buying a house

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mmmnaked said:
How much did you actually make after you tally up 72 months of interest and property taxes, land transfer tax, lawyer fees for buying and selling, and finally the realtor's commission?

I bet if you add those numbers up honestly they come up to more than you actually cashed out of the whole transaction. Assuming of course you mortgaged the house to begin with and didn't have 240k in cash up front ;)
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no realtor commission... dog sold the house.
 
I was driving home tonight and just before coming to Major Mackenzie and Hwy 48 I saw about 50 people on the sidewalk. I thought they were spectators for a street race or something and just as I was about to pull over and check out the race I realized these people were camping outside a sales office so they can buy a house tomorrow. Never seen this before.... heard of it, but never seen it!!!

Thats all.
 
W8INLINE said:
I was driving home tonight and just before coming to Major Mackenzie and Hwy 48 I saw about 50 people on the sidewalk. I thought they were spectators for a street race or something and just as I was about to pull over and check out the race I realized these people were camping outside a sales office so they can buy a house tomorrow. Never seen this before.... heard of it, but never seen it!!!

Thats all.
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Happens all the time in Downtown TO, for condos and such.

IF the builder sometimes offer a great deal to the first so many customers to entice people to buy.
Some is a discount off the price, etc etc. I recall a year or 2 ago that a Toronto Condo was providing a car for every condo sold.
 
Englishj said:
North America....or Canada??

Big difference, James Kwak scenario is based on what is happening south of the border, you don't need to be a rocket scientist to figure out that buying bricks is not a wise investment down there right now.

Go ahead save that $300 a month.

My house= my castle, i don't have any cockroaches or have to breathe someone elses stink/smell.
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I have my own house too, but thinking of selling since it doesn't make sense to me how our properties are worth more than our American neighbours in some cases. Some folks I know have sold in the GTA and have moved back to Michigan or Windsor.

Looking at my house which is close to where the OP is, my house has gone up about $18000 a year in value. I'm paying $4000 in tax a year, and let's say an average interest rate of 5%, so if your downpayment on a typical house is 33% you would be paying $8000 in interest a year (for the first few years) $18000-4000-8000=$6000
 
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kellen said:
Yeah and now she has to buy somewhere else that also increased at the same inflated rate somewhere else, plus pay fees to to agents and lawyers. What do you really gain
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It doesn't matter, she has extra 50k to buy the same over inflated House she wouldn't have if she rented
 
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murf said:
the vast majority of people in North America that are home owners are probably wishing they were renting the last couple years.

Let's say $1500 a month to rent and $1500 for a mortgage. Now add the $300 a month in taxes that is flushed down the toilet, the fact that a large portion of the mortgage payment goes to interest, nevermind the downpayment tied up in the house, then I can see the logic of renting vs buying.
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People that are hurting are those that bought a bigger house than what they could affort due to the very low intro interests, once those intro interest went up by 200 and 300 percent in some cases people started defaulting. Here in Canada didnt happen because the government regulated banks so they couldn't do those shanaragans.

It's like leasing a car, unless you have a bussines and write it off, i wil never understand the people that will spend years paying for a car that will never be theirs.

The only value in renting is that if you don't have the cash to put down and paying for all the lawyer fees and all that then you still have a place to live
 
My point wasn't to debate ownership vs. renting....just to point out that it's a misguided view of investments to say it's a good one.

Owning is great and I plan to purchase in a couple of years.
 
murf said:
I have my own house too, but thinking of selling since it doesn't make sense to me how our properties are worth more than our American neighbours in some cases. Some folks I know have sold in the GTA and have moved back to Michigan or Windsor.

Looking at my house which is close to where the OP is, my house has gone up about $18000 a year in value. I'm paying $4000 in tax a year, and let's say an average interest rate of 5%, so if your downpayment on a typical house is 33% you would be paying $8000 in interest a year (for the first few years) $18000-4000-8000=$6000
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5% interest?? I will be paying prime minus, you need to refinance you loan and get a better bank
 
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I currently work for a builder and worked for one of the largest "building" families in the GTA. If you wish to look up on Tribute Homes and find out what their track record is like i.e. conciliations please refer to the link below.

http://www.tarion.com/Services/builder_search.aspx

I have heard nothing but remarkable comments about Tribute from their administrative staff to purchasers. They offer a fantastic home buying experience - however, keep in mind that each sales office can be different and may offer a different buying experience from the next sales office/development.

