Just how 'main', a street, is it? Don't mean to rain on your parade, but my earlier 'kids always on the street' comment doesn't extend to our 'main' street. It's like a ghost town of kid's activity.
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buying a house
- Thread starter ZX600
- Start date
Just how 'main', a street, is it? Don't mean to rain on your parade, but my earlier 'kids always on the street' comment doesn't extend to our 'main' street. It's like a ghost town of kid's activity.
its not a main main if that makes sense, but isn't one of the smaller secluded streets neither. We looked at what potentially could become in relation to what is been build around and we feel we are far away enough to be a quiet street. Trust me this was a point of a lot of discussion
also since we are in a corner, the street on the side of the house is a dead end so hardly any traffic going through.you guys are giving me a lot to think about in regards to the upgrades, we are going to have to rethink a few upgrades.
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its not a main main if that makes sense, but isn't one of the smaller secluded streets neither. We looked at what potentially could become in relation to what is been build around and we feel we are far away enough to be a quiet street. Trust me this was a point of a lot of discussion
you guys are giving me a lot to think about in regards to the upgrades, we are going to have to rethink a few upgrades.
Heated garage....i need to park some of my bikes over there during the winter time.
sorry, only 2010 and later models go in
sorry, only 2010 and later models go in
....
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+$14000 saved in rent = $20000 better off than renting.
Then again, you could just live under a bridge for free, then buying a house really starts to look like a bad investment I guess?
People really aren't thinking this through.
its not a main main if that makes sense, but isn't one of the smaller secluded streets neither. We looked at what potentially could become in relation to what is been build around and we feel we are far away enough to be a quiet street. Trust me this was a point of a lot of discussion
main main makes sense. I'm in an area where there's one main feeder street (Williamson http://maps.google.ca/maps?q=willia...369&sspn=33.258073,79.013672&vpsrc=6&t=m&z=16)onto a bunch of crescents. I'd never live on that main street compared to what I have.
Have fun with the upgrades.
that wasn't what I was getting at. Comments that a house had gone up $60000 in value in a few years weren't mentioning the other costs. That's all.
^ yep, I tried bringing that to light as well... I wasn't insulting link666 about his house and investment, I was merely pointing out the need for people to look at the actual math behind such a transaction.
If a person mortgaged $200k for a house and it increased in value by $150k in 72 months it sounds like an awesome investment return on a sale.
But the reality is that in that time period they also paid out $50k worth of interest and $11k worth of property taxes, $10-20k in realtor commission to sell, and upwards of another $10k in lawyers, fees, and land transfer taxes.
All of a sudden the 150k increase in value over 6 years is a gain of 'only' around $60-70k. That works out to $1k a month on the high end.
I can easily save more than $1000/month if I move out of my house into a decent rental, and I wouldn't be at the mercy of the real estate market any longer. Food for thought.
If a person mortgaged $200k for a house and it increased in value by $150k in 72 months it sounds like an awesome investment return on a sale.
But the reality is that in that time period they also paid out $50k worth of interest and $11k worth of property taxes, $10-20k in realtor commission to sell, and upwards of another $10k in lawyers, fees, and land transfer taxes.
All of a sudden the 150k increase in value over 6 years is a gain of 'only' around $60-70k. That works out to $1k a month on the high end.
I can easily save more than $1000/month if I move out of my house into a decent rental, and I wouldn't be at the mercy of the real estate market any longer. Food for thought.
FFS you have to live somewhere!!!
The reality is that renting costs more than an equivalent place to own, the main difference in the end is how much more equity you have when you sell the home than you do when you move out of your rental. Sure there are other factors and situations vary, but it's a perfectly valid way of looking at the benefit of home ownership.
The reality is that renting costs more than an equivalent place to own, the main difference in the end is how much more equity you have when you sell the home than you do when you move out of your rental. Sure there are other factors and situations vary, but it's a perfectly valid way of looking at the benefit of home ownership.
