Completed 10 years in Canada
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Quote:
Originally posted by febpreet
Ok guys here it is:
1. I made a mistake buying the Townhouse (3 BR- 1500 sq. ft, built in 2005) when the market was at peak in early 2008.
2. The backyard is facing a busy street - further dampener. Actually, the road was not that busy back then, but with more development across the city, this has become a major thorough fare for the traffic, much like McLaughlin or Derry in Mississauga/Brampton.
3. I would love to keep it with me forever, but as per the Strata bylaws, I can't rent it out. Except, for the hardship rental, which in my case doesn't apply.
4. With the ever growing supply of Townhomes, people are flocking to the brand new or relative new TH with bells and whistles. With easy mortgage these days, I can't blame the buyers to go for the relatively new having warranties and what not. Too much competition.
5. Listed at the same price that I have bought. With the Realtor's commission, all I am left with the equity that too is not worth mentioning.
6. Strata fee is not much.
Notwithstanding, the house is in a great shape and maintained well - inside and out.
I have my lessons learnt and being a novice way back in 2008, I didn't do my homework well, which is biting me now.
Anyhow!
Yeah ..2008 was a peak ..then there was a majore recession in 2009 , especially in US, when prices went down..but they have recovered a lot since then.
You can list your house yourself and give 2.5 % commission to the Buying agent ..no NEED to have a listing agent & waste 2.5 % on him ..they DON'T do much anyways..most of the work is done by the buying agent.
The listing agent just tells you to clean the house, stage the house & paint the house..YOU do all this yourself with your own money & time.
He then holds an open house, where he sits and distributes his business cards to promote his own business..all the buyers come with their OWN agents to look at the house ..you can show the house yourself to the buyers & their agent when they come ..& give 2.5 % to the buyer's agent.
Just list the house yourself and say buying agent will be given their respective commission, when they bring prospective buyers.
Did the Real estate give you the final selling price of the various townhouses in your complex and nearby complex in the last 1-2 yrs..the data is easily available to them through MLS.ca for free.
I still feel that your price should have gone up in the last 7-8 yrs, even if you bought in 2008 . Something tells me your agent just wants to do a quick sale, get his commission & run.
Quote:
Originally posted by adamthorat
Gov. Knowingly wasting money to get re elected and fill their own pockets and those of their friends and family and corporate lobbyist is corruption , not mismanagement.
Can you prove this please ... any credible links would suffice.
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Fido.
Quote:
Originally posted by tamilkuravan
How much maintainence are you paying?
That would be the killing point.
Lesson to all is that if you buy a townhouse always buy a free hold townhouse and not a lease hold one.
My advice to you again is this :
retain the townhouse. Buy a new house and let out portions. With that atleast you have another property to fall back on.
Selling this townhouse at a break even and buying a house, all for your self, does not make sense.
Murali
Is there any benefit in holding on to the TH (due the rental restrictions) if its not his primary residence ?
Quote:
Originally posted by northyork_desi
Quote:
Originally posted by tamilkuravan
How much maintainence are you paying?
That would be the killing point.
Lesson to all is that if you buy a townhouse always buy a free hold townhouse and not a lease hold one.
My advice to you again is this :
retain the townhouse. Buy a new house and let out portions. With that atleast you have another property to fall back on.
Selling this townhouse at a break even and buying a house, all for your self, does not make sense.
Murali
Is there any benefit in holding on to the TH (due the rental restrictions) if its not his primary residence ?
According to me - No. I just want to mitigate my losses and run as soon as I can. Just wanted to get rid of it.
Quote:
Can you prove this please ... any credible links would suffice.
1. Canadian Senate Scandal which is going on right now..links are everywhere.
2. Ontario Gas Plant Scandal: Cops Say Liberals Paid Expert $10K To Wipe Hard Drives
The Ontario Liberal caucus paid the spouse of a top aide to Dalton McGuinty $10,000 to wipe computer hard drives in the premier's office
http://www.huffingtonpost.ca/2014/12/18/ontario-gas-plant-scandal-mcguinty-hard-drives_n_6349798.html
The gas scandal cost Canadians $ 1.1 Billion just so that this guy could win a couple of seats & win the election. If they didn't do anything wrong , why were they trying to cover up by erasing their computers?
