If this is what I wanted...why am I so nervous? - Page 3

Cutty72 · 03-13-2009, 10:32 PM

Quote:

Originally Posted by cbrchick

I'd jump on that in a heart beat. Going to look again at a 75 year old house for 329....

My place
Built 1978
3 bed 1 3/4 bath
Rambler, 1200 sq ft per floor
Finished basement
Almost 1 acre lot
Oversize 2 stall detached garage next to house
1 stall garage in the back yard

$126,000

And the garages are full too

Granted, had I bought a house in the "big city" of Fargo, same thing would have cost me over $200.

Homeslice · 03-13-2009, 10:50 PM

I wouldn't buy unless you have a job that could keep you happy for at least 3-4 years, and that you could easily replace within the same city if you got laid off.

Cutty72 · 03-14-2009, 12:10 AM

Quote:

Originally Posted by Homeslice

I wouldn't buy unless you have a job that could keep you happy for at least 3-4 years, and that you could easily replace within the same city if you got laid off.

Very true.

I got laid off less than a year after buying. Had an available job in another town, but no way could I afford to sell.
Lucky for the guard to give me full time employment here!

racedoll · 03-14-2009, 10:16 PM

I was always told, "if in doubt, don't do it".

Owning a home is a lot more than most people think. Here you have property tax, the upkeep of the lawn (buying a tractor/mower), etc.

I forget the exact rule of thumb but it's something like 6 months worth of mortage payments in savings as a backup if it's needed.

Good Luck in your search.

CrazyKell · 03-23-2009, 01:26 PM

Well I found another apartment and I feel SO much better about it. This is what it's supposed to feel like!

As of May 1st I will be in a one bedroom upper apartment of a century home!

Particle Man · 03-23-2009, 02:40 PM

Quote:

Originally Posted by CrazyKell

Well I found another apartment and I feel SO much better about it. This is what it's supposed to feel like!

As of May 1st I will be in a one bedroom upper apartment of a century home!

sweet, first a party at Tommy's place and then a party at yours.

good for you.

OTB · 03-23-2009, 03:29 PM

Just to muddy the waters a bit:

http://www.mtgitright.com/qs/page/8338/7762/-1

"For years, Canadians have envied those lucky Americans: they have tax-deductible mortgages. But a growing number of smart Canadian homeowners have figured out that they can have tax-deductible mortgages too. In fact, savvy financial advisors have been designing tax-deductible mortgages for their clients for years.

Essentially you restructure your mortgage to do three things: save on your interest dollars; pay down your mortgage debt more quickly, and build a handsome retirement portfolio along the way; all without increasing your total debt load. It's a different way to look at a mortgage, one that makes Canadian tax laws work for you. You see, Canadian tax laws allow the deduction of interest on loans made for qualified investment purposes. With careful planning, you can convert your non-deductible mortgage debt into tax-deductible investment debt."

Another alternative is to purchase a home with the express purpose of renting a portion of it out. As all economic situations are local, you would need to see what kind of properties rent easily and what kind of vacancy rates you can expect, and then plan accordingly and see if the numbers make sense. Here in the states it's an easy financial decision with the deductabitity of interest and real property taxes, but Canada is a different ketttle of fish.

Sit down and talk to an inverstment advisor and see what you need to know in order to run numbers that make real sense.

racedoll · 03-25-2009, 10:57 PM

Congrats Kelly! Sounds like you found a good place... and the right one.

03-13-2009, 10:50 PM	#22
Homeslice Elitist Join Date: Nov 2008 Location: SF Bay Area Moto: Gix 750 Posts: 11,351	I wouldn't buy unless you have a job that could keep you happy for at least 3-4 years, and that you could easily replace within the same city if you got laid off.

03-14-2009, 10:16 PM	#24
racedoll AMA Supersport Join Date: Nov 2008 Moto: '04 Kawasaki ZX6RR Posts: 3,392	I was always told, "if in doubt, don't do it". Owning a home is a lot more than most people think. Here you have property tax, the upkeep of the lawn (buying a tractor/mower), etc. I forget the exact rule of thumb but it's something like 6 months worth of mortage payments in savings as a backup if it's needed. Good Luck in your search.

03-23-2009, 01:26 PM	#25
CrazyKell Vrooom Join Date: Nov 2008 Moto: 06 ZX6R Posts: 4,427	Well I found another apartment and I feel SO much better about it. This is what it's supposed to feel like! As of May 1st I will be in a one bedroom upper apartment of a century home!

03-23-2009, 03:29 PM	#27
OTB The Man Join Date: Feb 2008 Location: CrabTown USA Moto: 00 Bimota DB4 Posts: 823	Just to muddy the waters a bit: http://www.mtgitright.com/qs/page/8338/7762/-1 "For years, Canadians have envied those lucky Americans: they have tax-deductible mortgages. But a growing number of smart Canadian homeowners have figured out that they can have tax-deductible mortgages too. In fact, savvy financial advisors have been designing tax-deductible mortgages for their clients for years. Essentially you restructure your mortgage to do three things: save on your interest dollars; pay down your mortgage debt more quickly, and build a handsome retirement portfolio along the way; all without increasing your total debt load. It's a different way to look at a mortgage, one that makes Canadian tax laws work for you. You see, Canadian tax laws allow the deduction of interest on loans made for qualified investment purposes. With careful planning, you can convert your non-deductible mortgage debt into tax-deductible investment debt." Another alternative is to purchase a home with the express purpose of renting a portion of it out. As all economic situations are local, you would need to see what kind of properties rent easily and what kind of vacancy rates you can expect, and then plan accordingly and see if the numbers make sense. Here in the states it's an easy financial decision with the deductabitity of interest and real property taxes, but Canada is a different ketttle of fish. Sit down and talk to an inverstment advisor and see what you need to know in order to run numbers that make real sense.

03-25-2009, 10:57 PM	#28
racedoll AMA Supersport Join Date: Nov 2008 Moto: '04 Kawasaki ZX6RR Posts: 3,392	Congrats Kelly! Sounds like you found a good place... and the right one.