Why are you comparing renting to an owning an investment property? That has nothing to do with this discussion.
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buying a house
- Thread starter ZX600
- Start date
Why are you comparing renting to an owning an investment property? That has nothing to do with this discussion.
P, Cam and I drove out to Brooklin last month....we were looking at the new development in Seaton and saw signs for Brooklin Village. Unfortunately, we didn't realize how far east it was! Would be over 1.5hr each way for us and we wouldn't be able to deal with that for the next few years while we wait for the expansion. But once they complete the 407 AND Hwy 7 construction, I would be surprised if the house prices DIDN'T go up fast other there.
Sorry, not much help with your original question but I have heard good things about Tribute. We saw Zancor's Brooklin Forest and also Melody Homes. The latter was very mom-and-pop shop but priced REALLY well.
Very excited for ya!
Sorry, not much help with your original question but I have heard good things about Tribute. We saw Zancor's Brooklin Forest and also Melody Homes. The latter was very mom-and-pop shop but priced REALLY well.
Very excited for ya!
so have you guys found an area? Thats too bad, I would love to have my kids growing with yours, there is still a lot available across us;-), we can have pocket bike races lol. The 407 is supposed to be ready by 1213, if you move next year it is only one year you would be without it. I hope you guys reconsider, at least go see the model homes and the sales office.... Or change jobs lolP, Cam and I drove out to Brooklin last month....we were looking at the new development in Seaton and saw signs for Brooklin Village. Unfortunately, we didn't realize how far east it was! Would be over 1.5hr each way for us and we wouldn't be able to deal with that for the next few years while we wait for the expansion. But once they complete the 407 AND Hwy 7 construction, I would be surprised if the house prices DIDN'T go up fast other there.
Sorry, not much help with your original question but I have heard good things about Tribute. We saw Zancor's Brooklin Forest and also Melody Homes. The latter was very mom-and-pop shop but priced REALLY well.
Very excited for ya!
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It's a very nice floor plan.
Here are some things I would recommend you ask for pricing:
1. 3 piece rough-in in basement (if not included - I would write this into the offer)
2. I noticed that your garage door are two separate garage doors. If you want a single garage door, you should ask them how much it would cost to change it over to a single door garage door
3. Are garage door openers included in the price?
4. How much it would cost to install the door from the garage to the house. Also ask them for a grading/site plan of your house to see how many risers there are going to your house. (ask for this to be included in the agreement as some builders charge for this)
5. It looks like your master ensuite includes a door, ask if this is standard. I've seen building draw a door to the master ensuite shower door and they close the house with a curtain rod. (if the door is not included in the plan ask for it to be included in the agreement)
6. Ask how much it is to sound proof the master bedroom and home office (batt insulation?)
7. Double french doors for the home office
8. will there be a guard around the laundry facilities?
9. If you have extra change and interested, ask how much it is to close off the great room if you are interested in creating an additional bedrom.
10. Pantry: ask how much to extend the pantry depth. It looks like it's 12" at the moment. Not sure if you need more space, but I guess it's a good idea to ask.
11. Ask to see what their standard column looks like.
What I generally recommend for upgrades is the most you should be investing in upgrades should be the equivalent of 10% of the purchase price. Why? Usually because after that when people try to put their house on the market the upgrades don't count for much. Good luck with the purchase!
thank you so much, most of those things were things I just assumed were part of the deal and now I know I need to ask.
it is done, as of this afternoon I have made the purchase.
thank you everyone for your input but please keep on going with ideas for upgrades or things I should be aware if you have any
Congrats - I hope the build goes as smoothly as possible.
thanks, so do I. Once in a while i'll update this thread over the next year until I move in.
in terms of mortgage i'm getting 8 years off my mortgage by paying weekly, it would be 7 with biweekly but i figure the 8000 dollars is better in my pocket than theirs.
+1 a lot of people don't pay weekly or bi-weekly when they really should. A little bit of budgeting in the month can let them do this easily. It saves them a lot of money!
the way i see it i have to pay the same amount whether they take it in 4 pieces or one piece. i get paid biweekly but i can control what comes out (the only other preauthorized payment is my internet and it is a static amount).