3. Sponsorship scandal under Chretien gov.
http://www.cbc.ca/news/canada/montreal/jacques-corriveau-charged-with-fraud-in-sponsorship-scandal-1.2463345
A former Liberal organizer, whom former prime minister Jean Chrétien once described as a "good friend," is now facing charges related to the federal sponsorship scandal.
Among the testimony, former ad executive Jean Brault told the inquiry he paid secret commissions to Corriveau's firm as kickbacks to the Liberal Party of Canada.
4. Brampton Mayor Spending Scandal
http://www.bramptonguardian.com/news-story/5025638-mayor-s-salary-stripped-amid-expense-scandal/
Are these credible enough links for you ? There are hundreds of other corruption & spending scandals at Federal , Provincial & Muncipal levels ..costing tax payers millions of dollars.
Quote:
Originally posted by febpreet
Quote:
Originally posted by northyork_desi
Quote:
Originally posted by tamilkuravan
How much maintainence are you paying?
That would be the killing point.
Lesson to all is that if you buy a townhouse always buy a free hold townhouse and not a lease hold one.
My advice to you again is this :
retain the townhouse. Buy a new house and let out portions. With that atleast you have another property to fall back on.
Selling this townhouse at a break even and buying a house, all for your self, does not make sense.
Murali
Is there any benefit in holding on to the TH (due the rental restrictions) if its not his primary residence ?
According to me - No. I just want to mitigate my losses and run as soon as I can. Just wanted to get rid of it.
Yeah, that's what I thought.
Febpreet,
We just went through the house buying process. Since we are in GTA , most of the well maintained houses were in high demand with multiple offers. We noticed that the houses with certain features goes well beyond asking. Some are hardwood floor, granite counter, fresh coat of paint etc. So if you are having difficulty selling it (and you dont have these features currently), try making these improvements and list it again. All these could be done for around 15-16k in GTA for a 1500 sq ft house. Also negotiate with the selling agent to list for lower percentage. We listed for 4 percent which included free staging. We had 24 showings in 3 days with 3 firm offers. We did paint the house and had laminate floor already, but no granite countertop.
One very important item is to declutter and move all the extra stuff to basement or storage.
Good luck.
Posts: 1351
Location: Brampton, Ont, Canada
Posted on: 23-04-15 13:06:07
Location: Brampton, Ont, Canada
Posted on: 23-04-15 13:06:07
Quote:
Originally posted by northyork_desi
Quote:
Originally posted by febpreet
Quote:
Originally posted by northyork_desi
Quote:
Originally posted by tamilkuravan
How much maintainence are you paying?
That would be the killing point.
Lesson to all is that if you buy a townhouse always buy a free hold townhouse and not a lease hold one.
My advice to you again is this :
retain the townhouse. Buy a new house and let out portions. With that atleast you have another property to fall back on.
Selling this townhouse at a break even and buying a house, all for your self, does not make sense.
Murali
Is there any benefit in holding on to the TH (due the rental restrictions) if its not his primary residence ?
According to me - No. I just want to mitigate my losses and run as soon as I can. Just wanted to get rid of it.
Yeah, that's what I thought.
Febpreet,
We just went through the house buying process. Since we are in GTA , most of the well maintained houses were in high demand with multiple offers. We noticed that the houses with certain features goes well beyond asking. Some are hardwood floor, granite counter, fresh coat of paint etc. So if you are having difficulty selling it (and you dont have these features currently), try making these improvements and list it again. All these could be done for around 15-16k in GTA for a 1500 sq ft house. Also negotiate with the selling agent to list for lower percentage. We listed for 4 percent which included free staging. We had 24 showings in 3 days with 3 firm offers. We did paint the house and had laminate floor already, but no granite countertop.
One very important item is to declutter and move all the extra stuff to basement or storage.
Good luck.
If you dont want to spend more money than its fine.
two things you need to do before selling house:
1- Hire a painter to paint full house ( unless u know good job)
2 - Hire a cleaner for one day - Your kitchen and bathroom should be neat and clean.
pay little extra but get professional people after checking their references.
Also, don't get frustrated or give hope , please stick to your price , its all about number game , you will get buyer with your asking price or even more.
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