COVID and the housing market | Page 40 | GTAMotorcycle.com

COVID and the housing market

bigpoppa said:
arent they also almost completely worthless to a judge?
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The phrase "Keep them in a lifestyle to which they have become accustomed." is the killer.

The typical story, rich guy picks up a babe flipping burgers and after a number of years he sees a new burger chick. He can't say "You were existing on a burger flipper salary before we met so go back to it"

As I understand it, Trump's prenup to Marla Maples was, if they broke up she got $XX per year for putting up with him. After X years the rate went up substantially and that was when he dumped her as he saw her as a bad investment. I wonder what kind of deal the present Mrs. T inked. If DT reneged, she could make a fortune on a book deal, millions up front plus royalties.

Unequal marriages have serious problems if things don't work out.

My wife was talking to a widow she knew and she said if she remarried he would have to have at least what she had. Guys can be gold diggers too.

I would like to know more about trusts as they are not as easy to access as cash in the bank.
 
Tough call. As my Squeeze reminds me my folks gave us money w/o strings. There are ways to lock/control the cash with a loan or mortgage agreement but it then sends the message that you don't trust the spouse. Is that the best way to start off?
 
timtune said:
Tough call. As my Squeeze reminds me my folks gave us money w/o strings. There are ways to lock/control the cash with a loan or mortgage agreement but it then sends the message that you don't trust the spouse. Is that the best way to start off?
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You can frame it differently. Inheritance can survive marriage if it isn't comingled. You might be able to give the money as an advance on inheritance to keep it separate on paper. The agreement is between you and your kid. A good accountant should have some ideas.
 
Rumor has it that Mrs T didn't move into the WH until Donny cut Baron in for the same percentage as his other kids. She's maybe not as dumb as you think. It wouldn't look good for the first lady not to live in the WH with the prez. She pretty much had his junk in the vice.
 
probably too long and not orange enough to be don's unit
 
Good point GG but at this time I don't know what he brings to the table. It may be a moot point if his folks can shell out too.
 
Once money is given for any reason including inheritance that money is someone else's. The entire idea of strings attached is foolish, wrong and with few exceptions (and there are some) unenforceable legally. People get all silly with their money, even when it is no longer their money.

If that person (recipient) has decided to be married to a gold digger (male or female version) than that is their decision to do with that money....even if they do not realize it, they made it. Friends have gone through all this on both sides. Want to control the money than keep the money until you die and then have it burned.
 
bigpoppa said:
arent they also almost completely worthless to a judge?
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a prenup can be written to be quite solid in Ontario, but there has to be enough money to make all the nonsense worthwhile. Ontario is pretty clear about you have xx, she gets xx , and you make xx so she gets xx. It can be renegoiated if for example you flew a 777 and made 300k , now you cannot do that.

Too many in my mind think their 'estate' is like the Royal Family and just make it hard for survivors. Creating an enduring trust so you will be remembered in perpetuity when your net worth is under 10 mil is just stupid.

My FIL would put nothing in writing in his will besides ' split 3 ways' and 1 executor, 3 kids. His favorite statement was ' I going to look down from above and watch you kids fight over my money ' . I used to tell him you mean ' look up from below' doofus. Nobody fought because there wasn't actually enough to get bent over .
 
timtune said:
Tough call. As my Squeeze reminds me my folks gave us money w/o strings. There are ways to lock/control the cash with a loan or mortgage agreement but it then sends the message that you don't trust the spouse. Is that the best way to start off?
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Tough call, doubt at the starting line.

However if you plan on having kids the reason could / should be: If something happens the assets are for OUR kids. People are more likely to go through a divorce than die of Covid so why not get a legal vaccination for the marriage so that if anything goes wrong we know the kids will have a better chance down the road, our kids, not some lawyer's kids.

The marriage paper work package should include a will, POA finances, POA health and Prenup.

