Buying A New House... Need Some Advice, Please!

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crankcall said:
It would be interesting to know , sure stats are somewhere, how many people commute 30-60-90 mins to work. I did 40 mins at one point, never again if I can help it and that was from the country into city. Knowing what I know now , I'd never commute more than 30 mins, life is too short. (current commute is 44ft from kitchen to my office) , I'm not convinced buying a house for X dollars less and burning out a car every 4 yrs and living in traffic is any deal at all.
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I hate you, I go from Brooklin to Yonge and Eglinton every day. 1.15 hrs in a good day :(
 
Very interesting thread. Would the following scenario make financial sense?

Say you buy a decent/cheap home with finished basement with good downpayment. You want to make sure your mortgage+property tax+home insurance equals to or at least close to what your basement renter pays. That way you live for free or pay little. Yay or Nay?
 
black_CG2 said:
Very interesting thread. Would the following scenario make financial sense?

Say you buy a decent/cheap home with finished basement with good downpayment. You want to make sure your mortgage+property tax+home insurance equals to or at least close to what your basement renter pays. That way you live for free or pay little. Yay or Nay?
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Makes great sense, only question is who's gonna pay 2 grand + to rent a basement? lol
 
black_CG2 said:
Very interesting thread. Would the following scenario make financial sense?

Say you buy a decent/cheap home with finished basement with good downpayment. You want to make sure your mortgage+property tax+home insurance equals to or at least close to what your basement renter pays. That way you live for free or pay little. Yay or Nay?
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It would make financial sense to a true capitalist.
 
A friend bought a house but he lives with his parents. Rented both levels of his house. He seems happy, says thats his retirement investment.
 
black_CG2 said:
A friend bought a house but he lives with his parents. Rented both levels of his house. He seems happy, says thats his retirement investment.
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People do stuff like that all the time. Other people pay rent and ride expensive motorcycles (new every 2 years) and live in debt forever. Takes all kinds.
 
inreb said:
People do stuff like that all the time. Other people pay rent and ride expensive motorcycles (new every 2 years) and live in debt forever. Takes all kinds.
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Hahaha
Here comes the argument of how rent is a waste of money again, but property taxes and interest are somehow overlooked
 
black_CG2 said:
A friend bought a house but he lives with his parents. Rented both levels of his house. He seems happy, says thats his retirement investment.
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Sounds good other than the whole still living with your parents thing lol.

I don't know where your looking at "cheap houses" but property tax in my area is between $3500-$4000 a year. We pay $340 a month in tax alone, then ins/mortgage. You'll need a hefty down payment to keep the expenses low enough for a renter to cover them especially if they are in the basement.
 
dricked said:
Sounds good other than the whole still living with your parents thing lol.

I don't know where your looking at "cheap houses" but property tax in my area is between $3500-$4000 a year. We pay $340 a month in tax alone, then ins/mortgage. You'll need a hefty down payment to keep the expenses low enough for a renter to cover them especially if they are in the basement.
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Dont forget maintenance. That roof aint gonna last forever, same as the ac unit, furnace, driveway, water heater etc
 
Clearly, I need to do a lot more research and homework. This is a great thread. It shows both pros and cons of renting vs owning.
 
black_CG2 said:
Very interesting thread. Would the following scenario make financial sense?

Say you buy a decent/cheap home with finished basement with good downpayment. You want to make sure your mortgage+property tax+home insurance equals to or at least close to what your basement renter pays. That way you live for free or pay little. Yay or Nay?
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just hope you don't get this guy as your renter...
pacific_heights_1990_685x385.jpg


Pacific Heights, circa 1990
- Melanie Griffith
- Michael Keaton
- Matthew Modine

http://en.wikipedia.org/wiki/Pacific_Heights_(film)
 
Paul1000RR said:
Dont forget maintenance. That roof aint gonna last forever, same as the ac unit, furnace, driveway, water heater etc
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Ugh ya that too. I need a driveway, kitchen, 4 windows and that's not the wants.

Instead I built a race bike. I have my priorities straight.
 
Paul1000RR said:
Hahaha
Here comes the argument of how rent is a waste of money again, but property taxes and interest are somehow overlooked
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Your position is well documented. I'm an old guy compared to you. In my social circle all the guys that never bought in wear a kind of panicky look. Or defeated, hard to tell apart sometimes. Can I send them to you? Not to sound like a complete ****en dick but in my hood houses are going up $1000 month. That'll soften the blow.
 
inreb said:
Your position is well documented. I'm an old guy compared to you. In my social circle all the guys that never bought in wear a kind of panicky look. Or defeated, hard to tell apart sometimes. Can I send them to you? Not to sound like a complete ****en dick but in my hood houses are going up $1000 month. That'll soften the blow.
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Why even work?
Just buy three houses and you're set for life...
 
Paul1000RR said:
Why even work?
Just buy three houses and you're set for life...
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LOL, that IS work. If it were easy women and children would be doing it. People do tho, not for me thanks. I don't need to be a "success" in the traditional sense. I have my humble domicile, shop, a semblance of freedom and atm 3 bikes insured. I am caught up on todays project, heading out for a ride. I think Paris and along the Grand River for a spell. Coffee too. Holy crap I sound like CrankCall.
 
inreb said:
LOL, that IS work. If it were easy women and children would be doing it. People do tho, not for me thanks. I don't need to be a "success" in the traditional sense. I have my humble domicile, shop, a semblance of freedom and atm 3 bikes insured. I am caught up on todays project, heading out for a ride. I think Paris and along the Grand River for a spell. Coffee too. Holy crap I sound like CrankCall.
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Check the weather and find WiFi and you sound like someone else....
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