The House Thread

[GIN ANTONIC]

yeh bro let me go lay down half a million for a 1 bedroom i can't rent out



i see people like you getting burned in real estate all the time

Just don't buy stupid

Do you have a brain

I think you're both right. Obviously it's always better to buy if you can rent out some rooms or airbnb to subsidize your mortgage. Other than the downpayment your mortgage payments could look similar to what you're paying in rent. But it does also depend on the housing market and you have ot make sure not to over-extend yourself. So yeah, buying a 500k 1 bedroom place that you can't afford and can't rent out any part of is stupid. But Voyager isn't wrong. If you can afford to buy, in general it is probably better in the long run.

 

[New Jersey]

500k for one bedroom? assuming cad, that's absurd in usd, too.

and I thought north jersey was expensive.

 

[GIN ANTONIC]

500k for one bedroom? assuming cad, that's absurd in usd, too.

and I thought north jersey was expensive.

There's only like 3 cities that people want to live in, in Canada. Well... that's not entirely true but It's really Toronto, Vancouver, Montreal. Places like Calgary, Victoria, Edmonton, Ottawa, Halifax are all fine (I actually love Victoria and Halifax) but you're really talking about a small number of 'big cities' to live in and for certain industries living outside of the big 3-5 cities makes no sense so you have a huge supply and demand issue. Also lots of foreign money coming into Canada and buying up property to use property as a trading commodity and in the process avoid paying taxes in their own countries. Put it all together and you have really expensive housing in the big cities and dirt cheap housing every else where no one wants to live.

 

[John Price]

house LNGE™

 

[New Jersey]

There's only like 3 cities that people want to live in, in Canada. Well... that's not entirely true but It's really Toronto, Vancouver, Montreal. Places like Calgary, Victoria, Edmonton, Ottawa, Halifax are all fine (I actually love Victoria and Halifax) but you're really talking about a small number of 'big cities' to live in and for certain industries living outside of the big 3-5 cities makes no sense so you have a huge supply and demand issue. Also lots of foreign money coming into Canada and buying up property to use property as a trading commodity and in the process avoid paying taxes in their own countries. Put it all together and you have really expensive housing in the big cities and dirt cheap housing every else where no one wants to live.

so simple, yet still pretty interesting when you spell it out like that

 

[GIN ANTONIC]

The seller of the house me and my fiance just bought is wanting to push back the closing date by 3 weeks. To be honest the new timeline actually works better for us but can't help think that we should ask to see if we can get something extra out of the 'inconvenience'. Any suggestions?

 

[VoluntaryDom]

The seller of the house me and my fiance just bought is wanting to push back the closing date by 3 weeks. To be honest the new timeline actually works better for us but can't help think that we should ask to see if we can get something extra out of the 'inconvenience'. Any suggestions?

probably shouldn't ask lounge for serious suggestions

I would subtly ask if you can get something, but don't make it too obvious

 

[John Price]

The seller of the house me and my fiance just bought is wanting to push back the closing date by 3 weeks. To be honest the new timeline actually works better for us but can't help think that we should ask to see if we can get something extra out of the 'inconvenience'. Any suggestions?

 

[Finnish your Czech]

probably shouldn't ask lounge for serious suggestions

I would subtly ask if you can get something, but don't make it too obvious

Please note that this is a 15 year old that is answering your question

 

[VoluntaryDom]

Please note that this is a 15 year old that is answering your question

Shhh

 

[GIN ANTONIC]

No joke, we actually applied for property bros and we did an interview and they did a home inspection and all of that. It just costs waaaaaay too much money for what they were going to do. If you have a million dollar house with a 150k reno budget then sure, do the show I guess but that ain't our life.

 

[Hammettf2b]

People who think it's good to rent a house probably also think it's smart to lease a car

I think you totally missed the point in these scenarios.

 

[beowulf]

Love owning a house, all the capital I have now is great. I have had this place for just over 10 years now and bought it new. By paying bi-weekly and also putting extra cash in when I can I cut my mortgage down to the point that in 10 years I have cut the mortgage down an extra 5+ years. When my current 5 year term is over in about 2 years, I'll be down to 8 years left and that's if I don't make any extra payments directly to the capital in the next 2 years.

Just remember to start a fund for future repairs and upgrades.