Mortgage v/s Renting - Real Life Experiences
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Posted on: 02-03-04 14:01:49
Thanks for your reply.
You are right when you say only those who are paying higher rents and can afford long term mortgages should think on owning.
I beg to differ on the "free advise" part as sometimes its more valuable than a paid advise from a professional.
Appreciate many other real life experiences on this n other topics.
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Hello
I am looking for an appropriate financial planner..
Any suggestions?
Madrasi
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"Future belongs to those who believe in the beauty of their dreams"
I purchased my house a little more than a year ago. Though I hear that my house has appreciated atleast by 20-25K, I dont consider that an asset since I am one of those who do not consider a home an asset unless the mortgage is paid off or I am selling the house. So moneywise I am spending atleast 800$ more than I used to while I was in an apt(at 850$/month). When you have a house you are easily tempted to do home improvements too. Sometimes it feels like a never ending hole. A lot of work goes into maintaining a house as well. So you have to factor the time spent on home maintenance too.
On the other hand you cannot live in your RRSP or GIC 
. The kids have ample of room to play(inside and outside without the neighbours complaining). Summer/spring/fall time is great fun especially since I have quite a big yard. My real estate agent had mentioned that more than anything its a different lifestyle and I agree. I just could not bear to live in an apartment after 6 yrs of doing so.
After one year I am at a loss to actually quantify the gains because I'm not sure how I can put a # value on the aspects I have described in the second para.
I agree with Promod that buying a home may not be prudent a lot of people including those that want some flexibility when it comes to looking for jobs in other places/countries etc.
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Well said Jake3d,
You can not put a dollar value to the inner satisfaction of owning your own house. The rental will always be a house but only your own house would become your 'home'.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
For those considering to buy a place what area would you recommmend in terms of value appreciation in GTA area.
For a single person like me ..soon to be double 
i dont want to go for a house or even a townhouse...i feel i still have a "few years of living in a bldg" left in me for my needs i am looking for a condo in the next year or so . Also, if anyone can share thier experince in buying condo instead of a house.
Pros, cons --what do you say?
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What can be imagined, can be achieved.
Quote:
Orginally posted by Mishtar India
For those considering to buy a place what area would you recommmend in terms of value appreciation in GTA area.
Pros, cons --what do you say?
Since you have mentioned only one criteria - value appreciation - my advice is that always go for the absolutely traditional 'high class' place like say (example only) - Nariman Point or Juhu in Bombay, Neeti Baug or GK in Delhi, Park Street in Calcutta, District 09 in Singapore, Kensington in London, Manhattan in New York, Repulse Bay or Mid Levels in Hong Kong. These places will never have direct impact of the state of economy on them - since these places are occupied for 'prestige value' and those who live in them, do not have 'budgets' for real estate normally!
Such places here could be like Bayview right from Downtown to say Major Mack in north, Thornhill, most condos in downtown harbourfront (where you already are living) or condos on Yonge betweenSheppard and Finch.
By the way, did you guys know that recently there was a real estate deal which broke world records - the highest priced residential deal - Pound Sterling 70 million for a 12 bedroom (only) mansion in London's Kensignton area. And this is done by no other than but an Indian - Laxmi Niwas Mittal who owns the Ispat International Group.
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
Hello all members,
I am looking for opinion from all my desi brothers.I am planning to buy a house in surrey,BC.With God's grace I am ready to pay a downpayment of about $250000.I am also looking for a big duplex house with 1 or 2 basements.My main objective is to get the rental income from this house.I will rent the basement as well as the whole house.Could anyone guide me if this is a good idea or I can invest this money in some other property.Also if possible, can anyone if the current up swing in the property prices hold up in BC.Thanx a lot and keep up the good work.
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r s
