Use Addition to Pay your Mortgage! | Hawthorne
February 26, 2017Using an Addition to Pay Your Mortgage
Source: Dept of Housing and Urban Development |
It's true.
Rents have been steadily increasing in Portland for a while. In fact, over the past ten years the average rent on a one-bedroom unit has increased from $655 to $1053- that's an increase of over 60 percent!
Since Portland remains a popular relocation destination, the upward climb shows no signs of stopping anytime soon. In fact, Portland has recently become the 26th largest city in the United States!
Say you have a $400,000 home and a monthly payment of $1826.64. If you have a one-bedroom ADU, you can cover 58% of your mortgage with what you collect in rent!
Alternatively, if you where to pay your mortgage, adding the proceeds from the rental unit on as an extra payment, you could pay off your home more than ten years early!
It's also worth considering that your ADU will be adding to the existing rental stock in Portland- your home won't just be generating income- it can help solve the homelessness crisis in our fair city!
Smart, compassionate, forward-thinking. That's just the Portland way.
Give us a call, let's see if an additional dwelling unit is an option for your property. Our estimates are free, your financial future is priceless.
(503) 676-6702
Alternatively, if you where to pay your mortgage, adding the proceeds from the rental unit on as an extra payment, you could pay off your home more than ten years early!
It's also worth considering that your ADU will be adding to the existing rental stock in Portland- your home won't just be generating income- it can help solve the homelessness crisis in our fair city!
Smart, compassionate, forward-thinking. That's just the Portland way.
Give us a call, let's see if an additional dwelling unit is an option for your property. Our estimates are free, your financial future is priceless.
(503) 676-6702
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