If you're both starting out with nothing the prenup is less important but a marriage later in life can be a nightmare, particularly if there is asset inequality.

A buddy lost his wife when he was late fifties and was chased by a divorcee 15 years younger. She had two kids. He was financially stable, good job, house, cottage and no debt. He cleaned up OK as well.

After a year or so it came out that she didn't like the cottage so her suggestion was give it to his son to buy him off. She sells her modest house and he sells his bigger one and they put the money towards a really nice one, putting it in her name.

Part 2: If you look after someone else's kids, treating them like they are your own, you can BE held fiducially responsible for them for life if you break up.

He wisely showed her the door, politely not letting it slap her in the rear as she left.
 
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backmarkerducati said:
Once money is given for any reason including inheritance that money is someone else's. The entire idea of strings attached is foolish, wrong and with few exceptions (and there are some) unenforceable legally. People get all silly with their money, even when it is no longer their money.

If that person (recipient) has decided to be married to a gold digger (male or female version) than that is their decision to do with that money....even if they do not realize it, they made it. Friends have gone through all this on both sides. Want to control the money than keep the money until you die and then have it burned.
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A nephew inherited part ownership in a hunting camp, sharing it with a step brother he didn't get along with. Neither were into hunting either, so basically a white elephant except for the property value. Last I heard the step brother was plowing snow with his nose.

Advice from my lawyer "Don't try to rule from the grave". Ruling by "I'll cut you off if you don't......." isn't much better, maybe worse. I understand special needs = special consideration in wills and support.

The only prerequisite that would make sense would be the recipient passing a course in compound interest and how it builds or destroys wealth. If the recipient screws up later, you tried.
 
Back to the topic, how much does it cost to build a house?

1) 1200 SF, 3 bedroom bungalow on a serviced lot, laminate countertops, Home Depot flooring, finishes and fixtures. 1-1/2 baths, 2 car garage

2) 2400 SF two story similar to the above but 4 bedrooms, 2 1/2 baths

IMO the GTA isn't expensive to build, it's the land cost, over a million in the suburbs double or triple in the core. Due to volume the GTA could be cheaper as building way out in the boonies would likely be custom.

The last number I heard was $300 / SF. Lumber went nuts with Covid so ????
 
nobbie48 said:
Back to the topic, how much does it cost to build a house?

1) 1200 SF, 3 bedroom bungalow on a serviced lot, laminate countertops, Home Depot flooring, finishes and fixtures. 1-1/2 baths, 2 car garage

2) 2400 SF two story similar to the above but 4 bedrooms, 2 1/2 baths

IMO the GTA isn't expensive to build, it's the land cost, over a million in the suburbs double or triple in the core. Due to volume the GTA could be cheaper as building way out in the boonies would likely be custom.

The last number I heard was $300 / SF. Lumber went nuts with Covid so ????
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Building individual houses in the city/suburbs is expensive as you are constantly fighting space limitations. On a country house you have lots of room to stage material, room for workers to park, easy access to most sides of the house for deliveries etc. You also have the opportunity to build a detached garage first to use as an indoor storage/prefab shop. Also more likely to get away with siding. Siding in most subdivisions is frowned upon/banned by municipality.

I would also be interested in the answer to your questions. Our house was built in 2006 and was ~$80/sq ft plus the lot (no idea how they did that, seems way too low to me). Similar empty lots on a current similar development are three to four times the price for the land. A house in the new subdivision is on the market now for $750/sq ft (plus the land, $950/sq ft all in).

For me to build a deck I was happy with (prior to covid) was $50/sq ft in material using pressure treated. Yes, it had lights and a roof over part of it and a shade sail and receptacles so it could have been much cheaper without all of that but I loved it.

My brother recently got a ballpark price for a 1400 sq ft house at 650K to constuct (pushing $500/sq ft). He was told that two years ago, the price would have been ~250-300K for the same building.

