some times leasing is cheaper when you have the ability to write off the costs
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buying a house
- Thread starter ZX600
- Start date
some times leasing is cheaper when you have the ability to write off the costs
and every single rent payment you make, is gone, neve to be seen again. whereas every mortgage payment you make, is putting more money in your pocket when you decide to sell.
leasing and renting ( unless you're a business owner ) is for fools
millions of people thought that way in the USA and parts of Canada like Windsor that wish they didn't. Let's hope it doesn't spread to the GTA.
Your tax and interest payments are also gone.
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So are blanket statements.
I don't regret buying a house for one second. It costs me barely more than I was renting. And forget about appreciation and that crap. Just think of the fact that no one can tell you what do when to move out etc etc. Owning a house is for badasses.
And that makes me one bad *** mother****er
And that makes me one bad *** mother****er
You think rent doesn't cover the owner's tax bill and interest payments? Come on people!
But can you really live in a piece of paper worth x amount of dollars?
Real estate values will continue to appreciate? Know why? Because they aren't making land any more. We're stuck with what we got, and its going fast.
A house is a great investment, as you actually get to USE it while it appreciates.
I've always said renting/leasing is for people with too much money, or no money at all.
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?
Actually, 2 buyers located the house through the private website (www.comfree.com) and the other couple found it through MLS.
Real estate people are going to take a big hit as the private market takes off. Except for a few case, there really is no need for these people anymore, as in the past. The private websites provide all the support you need, and all you need is your lawyer to draft and approve the final sales contract. Easy peasy.
Oh, and with the money I saved? I'm putting that into the pot Im saving, to get my wife a new Acura MDX.
The Husky Nuda?? Pffffffft. The F800 is an exceptional street bike (I upgraded the suspension to Ohlins.
). I'm actually hankering for a sportbike for the track next spring..
if you are getting your wife a new Mazda mdx, you dam right get yourself a track bike dam it., and with the money I saved? I'm putting that into the pot Im saving, to get my wife a new Acura MDX.
The Husky Nuda?? Pffffffft. The F800 is an exceptional street bike (I upgraded the suspension to Ohlins.
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"Cheaper" only has one definition. If you don't have 30+ percent downpayment in cash to buy a property, then renting is generally cheaper; aka more affordable. You guys are making some ridiculously stupid statements in this debate. Owning isn't always the right answer nor is it always the smartest investment. This is completely dependent on the size of one's downpayment. 15%? :lol: please...
Property taxes, gone. Interest, gone. Maintenance fees, gone. Lawyer fees, gone. Land transfer taxes, gone.
Once again, this totally depends on the owners position and mortgage. If its a paid off property then yes of course its all covered. On the flipside if its a new owner who only had a small downpayment to put on the rental property then no, absolutely no, the rent they take doesn't cover all their bills. This isn't exactly a hard one to crack, there are plenty of listings in the MLS of properties both for rent and for sale; grab a calculator and do some math. You have to have a sizeable chunk of cash to put down if you want your renters to cover all your expenses.
Get pearl paint and solid gold window trim.
I also got this goodess Greek statue that I am placing in the front yard
Please stop trying to be controlling, let the people speak
Acura not Mazda lol, hey sunny pm me if you go shopping for a mdx.
Renting vs buying
Lot of variables in play that have to be taken into account.
I used to be a home owner and now I am a renter so ill give you my perspective.
With the current CMHC setup, 5% down mortgages, its a lot of risk to be a buyer right now, if the govt at any point, changes that to say 10% down or restricts the ARM to 25 years or places a cap on price of properties they will insure, its game over for those that purcahsed with 5% down.
In Canada, except Alberta we have recourse mortgages, which means that if you sell the house for less then whats owing on it, you still owe the bank the difference-- only way out is bankcrupt claim.
With current set up in CMHC fees, realtor fees, land transfer tax, moving costs, IRD (interest rate differenical) or early mortgage break penalty etc.. you are looking at having the house appreciate at least 10% from purchase price to break even.
