US is betting on Canadian Housing Crash
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Quote:
Originally posted by febpreet
HW36,
This is exactly what I am trying to do. I am not too worried, as I am still living in it and have a quality roof over my head with ample space for my family. Let me hope for the best.
I 'll suggest you need to calculate the loss of opportunity as well. By not selling this house you are losing an opportunity to buy a better property somewhere else. Time is money, specifically in RE. Given your situation, you might have to take a hit of 10-20k which I am sure you will regain it from next one. My few cents. I know its easier said than done.
Next month I am in market to sell my condo (not my primary residence) and reinvest the proceeds in better rental property. I might as well fail in my endeavor.
I know I am losing the opportunity cost, but here's the deal. I bought the property for 325 with 20k down. Now, it's listed for 315k and received an offer for 300. After paying to the Realtor's commission, all I am left with about 15k. Out of this, I would have to pay the property transfer tax for my next property, which comes to about $10k.
Not only I will be losing my down payment, I will further go down with my equity as well, whatever I am left with.
I am now thinking about listing it on my own. There are a couple of services that list the property on MLS for about $450, without the use of any Realtor.
Not that simple.
Location: Brampton, Ont, Canada
Posted on: 26-06-15 19:21:11
Quote:
Originally posted by febpreet
There two type if buyer, homeowners and investors ...
Investor should hv patience to hold property to get real benefit ( in most case, some get lucky on short time), land and property will give u good return as long as u hv patience.
Home owner: its all abt need and requirement they should not worry abt to much on lose it gain ... Sometime its worth losing to move forward..
I hope u got my point
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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)
Location: God's own country
Posted on: 27-06-15 02:05:27
I bought the property for 325 with 20k down. Now, it's listed for 315k and received an offer for 300. After paying to the Realtor's commission, all I am left with about 15k. Out of this, I would have to pay the property transfer tax for my next property, which comes to about $10k.
Please help me understand the situation better.
You bought a property for 325 K, 8 years ago (25 year amort).
Now say you will sell this for 300 K, your actual property price is 285 K (after giving the broker his fee. I assume there is a 1 year / 6 month commitment before you do a private sale without the broker).
I understand that year 1, you pay 100 % of your EMI for interest part and at Year 25, you pay 100% on your principal part.
Can I assume that you will get something like 50K in hand from which you will have to pay 15K or lesser to the broker? By what you are saying, it looks like the 50K (that I assumed) is more like 25K.
If it is 25K, and considering that you payed EMI for 8 years, it does not look good. You might have paid around 1800-2200 $ EMI every month and you get only 10K in hand after 8 years?
Murali
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