@Hardwrkr13 has recent experience with paying for a house to be constructed. Presumably his prices were locked in pre-covid and I don't know if he is comfortable discussing $/sq ft publicly.
 
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nobbie48 said:
Back to the topic, how much does it cost to build a house?

1) 1200 SF, 3 bedroom bungalow on a serviced lot, laminate countertops, Home Depot flooring, finishes and fixtures. 1-1/2 baths, 2 car garage

2) 2400 SF two story similar to the above but 4 bedrooms, 2 1/2 baths

IMO the GTA isn't expensive to build, it's the land cost, over a million in the suburbs double or triple in the core. Due to volume the GTA could be cheaper as building way out in the boonies would likely be custom.

The last number I heard was $300 / SF. Lumber went nuts with Covid so ????
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good question. From what I’ve read the real difference in build price is the end finished. That’s where the really high numbers creep up.

If you’re modest it’s actually not too bad.

Id love to add another level, or even extend the house backwards a few metres for some additional space.

Im scared to even look into pricing. I expect half a mill easy. All I need is for them to do the framing and exterior. I can deal with the rest.

EDIT: I remember years ago I considered adding a story to our unit and I posted here. There was a prefab company that was recommended to us.
50k just to check that the soil could take it.
 
Our build, that finished in December 20, we finished at $200sq.ft before extras (pot lights, fancy mantle, etc) with medium grade fixtures (Moen faucets throughout, the nicest cheap vinyl flooring and carpet throughout, custom kitchen and vanities but at a mid-grade level). Country house so I have left out the cost of a well and land cost. We did not have any expensive utility hookups and that price is with a gravel driveway. We built a 2700ft bungalow with a 1400ft attached garage. A similar sized 2-story was only about $10,000 less expensive when we priced it out.
It was another $70,000 to finish our basement, and we had another $100,000 in extras such as pot lights, wooden beam/accents, heat pump additional to furnace, detached 20x20 garage with hydro, etc.
Average price through builders was $200-250 when we priced it out in ‘19.
 
Hardwrkr13 said:
Our build, that finished in December 20, we finished at $200sq.ft before extras (pot lights, fancy mantle, etc) with medium grade fixtures (Moen faucets throughout, the nicest cheap vinyl flooring and carpet throughout, custom kitchen and vanities but at a mid-grade level). Country house so I have left out the cost of a well and land cost. We did not have any expensive utility hookups and that price is with a gravel driveway. We built a 2700ft bungalow with a 1400ft attached garage. A similar sized 2-story was only about $10,000 less expensive when we priced it out.
It was another $70,000 to finish our basement, and we had another $100,000 in extras such as pot lights, wooden beam/accents, heat pump additional to furnace, detached 20x20 garage with hydro, etc.
Average price through builders was $200-250 when we priced it out in ‘19.
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Smart. Get the bones right and upgrade finishes later if desired. Very few people can do that, they want everything now (and have the interest payments to prove it).
 
GreyGhost said:
Smart. Get the bones right and upgrade finishes later if desired. Very few people can do that, they want everything now (and have the interest payments to prove it).
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We were fine to sacrifice some wow-factor in areas to get a larger sized home. Plus we’re building a family home so better to do this instead of worrying about kiddies wrecking your $75,000 kitchen or dog nails marking your hardwood.
 
george__ said:
^
$75k Kitchen

How?
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That isn't even close to the top. The details can add up to make your head spin. Ten years ago, my bosses neighbours house sold and in week one, the entire kitchen was at the curb. It was 150K to put in the year before they bought the house. Some of it is size (both sq ft and high ceilings) but a lot is the fiddly details like complicated crown installed on cabinets, multi-layer finishes (remember the aged white look that was popular a few years ago?), etc. Fancy appliances can quickly get well up into five figures. Start bringing in fancy stone and watch the cost spiral. I've been in some kitchens where the backplash is stone slabs (8'x4' pieces covering the wall).
 
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