Posted on: 22-11-04 20:20:13
Quote:
Orginally posted by Zeas
Hi
We are planning to move to Canada shortly and by God's grace we have around 200K. Is it advisable to buy a house or condo for about 150K and pay full cash down or go for mortgage. My job prospects there may not be bright, minimum is what am counting initially, having this in mind your input will be much appreciated.
Thank you in advance.
Zeas
Zeas,
The advice of Chandresh, Pratickm and DTC makes sense in your case for NOT TO GO for house initially but rent and explore business ventures and or suitable job and keep your savings in safe investments. Moreover, you would not get a condo in $150 k in a resonable location and may have to go in for around $200 K which means you would have to put around $70 K as down payment as you would not have an established credit in Canada immediately on your arrival. Moreover, the banks would like to see you have a permanent job of atleast 9-12 months duration to allow you to buy house by putting 5 or 10 percent down payment.
Should you have any questions, you can either PM me or email me at and I shall answer all your questions.
Good Luck.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Zeas said :
We are planning to move to Canada shortly and by God's grace we have around 200K. Is it advisable to buy a house or condo for about 150K and pay full cash down or go for mortgage. My job prospects there may not be bright, minimum is what am counting initially, having this in mind your input will be much appreciated.
My reply:
The answer to your question is very personal and is based upon indvidual situation. As a real estate consultant I would like to know a lot more before giving you some advice. Some of the things that I would like to know will be your home size preference, e.g. a townhome, semi-detached or detached home as these homes vary in sizes, square footage and price. Your age, family size, no. and ages of children, neighbourhood, your line of work and many more details.
If you are coming to GTA it will nice if you could attend our free real estate seminar and I can discuss your real estate needs, benefits of living mortgage free/potential of real investment growth, limited equity investment while gaining leverage through financing, rental income and many other topics. Look at some of the subjects that we cover:
http://www.realestate-ontario.com/firsttimebuyer.htm
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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/
People many thanks for your input and concern, its touching. The city I intend to go is London, ON I will be touching 50 when I land there. I prefer London 'cause its a University Town good for my two kids, housing is reasonable price wise, job prospects may be low 'cause my Administration background but then am on even keel no matter where I go with regard to jobs, as all new immigrants have to rough it out when it comes to jobs. So whether I go to GTA, Vacouver or London job wise may not make much difference, atleast thats what I reckon.
Yes conversion is a factor, high value of lonnie is erroding my savings, its a fact of life one has to cross that bridge when time comes and take what he gets.
Am keeping all options open and very receptive to your input.
Zeas
