COVID and the housing market | Page 50 | GTAMotorcycle.com

COVID and the housing market

油井緋色 said:
Nothing has changed lol



Ultimately depends on your situation. I can't stand my parents so it's my primary residence. Fiancee got exiled from her family, So by default, we need a home.

On the other hand, I've got a gen z friend who lives with his folks, bought his condo, and is going to rent it out after the cool down period. His relation with his parents are great, and he's financially responsible (aka. he can live at home, not pay rent, and actually save the money to invest instead buying stupid ****.)

The third scenario I can think of is where you buy a house and rent out the basement or something. Don't know anyone doing that though.

My personal opinion from reading your stuff here, you should make it your primary residence. Front load the suffering because back loading will result in exponential suffering. You'll have to make scarifices to make it work. But I also don't believe anyone should listen to others on these kind of massive life choices, so do whatever lol
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My kid would be out if he had his own place immediately.

Sent from my chesterfield using my thumbs
 
Scuba Steve said:
My kid would be out if he had his own place immediately.

Sent from my chesterfield using my thumbs
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I'm not surprised. It's a cultural thing. All my white buddies had their parents boot 'em out at 18; forced to buy property/rent lol. All of my Asian buddies, including myself, moved out far later; many had property prior to moving out for a while.

Results didn't differ much.
 
油井緋色 said:
I'm not surprised. It's a cultural thing. All my white buddies had their parents boot 'em out at 18; forced to buy property/rent lol. All of my Asian buddies, including myself, moved out far later; many had property prior to moving out for a while.

Results didn't differ much.
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My daughter went to high school with Chinese kids that "Owned" their own houses (Tax free cap gain, that changed in 2016).

What bugs me is the "Culture" that divides families. I knew a few three generation homes and the plusses were fantastic.

Granny wasn't in a cell at many thousands per month. She had meaning in her life, cook, clean, shop, watch the kids etc. That was a generation ago and maybe grannies or grandfathers don't want the work. Grannies just wanna have fun.

Both parents work = $$$

Kids are taught respect or it's just an understood thing, rare today. Maybe that's the weak spot. Not all grannies are open minded enough to be family support. My wife and I agree that neither of our mothers had the blend in attitude needed.

I would have issues if my daughter moved back in. That said, if she hadn't moved out it wouldn't be as bad as existing lifestyles would have continued.

I don't see a problem with adult children living at home as long as they're going to school or working. They should do some work. My 65 year old uncle died of a heart attack mowing the lawn while his 38 year old son was watching TV. A neighbour had to call, "Your dad is lying under the tree on the front lawn." Duh!

Long term economics could be interesting, particularly with more than one kid. As kids move out and buy their own places more dynasty value is sheltered from the tax man. Put that against a large multi family home / complex (Apartment building?). As kids marry the brothers-in-law and sisters-in-law have to harmonize as well.
 
Evoex said:
I remember my mom giving me a lot lot of grief around 17 years old.
“You’re always playing video games, go do something.”

my response

“mom, I don’t do drugs or alcohol and you know where I am every Friday night, what’s the issue?”

she never brought it up again.
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Lol when we were 17 we did drugs and drank our parents liquor while playing video games. We would backfill their liquor bottles with water and think they would never know... playing streetfighter!
 
GreyGhost said:
I like the live in the basement, rent the main floor concept.
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Our first tenant did this with great success. He saved up for a down payment and bought a nice house in Leslieville. Paid an extra $15k to have the basement finished and he moved into there. Rented out the main and upper floors for more money than his mortgage, while still bringing home $100k/year from his job.

He is young and single and will have his house paid off quickly.

My brother also bought his first house and immediately finished the basement. Has had the same tenant living in there for the last 15 years. That tenant has now paid 1/2 his entire mortgage and the house is almost paid off now. He’s lucky because he had a great tenant this whole time. Used the equity to buy up another house 5 doors down and rent it out. That’s his retirement income right there.
 
shanekingsley said:
Lol when we were 17 we did drugs and drank our parents liquor while playing video games. We would backfill their liquor bottles with water and think they would never know... playing streetfighter!
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LoL good time. Totally that vodka was watered down after a few weekends.

Still remember coming home bombed on vodka and mom feeding me pierogies....

‘you look pale....’
‘Ya....I think I got winded riding bike from Peters house but totally feel fine’
‘Ok......idiot’
 
shanekingsley said:
Lol when we were 17 we did drugs and drank our parents liquor while playing video games. We would backfill their liquor bottles with water and think they would never know... playing streetfighter!
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i sold their liqour on the side to friends, wasn't my thing at that age.
 
nobbie48 said:
My daughter went to high school with Chinese kids that "Owned" their own houses (Tax free cap gain, that changed in 2016).

What bugs me is the "Culture" that divides families. I knew a few three generation homes and the plusses were fantastic.

Granny wasn't in a cell at many thousands per month. She had meaning in her life, cook, clean, shop, watch the kids etc. That was a generation ago and maybe grannies or grandfathers don't want the work. Grannies just wanna have fun.

Both parents work = $$$

Kids are taught respect or it's just an understood thing, rare today. Maybe that's the weak spot. Not all grannies are open minded enough to be family support. My wife and I agree that neither of our mothers had the blend in attitude needed.

I would have issues if my daughter moved back in. That said, if she hadn't moved out it wouldn't be as bad as existing lifestyles would have continued.

I don't see a problem with adult children living at home as long as they're going to school or working. They should do some work. My 65 year old uncle died of a heart attack mowing the lawn while his 38 year old son was watching TV. A neighbour had to call, "Your dad is lying under the tree on the front lawn." Duh!

Long term economics could be interesting, particularly with more than one kid. As kids move out and buy their own places more dynasty value is sheltered from the tax man. Put that against a large multi family home / complex (Apartment building?). As kids marry the brothers-in-law and sisters-in-law have to harmonize as well.
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The ideal situation, imo, would've been if parents and child get along and become friends as life progresses. Then everyone saves **** tons of money and time, retirement comes early, the older parents have less work to do later in life, there's a small community, etc. etc.

But that's an ideal state. I know more who can't stand their parents than not lol
 
油井緋色 said:
The ideal situation, imo, would've been if parents and child get along and become friends as life progresses. Then everyone saves **** tons of money and time, retirement comes early, the older parents have less work to do later in life, there's a small community, etc. etc.

But that's an ideal state. I know more who can't stand their parents than not lol
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Gets super complicated with more than one kid as well. Many fights happen between siblings over the family house when one has lived there and the other moved out.
 
GreyGhost said:
Gets super complicated with more than one kid as well. Many fights happen between siblings over the family house when one has lived there and the other moved out.
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blame the will.
 
Evoex said:
blame the will.
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It's the sense of equitable division that is the issue not always the paperwork. The kid that lived in the house sees it as theirs, the one that moves out thinks that they are owed half as inheritance. Even if the will picks a clear path, normally one of the two kids will lose their crap and fight until the lawyers have all the money.
 
GreyGhost said:
It's the sense of equitable division that is the issue not always the paperwork. The kid that lived in the house sees it as theirs, the one that moves out thinks that they are owed half as inheritance. Even if the will picks a clear path, normally one of the two kids will lose their crap and fight until the lawyers have all the money.
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Fair. Then blame the kids. **** your sense of equitable division.

What does the will say? Get on with it.
 
Evoex said:
blame the will.
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Honestly depends on the family.

I know my brother and I would have no issues without a will. On the flip side, I know a pair of Russian sisters that would be drinking vodka and yelling at each other for months (I love meeting living stereotypes lol.)
 
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