I didn't take it as an insult. I actually didn't know how to respond honestly. I didn't want to calculate the numbers at the time cuz I was tired and lazy lol
I believe opportunity cost should address this and not every value can be calculated monetarily. Let's say I do rent instead of own for the last six years I would have to pay base rent (which would increase every year). I have a dog and family that needs stability so I don't want to move. Renting places can become un-affordable easily when areas are in demand. I would definitely need a house to rent because of the big dog so that would already increase the size of area I need to rent. My dog is too hyper around people so I would need a sealed off fence area available to me at all times. For me it made more sense for security and peace of mind to own rather to rent. I know people who have been renting for the last couple of years and move quite often when they find cheaper places.
This reminds me of the owning versing leasing debate for cars lol.
All your points are valid and I agree 100%, it's why I own a house also. The stability is a big one.
My point was simply that there is a perfectly good financial argument for renting, too.
I disagree. If this were true, nobody would rent; we'd all be homeowners. If you don't have a sizeable downpayment, renting is absolutely cheaper.
People still use real estate agents? Wow. IMHO, one of the most overpaying jobs for doing so little.
In 8 years, I've flipped 3 houses privately. Only cost around $400 to list and this includes MLS listing, signs, and all the customer support you would ever need to list and sell your house privately.
Why people pay $10k-20k for an agent is beyond me.
Oh well, with the $15k I saved, guess I'll put it towards my new bike in the spring.
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I re-read a few of your comments about the house and picked up that you are buying a corner lot? did the sales agent mention anything about architectural controls that are required by the city/town for a corner lot? You should probably enquire about that. Again, I don't know if the house you are buying is specifically made for the lot or what the plan looks like, but I think if you are on a corner lot, they would at minimum want you to have stone skirting or some sort of skirting to decorate the side of the house that is facing the street? I'm not sure because I've only really ever dealt with this in Markham and Woodbridge developments.
As for upgrades, as others and your sales rep have mentioned, go for things you can't do or would be very difficult to complete after closing. Hardwood floors are a cinche to install with the right tools. Wood staircase is not. There are a lot of ideas and the list can go on. Would you be interested in sharing your floor plan for us to have a look and provide ideas?
As for upgrades, as others and your sales rep have mentioned, go for things you can't do or would be very difficult to complete after closing. Hardwood floors are a cinche to install with the right tools. Wood staircase is not. There are a lot of ideas and the list can go on. Would you be interested in sharing your floor plan for us to have a look and provide ideas?
my apologies, I'm at the sleep clinic with only my pad and its not possible to post the floor plan, here is the link for now. I will post the full plan once I get to a laptop.
http://tributecommunities.com/index.cgi?m=2128&d=floodplain
We chose the entire outside to be stone so their requirements for a corner lot won't be a problem. Also yes the model I chose is made for a corner lot as per your comment.
http://tributecommunities.com/index.cgi?m=2128&d=floodplain
We chose the entire outside to be stone so their requirements for a corner lot won't be a problem. Also yes the model I chose is made for a corner lot as per your comment.
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People still use real estate agents? Wow. IMHO, one of the most overpaying jobs for doing so little.
In 8 years, I've flipped 3 houses privately. Only cost around $400 to list and this includes MLS listing, signs, and all the customer support you would ever need to list and sell your house privately.
Why people pay $10k-20k for an agent is beyond me.
Oh well, with the $15k I saved, guess I'll put it towards my new bike in the spring.
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So all 3 buyers of your houses found them on MLS privately without a realtor? That's definitely good (and lucky) but the fact remains that most people still do use realtors and pay fat commission (I haven't). That's changing now though and hopefully the whole scam is just gonna be something we laugh about in the future.
And yeah definitely use that 15k to buy a new bike... maybe the Husqvarna Nuda? It's what your F800 should've been, remember?
You need money to make money. Not everyone can afford the initial expense of buying a home so they can't realize the savings potential of home ownership. That doesn't make renting cheaper, it just makes it easier to afford which is a different thing. Just like buying a car outright is cheaper than leasing, but according to you that can't be true or nobody would ever lease! Give your head a shake.
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