Buying A New House... Need Some Advice, Please! | Page 10 | GTAMotorcycle.com

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

black_CG2 said:
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.
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Don't forget that having a legal rental also involves some tax implications on your income, as well as looking into what you need to ensure it's up to code (fire ratings, exits, etc).

Everything is doable, crunch the numbers. Regardless, it takes work. Most people don't like that last bit.
 
inreb said:
. Coffee too. Holy crap I sound like CrankCall.
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That'll be enough out of you, I do need to be a success in the traditional sense. My plan is to enjoy travel, not out of a rucksack unless by choice, maybe a nice meal out and some sailing. I heard it can be pricey.


Guy a couple #'s back asking about the renting Vs. owning? The debate could go forever but if you earn enough to rent and BANK the amount that a property would appreciate in the area you choose to live, you'll come out just fine. If you cant make bank, your paying someone elses mortgage and helping them out. Its that simple. The choices are mortgage poor, reward on the sell side, rent and live large and pay someone else. Rent and SAVE and be in the same place as the other guys.

For advice on housing, mortgages and rentals remember EVERYBODY is a salesman, banker needs you to have his mortgage, bigger the better, estate agent needs to sell you a house, any house. And the condo sales guys could be the worst.
 
Rental is good if you have the right situation. My tenant has been with me for 14 yrs. He came as university student to rent a room. Technically he still rents a room but in reality he has the run of the house. His rent is cheap and everything is covered including cable, internet, all utilities, parking. Uni wasn't for him so he did an electrical apprenticeship and is now and has been a steadily employed union sparky. He is banking huge. All clean living, no bs like drugs, gambling, booze or expensive toys. Every time a house comes up for sale in the hood I tell him to grab it. He could buy it cash or close. He thinks I'm trying to get rid of him.
 
That's uncalled for.
 
inreb said:
Rental is good if you have the right situation. My tenant has been with me for 14 yrs. He came as university student to rent a room. Technically he still rents a room but in reality he has the run of the house. His rent is cheap and everything is covered including cable, internet, all utilities, parking. Uni wasn't for him so he did an electrical apprenticeship and is now and has been a steadily employed union sparky. He is banking huge. All clean living, no bs like drugs, gambling, booze or expensive toys. Every time a house comes up for sale in the hood I tell him to grab it. He could buy it cash or close. He thinks I'm trying to get rid of him.
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Do you leave your bikes unlock?
He might be getting more than you bargained for.
Free rides!

Sent from my tablet using my paws
 
RockerGuy said:
Do you leave your bikes unlock?
He might be getting more than you bargained for.
Free rides!

Sent from my tablet using my paws
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Thank you for your interest. He keeps 2 high end mountain bikes in the common room, shows zero interest motorcycles. Also is not gay.
 
ZX600 said:
or close to 8k :angry3:
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8K per year in property taxes, and I think I would just rent. That is insane -- unless of course you live in a multi-million dollar huge square footage huge acreage place.

I suppose you realize that the amount you pay in property taxes plus the cost of fuel, vehicle expenses, and your time commuting 2 to 3 hours every day you could probably rent an apartment close to work and be ahead.
 
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Diesel said:
8K per year in property taxes, and I think I would just rent. That is insane -- unless of course you live in a multi-million dollar huge square footage huge acreage place.

I suppose you realize that the amount you pay in property taxes plus the cost of fuel, vehicle expenses, and your time commuting 2 to 3 hours every day you could probably rent an apartment close to work and be ahead.
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I lived in a condo in Front and Spadina 10 min away from work. I do not regret my decision for one sec.

It is nice to have a backyard, a garage for the bikes, a front porch, nice neighbors and a peaceful, safe area to live in and no having to deal with some crazy rich Asian chick yelling in the middle of the night and calling the cops because she drank too much at the bar (only said asian because this was something that actually happened on my floor quiet often)

Also having some ******* board telling me what i could or could not do with my property didn't sit well with me, no thank you, I will pay my taxes.
 
Isn't there a happy medium though?

I work in Mississauga, live 5km from work, own a very small semi-detached freehold with a garage, back yard, large deck, and driveway, and my taxes are $3k per year. My mortgage payment is also less than what rent would be anywhere near here. In fact, my mortgage payment plus property tax is still less than rent in this area, so all is well on this front.

ZX600 said:
I lived in a condo in Front and Spadina 10 min away from work. I do not regret my decision for one sec.

It is nice to have a backyard, a garage for the bikes, a front porch, nice neighbors and a peaceful, safe area to live in and no having to deal with some crazy rich Asian chick yelling in the middle of the night and calling the cops because she drank too much at the bar (only said asian because this was something that actually happened on my floor quiet often)

Also having some ******* board telling me what i could or could not do with my property didn't sit well with me, no thank you, I will pay my taxes.
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Diesel said:
Isn't there a happy medium though?

I work in Mississauga, live 5km from work, own a very small semi-detached freehold with a garage, back yard, large deck, and driveway, and my taxes are $3k per year. My mortgage payment is also less than what rent would be anywhere near here. In fact, my mortgage payment plus property tax is still less than rent in this area, so all is well on this front.
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Mississauga has a lot of business that take the brunt of paying the taxes required to run the city, the Durham region hardly has any business so the tax burden is left for home owners to pay, that is why our taxes are so high compared to let's say Toronto.

There are many happy mediums, but I assume you bought you house many years ago. Right now to buy anything in mississauga it will cost a pretty penny with some exceptions.

We are looking into finding something in Port union, half the property taxes but the cost of houses are ridiculous and as soon as something decent comes on the market, there are bidding wars.

So i will continue to stay here in order to enjoy the benefits of having something I truly enjoy coming home too even if it has very negative downsides
 
Bidding wars here too. How does one compete with customers with excess cash looking to buy in at any cost? I think some other countries have laws to protect their own. I'm just guessing tho.
 
Paulo, you're paying $8K in taxes/year in Brooklin?

Bowmanville/Clarington from what I see is around $3500-4000 for a 2000-ish sq ft home.

How big is your damn house? lol
 
Mina said:
Paulo, you're paying $8K in taxes/year in Brooklin?

Bowmanville/Clarington from what I see is around $3500-4000 for a 2000-ish sq ft home.

How big is your damn house? lol
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Need a lot of space for those 'special' parties....



or so I hear.
 
inreb said:
Bidding wars here too. How does one compete with customers with excess cash looking to buy in at any cost? I think some other countries have laws to protect their own. I'm just guessing tho.
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They are protecting their own here. The higher the sales price, the more tax is collected and the more the real estate agents make (and pay tax on). They don't really care who owns the properties as long as "revenue tools" are maximized.
 
Mina said:
Paulo, you're paying $8K in taxes/year in Brooklin?

Bowmanville/Clarington from what I see is around $3500-4000 for a 2000-ish sq ft home.

How big is your damn house? lol
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He own's a palace.....swinger's mansion....

I pay $3500 for my shack in Brooklin.
 
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