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  Canada Immigration Forum > About Canada > Real Estate & Mortgages > Buying a Condo without any downpayment , is it possible ?
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Buying a Condo without any downpayment , is it possible ?




Currently i am renting a apartment, total cost is $ 1150 monthly,

I have very good credit but have no down payment , how can i buy a condo with zero down ,

Have a full time job for last 5 years

Looking for a simple 2 bedroom condo where my monthly mortgage including everything should be $ 1200 something.

Buying a condo with hope that it will appreciate at least 5 % or atleast not depreciate in value

Any possibilities , any tips will be appreciated

thanks


 
Kacchu

Junior Desi
Member since: Dec 15
Posts: 13
Location: Canada

Post ID: 230948 12-04-16 12:49:01
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Full House
Senior Desi
Member since: Oct 12




Posts: 2449
Location:

More Power to You.
This is only one such point to bear in mind. So, start with it and develop your purchasing of any property, from there.

1) The Single Family Dwelling has a large tax base and if you are looking to get into the more affluent areas, your property tax will be HIGH. So, find out what it is first, before you think of getting into one such location.

2) Against: The Condos have a fee, a Maintenance Fee, generally it will amount to the same as owning a SFD. because the owner of a Condo wants to maintain it well and also have sufficient staff and Concierge and security etc., etc., which gets priced in. But you need all of these plus some in the current day living. AND you live worry free.

3) Please see my posting previous to this one in the previous thread. Where in I say that you go into a Municipality where they will permit you to have a SECOND Basement Apartment which will permit you with a second source of revenue to fund the project. It will be well worth your while to do some research into it.

4) Last but not the least, there is an affordability factor, which is, the total income that you and your partner or the whole family generates within the house and what is the percentage that they will permit you to use? (Say 42% of the total disposable income. There again there are Mortgage Brokers who will bend the rules to provide you with all of these and then will throw into the kitty an additional 5% of the total value of the property for you to what ever the hell you want to use it for.

The Ball is in your court. The Call is yours.!! You have to read a lot upon it or study the situation and Do your Due Diligence well, before you sink YOUR dollar.

HEY,IF I MAY ADD, you can live free in this country if you know how!!. Only you got to find out HOW?

You came to the right place. You will prosper well by picking other peoples' brain. More power to you.

FH.

--
Quote:
Originally posted by Kacchu

Currently i am renting a apartment, total cost is $ 1150 monthly,

I have very good credit but have no down payment , how can i buy a condo with zero down ,

Have a full time job for last 5 years

Looking for a simple 2 bedroom condo where my monthly mortgage including everything should be $ 1200 something.

Buying a condo with hope that it will appreciate at least 5 % or atleast not depreciate in value

Any possibilities , any tips will be appreciated

thanks





 
Post ID: 230950 12-04-16 14:23:02
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AshwaniG
Senior Desi
Member since: Jul 04




Posts: 1484
Location: Convinient


Condo cost should not be over 100K in order to have a 1200 $ expenditure every month including everything.


Quote:
Originally posted by Kacchu

Currently i am renting a apartment, total cost is $ 1150 monthly,

I have very good credit but have no down payment , how can i buy a condo with zero down ,

Have a full time job for last 5 years

Looking for a simple 2 bedroom condo where my monthly mortgage including everything should be $ 1200 something.

Buying a condo with hope that it will appreciate at least 5 % or atleast not depreciate in value

Any possibilities , any tips will be appreciated

thanks




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Growing Old Is Mandatory ..Growing UP is Optional

 
Post ID: 230951 12-04-16 16:07:16
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GlobalIndian
Senior Desi
Member since: Apr 07




Posts: 163
Location: NB

Cost of Ownership versus monthly rent
Before you seriously consider or finalize any purchase deal, make sure you calculate the cost of ownership versus your current monthly rent; Cost of ownership includes property tax, condo fees, all utilities etc, including interest payment on the expected mortgage. If there is a large difference between the two in favor of rent, then you are probably better off renting. Also, markets are on their way to collapse soon so that should also be taken into consideration. People keep saying in 2-3 months, everything is going kaput.

If you have zero bucks to put down, you are a serf and a debt-slave so banks would like you if you have a solid employment that can be expected to weather the oncoming collapse.


 
Post ID: 230952 12-04-16 18:05:40
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Full House
Senior Desi
Member since: Oct 12




Posts: 2449
Location:


First search for the properties in a price range. Say 250-300 K range. Then inquire if they are a candidate for an additional Basement Apartment. If they are, then go and take a look. If selected, then take a Re-modeller and see what it will cost to get it ready for rental. Then see who will provide you with a mortgage. Then follow a good routine to get completed. Do it yourself if you are a HANDY MAN. Then go for a second home and do it yourself. Most of us are NOT. Hence the problem and a few do not how how to remodel. There ends the story and the projects. No one to provide help or be a mentor? WHY??!!