Its a lot of risk to be buying right now-- only upside is either price appreciation (pure speculation) or your buying for a long term view so any price flucations will not affect you
having a mortgage is the same as renting, except the bank is your landlord.
If you are secure in your job and know that you are going to live in the same place for the next 15-20 years, buying makes sense.
Lot of variables in play that have to be taken into account.
I used to be a home owner and now I am a renter so ill give you my perspective.
With the current CMHC setup, 5% down mortgages, its a lot of risk to be a buyer right now, if the govt at any point, changes that to say 10% down or restricts the ARM to 25 years or places a cap on price of properties they will insure, its game over for those that purcahsed with 5% down.
In Canada, except Alberta we have recourse mortgages, which means that if you sell the house for less then whats owing on it, you still owe the bank the difference-- only way out is bankcrupt claim.
With current set up in CMHC fees, realtor fees, land transfer tax, moving costs, IRD (interest rate differenical) or early mortgage break penalty etc.. you are looking at having the house appreciate at least 10% from purchase price to break even.
Its a lot of risk to be buying right now-- only upside is either price appreciation (pure speculation) or your buying for a long term view so any price flucations will not affect you
having a mortgage is the same as renting, except the bank is your landlord.
If you are secure in your job and know that you are going to live in the same place for the next 15-20 years, buying makes sense.
How much does the property value have to increase on your rental before you break even?
With a mortgage you are building equity for yourself instead of lining your landlords pockets.
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LOL
man, Real estate owners are like gold bugs, its hard to be objective when your entire net worth is invested into that one asset
In Toronto, right now, its almost impossible to be cash flow posistive on a rental condo or even apt building, thats with prices at all time highs and mortgage rates at all time lows.
Im not knocking ownership, been there, done that, made a nice profit, but at this point in my life, homeownership is too much of an anchor.
Renting on a monthly basis for me, actually saves me $200-$300 a month, as I would have to pay $200-300 more a month to own the same place for what I currently rent it for-- and thats if i put down 10% on what it would sell for. So in a year, I save $2400-$3600 a year by renting.
No headaches, easy money.
Nonsense, there are a lot of landlords with negative cash flow right now in Toronto, more so in the condo market. How long have you guys owned homes for? Has anyone look at the ARM chart too see how much equity you actually own in 5 years?
Like i said, im not knocking home ownership, i just think too many people are buying right now because of the assumed price appreciation and not fundamentals.
personally, i think you dont have 15% down, you have no business buying homes and the govt has no business insuring mortgages.
Most of you guys probely dont have any close friends in the US, i have family and friends and to actually watch and know personal stories of what happened to their housing market, all i can say is wow.
man, Real estate owners are like gold bugs, its hard to be objective when your entire net worth is invested into that one asset
In Toronto, right now, its almost impossible to be cash flow posistive on a rental condo or even apt building, thats with prices at all time highs and mortgage rates at all time lows.
Im not knocking ownership, been there, done that, made a nice profit, but at this point in my life, homeownership is too much of an anchor.
Renting on a monthly basis for me, actually saves me $200-$300 a month, as I would have to pay $200-300 more a month to own the same place for what I currently rent it for-- and thats if i put down 10% on what it would sell for. So in a year, I save $2400-$3600 a year by renting.
No headaches, easy money.
Nonsense, there are a lot of landlords with negative cash flow right now in Toronto, more so in the condo market. How long have you guys owned homes for? Has anyone look at the ARM chart too see how much equity you actually own in 5 years?
Like i said, im not knocking home ownership, i just think too many people are buying right now because of the assumed price appreciation and not fundamentals.
personally, i think you dont have 15% down, you have no business buying homes and the govt has no business insuring mortgages.
Most of you guys probely dont have any close friends in the US, i have family and friends and to actually watch and know personal stories of what happened to their housing market, all i can say is wow.
Who cares about 4 bedrooms. You're gonna need a garage you can grow into, with room for 12 bikes and 2 cages.
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