Good luck with your purchase and if you need additional tips, pm me and I'd be glad to share ideas. Is this an inventory home you'll be purchasing?

If you've already purchased, make sure you do your reading. www.tarion.com offers a wealth of information on the warranty side of things. You can even manage your warranty submissions online now.
 
Mystique said:
I currently work for a builder and worked for one of the largest "building" families in the GTA. If you wish to look up on Tribute Homes and find out what their track record is like i.e. conciliations please refer to the link below.

http://www.tarion.com/Services/builder_search.aspx

I have heard nothing but remarkable comments about Tribute from their administrative staff to purchasers. They offer a fantastic home buying experience - however, keep in mind that each sales office can be different and may offer a different buying experience from the next sales office/development.

Good luck with your purchase and if you need additional tips, pm me and I'd be glad to share ideas. Is this an inventory home you'll be purchasing?

If you've already purchased, make sure you do your reading. www.tarion.com offers a wealth of information on the warranty side of things. You can even manage your warranty submissions online now.
Click to expand...
Thank you Mystique, this is great. I will read these links for sure tomorrow when I am seating at the sleep clinic all day ...dam it

Not an inventory home...I had to look that up :)

Tribute in Brooklin Villages West..pretty good !

[TABLE="width: 100%, align: center"]
[TR]
[TD="colspan: 2"]Homes under the new Customer Service Standard (see Note)
[/TD]
[/TR]
[TR]
[TD="colspan: 2"][/TD]
[/TR]
[TR]
[TD="colspan: 2"][TABLE="width: 100%"]
[TR="bgcolor: #cccc99"]
[TD]Year
[/TD]
[TD]Number of Possessions [SUP]1[/SUP]
[/TD]
[TD]Number of Chargeable Conciliations [SUP]2[/SUP]
[/TD]
[TD]Homes with Claims [SUP]3[/SUP]
[/TD]
[TD]Dollars Paid In Claims [SUP]4[/SUP]
[/TD]
[/TR]
[TR="class: clsBuilderDetailItem"]
[TD]2011
[/TD]
[TD]19
[/TD]
[TD][/TD]
[TD][/TD]
[TD]$0.00
[/TD]
[/TR]
[TR="class: clsBuilderDetailItem, bgcolor: #ededd5"]
[TD]2010
[/TD]
[TD]143
[/TD]
[TD][/TD]
[TD][/TD]
[TD]$0.00
[/TD]
[/TR]
[TR="class: clsBuilderDetailItem"]
[TD]2009
[/TD]
[TD]84
[/TD]
[TD][/TD]
[TD][/TD]
[TD]$0.00
[/TD]
[/TR]
[TR="class: clsBuilderDetailItem, bgcolor: #ededd5"]
[TD]2008
[/TD]
[TD]60
[/TD]
[TD][/TD]
[TD][/TD]
[TD]$0.00
[/TD]
[/TR]
[TR="class: clsBuilderDetailItem"]
[TD]2007
[/TD]
[TD]100
[/TD]
[TD][/TD]
[TD][/TD]
[TD]$0.00
[/TD]
[/TR]
[TR="class: clsBuilderDetailItem, bgcolor: #ededd5"]
[TD]2006
[/TD]
[TD]133
[/TD]
[TD][/TD]
[TD][/TD]
[TD]$0.00
[/TD]
[/TR]
[TR="class: clsBuilderDetailItem"]
[TD]2005
[/TD]
[TD]88
[/TD]
[TD][/TD]
[TD][/TD]
[TD]$0.00
[/TD]
[/TR]
[TR="class: clsBuilderDetailItem, bgcolor: #ededd5"]
[TD]2004
[/TD]
[TD][/TD]
[TD][/TD]
[TD][/TD]
[TD]$0.00
[/TD]
[/TR]
[TR="class: clsBuilderDetailItem"]
[TD]2003*
[/TD]
[TD][/TD]
[TD][/TD]
[TD][/TD]
[TD]$0.00
[/TD]
[/TR]
[TR="class: clsTotals, bgcolor: #ededd5"]
[TD]TOTAL
[/TD]
[TD]627
[/TD]
[TD][/TD]
[TD][/TD]
[TD]$0.00
[/TD]
[/TR]
[/TABLE]

