"Maximizing Your Home's Potential: The Benefits of Triforce Construction's Duplex Conversion"
Homeowners are always seeking ways to increase the value of their property, and Triforce Construction's Duplex Conversion is an excellent investment that offers not only the potential for additional income, but also the ability to reduce monthly mortgage payments. In this blog post, we'll take a closer look at the financial aspects of adding a duplex conversion to your home and its impact on your monthly mortgage payments.
Let's consider the following scenario: you've secured a loan of $300,000 for construction at 4.5% interest, amortized over 25 years. The new unit is expected to generate a monthly income of $1,850. You have a current mortgage of $500,000 at 3.5% interest, amortized over 25 years. How will the duplex conversion affect your monthly mortgage payments while taking into consideration the monthly payment for the construction loan?
First, it's essential to understand that the additional income from the new unit can help offset the cost of the construction loan. With a monthly income of $1,850, you could potentially cover a substantial portion of your monthly mortgage payments.
Let's perform the calculation. Your monthly mortgage payment for the $500,000 mortgage at 3.5% interest would be approximately $2,287. The monthly payment for the $300,000 construction loan at 4.5% interest would be approximately $1,450. Adding these two payments together results in a monthly mortgage payment of $3,737. However, with the monthly income of $1,850 from the new unit, your net monthly mortgage payment would be approximately $1,887.
So, as you can see, adding a duplex conversion not only provides you with a significant source of additional income, but it also has the potential to lower your monthly mortgage payments.
Triforce Construction's dedication to quality, attention to detail, and exceptional customer service make them a trusted choice for homeowners looking to maximize their home's potential. Whether you're seeking to generate additional income or simply increase your property's value, a duplex conversion is a smart investment that is worth considering.
In conclusion, a duplex conversion can be a financially wise decision for homeowners looking to increase their property's value. With Triforce Construction, you can rest assured that your investment will be expertly designed and built, providing you with a return on your investment for years to come.