Location: God's own country
Posted on: 19-05-06 16:49:51
Quote:
Originally posted by Big Vee
It is not discretionary. It is the law. You either do it, or it is illegal - subject to penalties under the law. TK seems to think the laws of Canada are optional. You only have to deal with a tenant who won't leave and won't pay once to understand the issue.
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BigVee,
I understand that it is the Law. But who follows it? How is it (if ever) enforced? What is the statistics of the enforcement officers who enforce this by law?
I have seen many desi's spliting the house into different chunks and then subletting it to Bachelors. This is done not only by desi's ,many europeans (as far as i know) di it.
The biggest cake of them all, was a desi who rented out the Garage to a family (Yes. A family with out children). The ventilation was through the cracks/ holes in the garage door and the desi owner parked his car outside (It was a 2 car garage in Mississauga and rent was $250 a month. They would share the Ground floor kitchen and washrooom with another family in the ground floor who paid $800. The people in the garage were to use the powder room only amd the common washroom for bath. Kitchen was common. Two more tenants lived in the basement which was in 2 portions(one family and one bachelor).My friend was tenant in one of the basement portions- the one with a family. He quit the house in a year b'cos the landlord was bothering him too much. The second floor was occupied by the owner who had 2 grown up children. I think the second floor had 2 bedrooms). I was disgusted to see this and even thought of making a call to the city office. But then i thought that who was i to interfere in some other's business. If the tenant was comfortable in the garage, So be it.
TK
Sidenote : A True incident witnessed by me.
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I am a Gents and not a Ladies.
You Both are right
TK & Big Vee
I live in Malton & almost all Basement are illegal. People had made lot of portion/sub portions & evrybody is living.
However, I fully agree with Big Vee that this practice is illegal . If some tenats refuse to pay & ( or leave) & it is not legal basement, Landlord can not do anything except physival evication ( Bombay Film Istyle).
Considering all the very good inputs given by both of them, it seems purchasing a House solely for Renting is not feasible at the moment.
However, if you can buy a Good House & rent basement to a nice good family, you can recover much of your Mortgage.
Also, you get bigger area to live. Presently, I am in a Condo which is becoming too costly due to increasing Condo fees & almost zero apreciation.
Any more inputs are welcome.
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Driller the thriller
Location: God's own country
Posted on: 19-05-06 19:16:34
Quote:
Originally posted by desi_driller
However, if you can buy a Good House & rent basement to a nice good family, you can recover much of your Mortgage.
Also, you get bigger area to live. Presently, I am in a Condo which is becoming too costly due to increasing Condo fees & almost zero apreciation.
Any more inputs are welcome.
Desi Driller,
Condominum's are a waste to live in (just my opinion). The fees will go on increasing and you will have no use of it at all. In case you go to India for 2 months , then the condo. fee (can be as high as $500 / month and is used for no significant use) is waste for the period that you are out of the country. I have a desi collegue who had bought a condo. 3 years back at Younge and Finch. She told me that never in a day had she used their gym, swimming pool, library etc.. for the want of time.
If i were in your shoes, this is what i would do :
1. Sell the condo.
2. Buy a 3 storied house around Westwood mall for around $250-$270K with separate access to the Basement. (In malton houses are damn cheap).
3. Either live in the finshed basement and rent the 2 upper floor or vice versa. It is your choice.
Your advantages :
1. You live in a detached house
2. No monthly fees. (you can leave to India for as long as you like without the fear of any monthly fees. You can tell your neighbour to clear the snow at $10 for a one time removal.
3. Lots of factories around. They brings a lot of people there and who in turn move out in amonth and work in factories near by. So renting is not that much a problem.
4. Your land and houses appricates much more than a condo..
Just my views. I am not forcing my idea on any one or are my statements set in stone.
TK
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I am a Gents and not a Ladies.
Location: Canada-Glorious and Free
Posted on: 23-05-06 11:17:56
Quote:
Originally posted by tamilkuravan
BigVee,
I understand that it is the Law. But who follows it? How is it (if ever) enforced? What is the statistics of the enforcement officers who enforce this by law?
I have seen many desi's spliting the house into different chunks and then subletting it to Bachelors. This is done not only by desi's ,many europeans (as far as i know) di it.
TK
I had no idea that doing something under the law was like gambling. You have to analyse the stats and figure out the odds and bet against or for it. Very interesting. Let me say this, do things legally and you'll always win! How's that for a stat.
And PLEASE what does race have to do with this? I really DO NOT care to hear what \"Europeans\" are doing. It has nothing to do with this. And it does not make it right.
BV
Location: God's own country
Posted on: 23-05-06 11:33:02
BigVee,
I just shared with the board the reality that was happening in the market.
However i do accept your point of view and i also donot want to be seen as someone who encourages people to break the law.
TK
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I am a Gents and not a Ladies.
Location: Canada-Glorious and Free
Posted on: 23-05-06 11:39:03
Quote:
Originally posted by desi_driller
You Both are right
TK & Big Vee
I live in Malton & almost all Basement are illegal. People had made lot of portion/sub portions & evrybody is living.
However, I fully agree with Big Vee that this practice is illegal . If some tenats refuse to pay & ( or leave) & it is not legal basement, Landlord can not do anything except physival evication ( Bombay Film Istyle).
Considering all the very good inputs given by both of them, it seems purchasing a House solely for Renting is not feasible at the moment.
However, if you can buy a Good House & rent basement to a nice good family, you can recover much of your Mortgage.
Also, you get bigger area to live. Presently, I am in a Condo which is becoming too costly due to increasing Condo fees & almost zero apreciation.
Any more inputs are welcome.
Driller,
I would not make that assumption (re Malton basements). I live in a suburb of Toronto and the by-law officers have talked to all my friends regarding their basements. All of them are now legal. So do not think you can slip little things like a basement apartment past your by-law officers.
As for defraying the cost of living in a home - well, it is an excellent idea. If that is the aim here, then go for it. I would not worry about appreciation.
Just look for a home that is 1996 or older. If it has a rentable basement, check with the zoning (variance) department regarding the legality. If it is not legal, use it like a baseball bat and hit the vendor's agent till he drops the price (just joking, please do not try this at home). In the meantime, find out what it will take to make it legal. Add the cost of seperating Hydro, Gas and water meters. Why not, since you are going to upgrade. And then make the appropriate offer.
I think you'll find out why Condo Fees are going up. Utilities do cost a lot of money these days. And that cost is constantly going up. Maintaining a home is also costly, both in terms of time and finance.
BV
Hello Big Vee, TK, and Driller,
I have been lurking and following you r very interesting conversation. I am still outside Canada, but hope will be arriving sometime soon. What I should like to know is buying a house or condo (or even two) for income whether its a good idea? Paying all the money, no down payment? alternatively, what other investments are there that would generate reasonable income?Any suggestions?
Gaulam.
(...frankly my dear, I dont give a damn)