[/TD]
[/TR]
[TR]
[TD="colspan: 2"][/TD]
[/TR]
[TR]
[TD="colspan: 2"]Homes prior to the new Customer Service Standard (see Note)
[/TD]
[/TR]
[TR]
[TD="colspan: 2"][/TD]
[/TR]
[TR]
[TD="colspan: 2"][TABLE="width: 100%"]
[TR="bgcolor: #cccc99"]
[TD]Year
[/TD]
[TD]Number of Possessions [SUP]1[/SUP]
[/TD]
[TD]Number of Chargeable Conciliations [SUP]2[/SUP]
[/TD]
[TD]Homes with Claims [SUP]3[/SUP]
[/TD]
[TD]Dollars Paid In Claims [SUP]4[/SUP]
[/TD]
[/TR]
[TR="class: clsBuilderDetailItem"]
[TD]2011
[/TD]
[TD][/TD]
[TD][/TD]
[TD][/TD]
[TD]$0.00
[/TD]
[/TR]
[TR="class: clsBuilderDetailItem, bgcolor: #ededd5"]
[TD]2010
[/TD]
[TD][/TD]
[TD][/TD]
[TD][/TD]
[TD]$0.00
[/TD]
[/TR]
[TR="class: clsBuilderDetailItem"]
[TD]2009
[/TD]
[TD][/TD]
[TD][/TD]
[TD][/TD]
[TD]$0.00
[/TD]
[/TR]
[TR="class: clsBuilderDetailItem, bgcolor: #ededd5"]
[TD]2008
[/TD]
[TD][/TD]
[TD][/TD]
[TD][/TD]
[TD]$0.00
[/TD]
[/TR]
[TR="class: clsBuilderDetailItem"]
[TD]2007
[/TD]
[TD][/TD]
[TD][/TD]
[TD][/TD]
[TD]$0.00
[/TD]
[/TR]
[TR="class: clsBuilderDetailItem, bgcolor: #ededd5"]
[TD]2006
[/TD]
[TD][/TD]
[TD][/TD]
[TD][/TD]
[TD]$0.00
[/TD]
[/TR]
[TR="class: clsBuilderDetailItem"]
[TD]2005
[/TD]
[TD][/TD]
[TD][/TD]
[TD][/TD]
[TD]$0.00
[/TD]
[/TR]
[TR="class: clsBuilderDetailItem, bgcolor: #ededd5"]
[TD]2004
[/TD]
[TD][/TD]
[TD][/TD]
[TD][/TD]
[TD]$0.00
[/TD]
[/TR]
[TR="class: clsBuilderDetailItem"]
[TD]2003*
[/TD]
[TD][/TD]
[TD][/TD]
[TD][/TD]
[TD]$0.00
[/TD]
[/TR]
[TR="class: clsBuilderDetailItem, bgcolor: #ededd5"]
[TD]2002
[/TD]
[TD][/TD]
[TD][/TD]
[TD][/TD]
[TD]$0.00
[/TD]
[/TR]
[TR="class: clsBuilderDetailItem"]
[TD]2001
[/TD]
[TD][/TD]
[TD][/TD]
[TD][/TD]
[TD]$0.00
[/TD]
[/TR]
[TR="class: clsTotals, bgcolor: #ededd5"]
[TD]TOTAL
[/TD]
[TD][/TD]
[TD][/TD]
[TD][/TD]
[TD]$0.00
[/TD]
[/TR]
[/TABLE]

[/TD]
[/TR]
[/TABLE]
 
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klr_guy said:
Interesting link - thanks for posting.
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No problem!
ZX600 said:
Thank you Mystique, this is great. I will read these links for sure tomorrow when I am seating at the sleep clinic all day ...dam it

Not an inventory home...I had to look that up :)

Tribute in Brooklin Villages West..pretty good !
Click to expand...

