Lot size

10,650 Sqft

Garage spaces

1

Home Overview

Basement information

Part Fin, Walk-Up

Virtual tour

Mls® #

X11822898

Building size

Status

Active

Property sub type

Taxes

$3,434

Tax year

2024

Maintenance fee

N/A

Year built

2024

Interior

# total bathrooms

2

# Full baths

2

# of above grade bedrooms

2

# of rooms

7

Family room available

Yes

Laundry information

Exterior

Construction materials

Brick

Other structures

# garage spaces

1

# parking spaces

2

Garage features

Attached

Has basement (y/n)

Yes

Has garage (y/n)

Yes

Drive

Private

Amenities / Utilities

Cooling

Central Air

Heat source

Heat type

Forced Air

Sewers

Sewers

Location

Water source

Municipal

Area

Waterloo

Community

Community features

Fenced Yard, , , , ,

Directions

TURN OFF ALBERT ONTO FIRST ST. W

walking  Walk Score for 49 FIRST St

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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.
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