Here is a search system..: I use the same for Brampton.
http://www.mybramptonrealestate.com/Homes_From_300000_-_350000/page_2624831.html

http://www.mybramptonrealestate.com/Home_from_150000_-_250000/page_2613709.html

The OP is a five year veteran and has a few good bucks to put down and now needs help to get started. So, provide him with good help and if you are nearby drop in and give him first hand details as to how to go about it and may be a cup of java to top it, in good sincerity.

A try is worth it. We always can build a slow but sure system to help our own Desies.

FH.
For An Apartmrnt in a high rise...

Edit..:
From the list 239,900 ..
$239,900 - 8 Lisa St 608, Brampton, ON L6T4S6
ID: W3451216 Beds: 2 Baths: 2Square Ft.: - Year Built: - Style: ApartmentTop Location In Brampton. This South-East Facing Unit Features 180 Degree Panoramic View Of The City Line And Cn Tower, ... **** FOR DETAILS, PICTURES AND MORE INFO CLICK ON THE LINK ****

http://www.century21.ca/asharpal.singh/Property/ON/L6T4S6/Brampton/8_Lisa_St_608

xxxx

Suite Potential..:
http://www.mybramptonrealestate.com/Brampton/Ontario/Homes/TorbramBalmoral_Drive/Agent/Listing_189412674.html


fh


 
Last edited by: Full House on 12-04-16 19:22:00
Post ID: 230953 12-04-16 18:47:12
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Kacchu
Junior Desi
Member since: Dec 15




Posts: 13
Location: Canada


I am looking in city of toronto, and looking for mortage like say $ 1200( including mortgage, condo fees, insurance etc)

Not sure if this is possible


 
Post ID: 230955 12-04-16 23:44:33
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Gurram
Senior Desi
Member since: Jan 08




Posts: 1002
Location: Toronto


Quote:
Originally posted by GlobalIndian

................. If there is a large difference between the two in favor of rent, then you are probably better off renting. Also, markets are on their way to collapse soon so that should also be taken into consideration. People keep saying in 2-3 months, everything is going kaput.

If you have zero bucks to put down, you are a serf and a debt-slave so banks would like you if you have a solid employment that can be expected to weather the oncoming collapse.



If the difference is too much and I do not have any thing solid other than real estate where I am assured of more returns ... I would go for buying a property rather going for rent ( provided I do not have any non-financial reasons/advantages). I do not worry about unknown upcoming collapses. ... ( Pl note Gas prices going up and dollar is rising)



 
Last edited by: Gurram on 13-04-16 07:39:30
Post ID: 230956 13-04-16 07:32:28
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meitsme
Senior Desi
Member since: Feb 06




Posts: 474
Location:

Rent to OWN
There is another way for living in your own house before buying. It is called Rent to Own. It is good concept but each deal is different. You have to study deal properly and ensure that it is in your favour. Not only in terms of saving money but you should consider living standard too. It is tough to find good deal. If you can negotiate properly, you can find the good deal.

Mostly not suitable for peoples who wants to just save money and do not want to consider the living standard. If anyone wants to improve his/her living standard, there is the cost. Some costs are worth. It helps in future if not in current time. You have to visualise and plan accordingly.

Money is very important but not everything. How you and your family enjoy the life is more important. Time never come back.

Search Rent to Own in Google for more detail. It is mainly for peoples like you who doesn't have enough down payment or has not enough good credit score to have mortgage. Some home owner wants to take and advantage of the deal and offering home at high price. So, take your time and make sure it is in your favour after negotiation. It should be WIN-WIN situation for both owner and buyer.

Anyone has personal experience with Rent to Own deal?

Please share..

Thanks




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Success is Never Ending and Failure is Never Final.

 
Post ID: 230957 13-04-16 09:08:59
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Fido
Senior Desi
Member since: Aug 06




Posts: 5279
Location: Canada


Quote:
Originally posted by Kacchu

I am looking in city of toronto, and looking for mortage like say $ 1200( including mortgage, condo fees, insurance etc)

Not sure if this is possible



Check out Kipling Dixon ... You will find condos in 125K range ..


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Fido.

 
Post ID: 230959 13-04-16 11:19:31
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Kacchu
Junior Desi
Member since: Dec 15




Posts: 13
Location: Canada


My logic is say condo cost is say $250000 , i take 30 yr mortage, last time i was at the bank financial ad visor told me she can get me mortage at 2.25% as my credit score is over 800 points


So my calculation is mortage with interest - $ 720 per month
Condo fees , Say 0.65 per sq ft on 850 sqft 2bedroom - $552

Total might come to $ 1272 per month , I am wasting my $ 1150 per month in rent anyways

not sure if there are any other costs


 
Post ID: 230961 13-04-16 12:03:12
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Contributors:
AshwaniG(1)  Fido(1)  Full House(3)  GlobalIndian(1)  Gurram(1)  Kacchu(3)  lemon925(1)  
meitsme(1)  SinghRealEstate(1)  
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