Yup, Tribute has (at least in my mind) always been a good builder and are huge in Brooklin. Glad I could help. May I ask what bonus' or incentives they are offering?
 
ZX600 said:
5% interest?? I will be paying prime minus, you need to refinance you loan and get a better bank
Click to expand...

You'll notice he said average. Rates haven't always been as low as they are today.
 
Mystique said:
No problem!


Yup, Tribute has (at least in my mind) always been a good builder and are huge in Brooklin. Glad I could help. May I ask what bonus' or incentives they are offering?
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40k in upgrades, is that good?
 
40k is a **** load. Oak/maple staircase, taller uppers, 9'ft ceilings, 3 piece rough-in in basement, glass shower enclosure or door are some of those really great things you can get at their decor centre. Possibly with more left over for other things. I don't know the whole picture but it's probably best to review your floor plan and feature sheet carefully to find out what's standard. If you're handy you can save a lot of money doing the upgrades on your own like a kitchen backsplash. If you have family who are in the trades even better! Always do the upgrades with the builder that would be very difficult to do after you close.
 
Mystique said:
40k is a **** load. Oak/maple staircase, taller uppers, 9'ft ceilings, 3 piece rough-in in basement, glass shower enclosure or door are some of those really great things you can get at their decor centre. Possibly with more left over for other things. I don't know the whole picture but it's probably best to review your floor plan and feature sheet carefully to find out what's standard. If you're handy you can save a lot of money doing the upgrades on your own like a kitchen backsplash. If you have family who are in the trades even better! Always do the upgrades with the builder that would be very difficult to do after you close.
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its 40k because we are in a main street it's normally 20k. 9" ceilings is standard in all their homes (in that area at least) they also do full grass back and front yard plus threes in the front (we are in a corner lot).

We are using the 40k for all hardwood floors everywhere including bedrooms, matching hardwood staircase, upgraded kitchen cabinets for the 9" ceilings, upgrading the bathroom laminate, the shower comes glass already, upgraded kitchen counters and so far we were at 19k, I am pretty sure the basement has the 3 piece rough ins . Oh it comes with Gas fire place, coiffed ceilings trim arch ways, designer kitchen.

Sales lady recommended to spend the money on things that will be easy to do by the builder and impossible or hard to do once the house is build like you said, it makes sense to me. Any suggestions in upgrades? You seem to know your staff really well.
 
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ZX600,

If I may offer one piece of advice it would be to stay the hell away from cosmetic upgrades from the builder. Use all the "allowance" money on structural upgrades, and do hardwood, cabinet, granite etc. later at a fraction of the cost the builder would charge you for. I learned my lesson by letting the wife waste 60k on the first house. On the second house we got the builder to do 9ft ceilings on the second floor (1st floor was inc.), 9ft ceilings were not available for the basement on the second house (it was on the 1st one) , rounded corners throughout the house, and a full glass shower.

I got the builder to quote me on upgrades like hardwood, granite pot lights, iron picketes etc (which I didn't get) and so far I have quotes on all those things at 1/4 to 1/8 the price the builder gave me
 
ZX600 said:
5% interest?? I will be paying prime minus, you need to refinance you loan and get a better bank
Click to expand...

I said average. I remember when it was 10% 20 years ago.
Those re~fi penalties can be quite steep sometime.
 
W8INLINE said:
If I may offer one piece of advice it would be to stay the hell away from cosmetic upgrades from the builder. Use all the "allowance" money on structural upgrades, and do hardwood, cabinet, granite etc. later at a fraction of the cost the builder would charge you for. I learned my lesson by letting the wife waste 60k on the first house. On the second house we got the builder to do 9ft ceilings on the second floor (1st floor was inc.), 9ft ceilings were not available for the basement on the second house (it was on the 1st one) , rounded corners throughout the house, and a full glass shower.

I got the builder to quote me on upgrades like hardwood, granite pot lights, iron picketes etc (which I didn't get) and so far I have quotes on all those things at 1/4 to 1/8 the price the builder gave me
Click to expand...

THIS!

Get the hardwood yourself do structural upgrades to make the house stand out the most. That'll increase the resale value to the max.
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