Quote:
Originally posted by tamilkuravan
for e.g. :
In my case I am paying $900 (total) to rent a basement apt. and every month I am around -$200 loss. Now when i did my math (with 10% down), i came to the following conclusion. (remember that in 2003 for every 100K of loan the mortgage was $675. Now with the increased rates of Interest, I am assuming $775)
TK A
Hi TK,
I am surprised that you are paying 900$/month for a basement apt.
Having lived in a basement apt for the first 2 months after coming to canada, i will NOT recommend that option to anyone.
1) No matter how nice and friendly the owner is..you always feel that you are being 'monitored' with respect to Utilities usage.
2) Loss of identity. Its tough to entertain guests or invite friends over without being asked to move the cars in the driveway.
3) constant running noises on the Top floor.
4) Mainly from a health point of view, Studies show that constant lack of sunlight and fresh air affects brain in a negative way.
I stay in a rental apartment, 2 bedroom 2 bath paying 850$ per month. Bindaas thambi
seenappa
Location: God's own country
Posted on: 08-11-06 14:30:56
Seenappa,
You are mistaken. If you read my previous posts, I am against staying in a owner owned apartment.
I live in a corporation owned single bedroom basement apartment with bigger windows than normal owner owned basements. My roof is a concrete roof.However due to the dirtyness of outside, I hardly open my windows. The basement is musty, damp and has cockroaches and bedbugs. There is a super. and is just like the other high rise apt. buildings.
The rent is around $830 and i pay $70 a month on hydro (so the total $900). It is a one bedroom apartment. The high rent is due to its proximity to schools and GO stn.. Also there is a rent increase of $17 a month which is applicable each year. The apartment is old and crumbling down.
In our apartment, The upper floors single bedroom is $1000 and 2 bed is $1150. Our apartment is 4 storied and has a lot of vacancies at all time. There is a big Que for the laundry at all time. Also our apartment is Philipino dominated.
TK A
Sidenote :
Also would like to add that in a owner owned apartment, you are responsible for all fixture damage. e.g. tap, stove, lights etc..
2. The owner puts a lot of restrictions e.g. no meat, no drinks, no loud noice, no guests staying overnight etc... These are mainly Desi's who put rules.
3. You are expected to keep the house clean and with no damage to the walls , floor etc..
4. The Owner keeps a duplicate key and enters the house to moniter its condition when you are not there.
-----------------------------------------------------------------
I am a Gents and not a Ladies.
Hey seenappa
Where abouts you live in Toronto this seems to be a decent rent on your appartment 2 bedroom 2 bath.
Location: God's own country
Posted on: 08-11-06 15:00:34
Jagmag,
As seen in another post, Seenappa lives in Scarborough. Even in Scarborough, this looks like a decent rent.
Intersection details can throw some more light as to how Seenappa got such a good deal.
TK A
Sidenote : May i add that we are off tracking a very good OP.
-----------------------------------------------------------------
I am a Gents and not a Ladies.
well, jagmag and TK...what can i say? It must be my insanely good looks that got me this deal
Like TK said...It is scarborough and again the intersection...Eglinton and Mccowan Rd..That was 3 years ago when i moved here..not sure what it is now.
Ok..No more side tracking...back to the original topic.
seenappa
Senario 3 : A detached or a semi detached house for $350K. I put 50K down.
Mortgage : $2325
Maintenance : $ 0
Hydro and Insurance : $100
Property taxes : $150
Rent from basement : $800
Total : $1775 (all monthly)
Guru's : Please correct me if i am wrong.
Me not a guru, but i can say the following:
50K vvv hard for a new immigrant..will need 3-5 years of solid savings..20-25 is a better down.
Property tax: 225-275 is a better estimate,Hydro and insurance: again 200-300 is a better estimate, includes heating and electricity also
Rent from basement: i wouldnt depend on it..It would be hard to get 800 from a Semi basement..650 is a better number
-----------------------------------------------------------------
Live and Let Live
This is what i believe a new immigrant should do:
1) Go to Bramptom and look for a freehold townhome. You will get very very good one for 255K.
2) Make 25K down
3) Take mortgage of 230K
4) Go 30 years amortization if you are <35yrs old and 35yrs if you are <30 yes old and 25 if you are >40yrs old
5) Pay 1180/1250/1360 mortgage depending on your age as shown above.
6) As it is not a semi but a townhome freehold, there is no maintainance and property tax+maintainance is lower. So budget 225 for tax and 225 for heating.
7) Your living cost os 1250+450= 1700$pm.
Assume you have salary of 35K and wife has salary of 35K. Each will make 1050 biweekly so its 4400pm.
4400-1700= 2700pm for lving.
Out of which:
300 insurance for you and wife, will come down as u spend more time
300 gas for 2 cars. I small car like CIVIC buy used for 8-10K putting down.
350 finance for a family car like a Camry/Accord (not new but <3 yr old)
350 groceries
400 eating out and other entertainment
300 home improvement cost (new lawnmover, saving for new TV etc)
150 cellphone, internet, house security, home phone cable
------
1800
------
2700-1800 = 900$ save
So i think even with that basic salary it is possible to save 900$pm. Also add the two additional weeks when you get paid 3 times a month in biweekly so you save additional 4000$/yr
As u live more in the country.salary may go up, insurance may decrease, u pay some savings in advanced mortgage and the montly amount goes down etc etc
This estimate above is for a pretty decent life (not luxury)
1600-1800sq ft home
2 decent cars
400$ entertainment budget.
What say...
-----------------------------------------------------------------
Live and Let Live
