Quote:
Originally posted by love_n_peace
I need your comments. I am 2.5 yr old immigrant. My spouse has job of 40000 and i am still struggling for a good permenent job. I can afford 10% down payment if I buy house up to 300,000.
At least wait until you find a permanent job. 40K income may not get you a mortgage approval of more than 150K. This means to buy a 250K home you will need 70K more, after your 30K down payment.
Other costs to buy a first home, are only lawyer fees and some misc. cost. Say, 1% of home price.
The land transfer tax of up to $2,000 maximum, is given in rebate to first time buyers. You may be asked to pay LTT now, and later receive a rebate cheque once the legislation has passed. http://www.realestate-ontario.com/firsttimebuyer.htm
You are not loosing much even if you buy after a few months. So, my friend, secure a good job and then decide what you want to do.
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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
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100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
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Thank you Guys for your valuable suggestions. I appreciate community of CDs.
Thanks
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Posts: 279
Location: Greater Toronto Arena
Posted on: 12-02-08 15:57:54
Location: Greater Toronto Arena
Posted on: 12-02-08 15:57:54
Quote:
Originally posted by love_n_peace
Hi CDs,
I need your comments. I am 2.5 yr old immigrant. My spouse has job of 40000 and i am still struggling for a good permenent job. I can afford 10% down payment if I buy house up to 300,000. Do any body has experience what will be monthly expenses in house? I am paying $865 rent in apartment. Are OLD houses give appreciation?
Thanks in advance
house more expensive
... expect as a minimum
$700 mortgage
$150 electricity water
$150 natural gas
$300 city tax
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$1,300
so housing cost more than rent .. but you end up with owning a home sweet home.
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happily holi day!