It's good to have a few K lying around as backup just incase if something happens or some emergency spending arises. We're taught that 5% of income should be saved in savings account as saving which can be used for emergencies. By saving that money lets say one month you have something big come up that you need to spend $2k on. You can do that and then over the next 2-3 months you can try put that savings upto 5%.
That's the beauty of rentals, you don't give a damn about property value. You shove the monthly savings into your bank account and you invest the money you would've put as a downpayment. Ingenious eh?
The real question is how much downpayment do you need to put on your property in order for it to actually be more affordable than a rental. And in the current housing market, in my opinion that answer is 25% or more. You got $125,000 cash to put down on a half mil house? Got $50,000 to put down on a $200,000 condo? Not many do.
There's no point arguing this in today's market. There are some pretty clear advantages to renting. It's not for everybody, but it's definitely also not as clear cut as some of you seem to think. 10 years ago it might've been plainly stupid to rent, because you could get a mortgage for 35 years with next to nothing down, and you'd know for a fact that your property would skyrocket in value year over year. Nowadays? Not a chance.
when we bought our house the mortgage payment on a 25 year loan with 5% down was less than what we were paying in rent for a 4th floor walk up with 1/3 the space. yes heat and hydro was a little more expensive and if something broke we had to fix it. about 6 years in the mortgage payments started paying for more of the debt and less of the intrest. now i am out in the middle of no where, but to some people that's a good thing.
Yep, we just bought in Stouffville! It was a resale but less than a year old- we're moving at the end of Oct. We won't be that far away...plus, we've got roundabouts in our area. Perfect mini-tracks.
It'll be nice to ride out via the sideroads on the weekends instead of the DVP. Cam's already scoping out which fields our future kids can ride their PW50's on. Lol. Love the floor plan of your new place. Congrats!! Man, check out that closet space. Dayyyumm. BTW, gonna PM you a site
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Yea, I made sure to get a big closet because I will be sleeping on it when i misbehaveYep, we just bought in Stouffville! It was a resale but less than a year old- we're moving at the end of Oct. We won't be that far away...plus, we've got roundabouts in our area. Perfect mini-tracks.
Love the floor plan of your new place. Congrats!! Man, check out that closet space. Dayyyumm. BTW, gonna PM you a site
Actually the layout of what we end up getting is a bit different - There is no opening to the bottom floor greeting room, meaning that the bedrooms are bigger and the closet is actually split, one side for her and the other side for me, just more actual living space on the bedrooms, bathrooms and closets.
We also got stone instead of brick, looks so much nicer and the lot is 3200 instead of 2900 Square Feet.
Congrats on your purchase, happy for you guys.
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So basically you're comparing apples to watermelons?
If I'm comparing the costs of rental vs owning, I'm looking at the same kind of property at the same location.
So I've started my hunt for a new home. I'm looking to purchase within the next 1.5 years. The GF and I are considering areas like Etobicoke, Mississauga and Milton. She works in Mississauga near Hurontario and Eglinton. I'm currently at Bayview and Lawrence, but that will change by the time we're ready to buy. We currently live with our parents in Brampton, both having lived here for almost 2 decades. We don't want to live in Brampton anymore if we can help it. We'd like to minimize our commute times, and keep our budget to $400k.
I'm thinking that it would be best to look for an older home. But neither of us has any clue of where to start. Can someone provide links to websites that we can start doing our research? I figure things will change in 1.5 years time, but I like to have as much info and research in my arsenal.
I'm thinking that it would be best to look for an older home. But neither of us has any clue of where to start. Can someone provide links to websites that we can start doing our research? I figure things will change in 1.5 years time, but I like to have as much info and research in my arsenal.
I would recommend find an area you like and go see the showrooms and sales offices, that how we found ours. For 400k I would say Milton, I don't know where you will find a home in Mississauga for that price or even etobicoke. Milton is mostly Madami homes and they specialty is big backyards if that is the thing you are into.
Sorry not much help in how to find it, we just drove around on weekends and visited tons of places and sales offices until we found what we liked.
if you are looking for next year, if you are buying new then you should start looking now.
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