I've decide to buy home


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sville   
Member since: Dec 08
Posts: 242
Location:

Post ID: #PID Posted on: 06-04-09 19:46:13

Quote:
Originally posted by sanjeevm

Why don't we ask Rahul Singh?

Rahul dear, are you there?



haha



btw, love_n_peace, congrats.



rahul_singh23   
Member since: Apr 05
Posts: 1014
Location:

Post ID: #PID Posted on: 07-04-09 00:56:27

Thanks Sanjeev.

I am not expert in RE but I am conservative in spending big money and living under debt. For safe side if someone wants to buy home in today's market:

1. Must have 20% down payment.
2. Calculate everything on one person salary
3. Living cost (mortgage, taxes, maintenance, condo fee) must not be more than 35%-38%
4. Should not get mortgage more than 20-25 yrs. Means must paid before touching 50 yrs age
5. If you can not afford 10% mortgage rates in future then that house is not for you
6. Not planning to sale in next 10 yrs
7. Don’t forget cash saving, RRSP, RESP

You may agree or not but this is just my personal view. There are still tons of people who don't understand complex economy when everything is so clear which is easier than to understand how come all kind of triangle’ three angle always sum 180'.

We are not different than south of border. We are also living under home/credit/car/student debt which does not seems payable by most just like Americans.
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5 bedroom home mortgage is switched from 2300/month to 4000/month.

2 million $ home sold on 1.2 million $

California, always chasing the next "new big thing", thrived on the boom to bust economic ride. But now, there are more people out of work in California than anywhere else in the United States, more jobless than in all of Canada. California, the eighth largest economy in the world, is considered a bad credit risk, the worst in all of the U.S. How did it happen?

http://www.cbc.ca/national/blog/special_feature/hard_times_hard_choices/red_white_and_the_economic_blu_1.html


Quote:
Originally posted by sanjeevm

Why don't we ask Rahul Singh?

Rahul dear, are you there?



febpreet   
Member since: Jan 07
Posts: 3252
Location:

Post ID: #PID Posted on: 07-04-09 01:39:37

Quote:
Originally posted by rahul_singh23

5. If you can not afford 10% mortgage rates in future then that house is not for you



Rahul, even if one defer buying the house to another 4-5 years, the interest rate will still be higher - might be 10%. If someone buys now, at least the house is paid up to some extent in about 5 years. I am not an analyst, so please parden my limited knowledge on RE. So, my question is when could one buy the house. I haven't met a single person in my life so far who could perfectly predict the house prices, interest rates, economy. They all go by the trends. The interest rate might stay the same at about 5-6% and house prices could go up, who knows. Real Estate investment is good only in the long run. The boom that we saw comes once in a blue moon where flippers prosper in 2 months time.

But, I agree with you completely that one should pay off their house before age 50. There's nothing like that.



Fido   
Member since: Aug 06
Posts: 5286
Location: Canada

Post ID: #PID Posted on: 07-04-09 04:29:56

I agree with most of the points Rahul has put across . One should buy a house conservatively as this is perhaps going to be the biggest financial liability in future - its easier to get mortgage / loan but comfortable repayment should be borne in mind .

That prices are sliding and will continue to slide is not brainier - this is written on the wall and getting validated by the reports and results .

On a side note though ~ why are new homes selling like hot cakes in Castlemore I also wonder ? Is it due to the fact that new homes offer the best value for money or is it that Castlemore is the new location in demand ... or both ?

Experts ~ how much would be the % price difference b/w a new home and a 5 year old home considering everything else same ... structure / neighborhood etc ?


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Fido.


love_n_peace   
Member since: Jan 08
Posts: 269
Location:

Post ID: #PID Posted on: 08-04-09 20:55:38

I wanted to know, which would be better? to buy new brand home or a home with 2-5 yr of age?

What will be extra (hidden) costs that builder do not cover? and do not tell even.

The property tax for brand new and resale would be differ toooo much?


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