Buying A New House... Need Some Advice, Please! | Page 9 | GTAMotorcycle.com

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

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.
Click to expand...
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?
Click to expand...

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?
Click to expand...

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.
Click to expand...

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.
Click to expand...

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.
Click to expand...

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.
Click to expand...

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?
Click to expand...

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
Click to expand...

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
Click to expand...

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.
Click to expand...

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...
Click to expand...

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.
Click to expand...

Check the weather and find WiFi and you sound like someone else....
 
You must log in or register to reply here.

Back
Top Bottom