Why do you need a $100K reno as soon as you move in?
As the base value of the house goes up you spend that increase amount on renos if it suits you and makes you happy. That way you're never further underwater.
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Struggling financially and getting frustrated?
- Thread starter Clutt-225
- Start date
Why do you need a $100K reno as soon as you move in?
As the base value of the house goes up you spend that increase amount on renos if it suits you and makes you happy. That way you're never further underwater.
My thoughts were to buy and rent out a condo in a crashed market, taking it over when I no longer want to keep a house and the market recovers. I've been waiting 15 years. And no I don't want an ex BNB.
I would have no location restriction. Something like a lifetime exemption limit of $1M. Is that per person or per family I'm not sure. Couples having 2M exemption may not be reasonable, maybe 1.5 as a couple? Not sure about that detail. Look at the small business exemption for framework. Basically a base amount was set and climbs automatically with inflation (started at 800K, now $883,384). No government should mess with it, just leave it alone as a reasonable program.
With the lifetime exemption, you could potentially open up eligible properties that have societal benefit. For instance make principal residence or secondary residence rented out to traditional tenants (unrelated to owner) eligible. That helps keep condos in the long-term rental market instead of air bnb. That also allows Bob in NFLD to take part in the TO housing market if he wants. The tax break covers the management fee to make being an absentee landlord feasible. It encourages small investors and does little for people trying to build an empire.
I see potential in that neighbourhood once the sketchy element is gone. It'll be replaced with snobby.
Coming back to the OP, you got someone earning $60k and financing their new vehicle and some toys and frustrated they can’t afford a house.
Once the griping is over and the situation remains the same, they may or may not find the motivation to make a change.
There is plenty of opportunities in the GTA. You can network with coworkers, family and friends. You find out what is out there and if it’s a good fit, express an interest and take a leap. Make some mistakes, fall backwards, stand back up, dust yourself off, learn from it and keep moving forward.
If you keep comparing your lack of achievement to others success, you will always be disappointed.
The answer to the puzzle is really simple. If they want it, they have the ability to make it happen or continue to whine about why they can’t.
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Once the griping is over and the situation remains the same, they may or may not find the motivation to make a change.
There is plenty of opportunities in the GTA. You can network with coworkers, family and friends. You find out what is out there and if it’s a good fit, express an interest and take a leap. Make some mistakes, fall backwards, stand back up, dust yourself off, learn from it and keep moving forward.
If you keep comparing your lack of achievement to others success, you will always be disappointed.
The answer to the puzzle is really simple. If they want it, they have the ability to make it happen or continue to whine about why they can’t.
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I recall some standards that were passed on to me by various people. Note the male reference.
A lady I knew 40ish years ago felt a man's income should cover the house rent or mortgage with the first weeks pay. The second weeks pay covered all the other expenses. The third week covered money for vacations, culture activities, clothing and outings. The forth week was savings for retirement.
In the good old days a person spent their twenties accumulating debt as they built their careers. Their thirties were spent paying off the debt and the rest of their lives were geared to a mix of enjoyment and building for retirement.
A person should drive a car of a value equal to a half years salary. If it is cheaper you could be seen as a tightwad, if more, living beyond your means or putting on airs.
A Camel cigarette ad of the 1920's showed a man going to work and putting in a full day. He comes home and does chores around the house, has supper and then reads the newspaper while having his Camel cigarette.
The lady in the first example also commented that a man would go to to a party with his silver cigarette case and after dinner the men would retire to the smoking room and he would offer his cigarettes. She noted that it had changed by the 1960's in that he would have a pack in every pocket and the rest of the carton in the car.
Laugh or cry as suits you.
A lady I knew 40ish years ago felt a man's income should cover the house rent or mortgage with the first weeks pay. The second weeks pay covered all the other expenses. The third week covered money for vacations, culture activities, clothing and outings. The forth week was savings for retirement.
In the good old days a person spent their twenties accumulating debt as they built their careers. Their thirties were spent paying off the debt and the rest of their lives were geared to a mix of enjoyment and building for retirement.
A person should drive a car of a value equal to a half years salary. If it is cheaper you could be seen as a tightwad, if more, living beyond your means or putting on airs.
A Camel cigarette ad of the 1920's showed a man going to work and putting in a full day. He comes home and does chores around the house, has supper and then reads the newspaper while having his Camel cigarette.
The lady in the first example also commented that a man would go to to a party with his silver cigarette case and after dinner the men would retire to the smoking room and he would offer his cigarettes. She noted that it had changed by the 1960's in that he would have a pack in every pocket and the rest of the carton in the car.
Laugh or cry as suits you.
D
Deleted member 50930
Guest
I guess you could wait but then then you need to move stuff from room 1 to room 2 for Reno. Might as well do it and forget about it.
Items ASAP.....
Upgrading the power panel is supposedly a big deal and very pricey???
^^ Insurance companies are picky about this?????
These older homes may use non standard sized windows?? pricey???
If any members here bought a old house, message me !!
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Easier to do Reno while at the start before you settle in. Later on it’s just much more messy.
The panel is not hard. If you need to replace the wire in the walls, that is expensive and makes a huge mess. Honestly, if the wiring I had in my house was insurable (eg. no aluminum, hopefully grounded) I would not touch it until you had a few years of equity built up. At that point, you bought it for 400 and market value is 500 as it sits. Do what one GTAM member did and move out for some months at that time and gut/replace wiring/rebuild. Then is worth 700+ (if you make the right choices).
D
Deleted member 50930
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Mad Mike
Well-known member
My parents started in a basement apartment in High Park when it was a dumpy area. Bought their first house when I was 14.
My 28 year old invested in a business, he’s done quite well, building equity in the biz and building an enviable income. My other kid moved north and bought his first house at 25.
Same here. My 1970 house will be flattened the day after I sell. I regularly get unsolicited offers sight unseen, so I know they just want the land.
I Plan to retire in 8 years. If the situation is the same as it is now, I’ll sell and build on a lake In the Halliburton highlands — gets me closer to a few nice riding roads.
Mad Mike
Well-known member
The difference is you are renting money (that’s all a mortgage is) Over time the amount you pay to rent that money declines... that doesn’t happen when you rent a home. At 60, your no longer paying rent, just taxes and upkeep.
The property will likely appreciate, so now you have a nice tax free retirement asset.
Mad Mike
Well-known member
Sanitation engineers? I don’t know any engineers below $100k.
D
Deleted member 50930
Guest
They got their engineer degree but went into SW development but some of these guys make $$$$$$$
Salary is all over the map with my friends (some get stocks, bonuses etc + salary)
Lots are below 100. Especially in commodity fields like grading. They pay crap and just churn through worker bees. One out of 100 climbs up, the rest die off or continue as slaves.
Avg salary for SW engineers in Toronto is $85K.
And software is well known for paying quite well and having quite a few way off the curve up high which distorts the average.
Yes. Median salary is perhaps even lower than the avg.
Plenty of engineers (even actual P.Eng) make less than 100K. Depends on the field and seniority level, but most will get there today after 10+ years.
My first house was old and run down but livable, dealt with it for a few year till I could afford to update things slowly. If it works live with it and change it when and if you can afford to. I had a 50's kitchen, aluminum single pane window with storms and fuses for the first 4 or 5 years no big deal.
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