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Att'n Home owners! Is it worth it?

Discussion in 'Anything goes' started by SoSueMe, Apr 20, 2007.

  1. Simon_Cowbell

    Simon_Cowbell Active Member

    Not if you are looking for a loan.
  2. JR

    JR Well-Known Member

    Sue, since I know where you live, I'd say buy because prices in your neck of the woods will go up steadily as the GTA creeps closer and closer.

    Oh, and I've said this earlier but I'll remind our American friends that mortgage interest is not tax deductible for Canadians.
  3. SoSueMe

    SoSueMe Active Member

    This is the thing: Using round numbers for argument's sake, your home is now worth three times as much as it was 10 years ago. So, you bought it for $130,000, I'd have to pay $380,000. However, I can bet you (nor I) are now making three times as much as 10 years ago.

    Good investment by you. An investment I (and many others) cannot afford.

    This is where I get lost. How can ANYONE afford a new house this day and age. My fiancee and I just cannot figure out where people (who are making very similar wages as us) are getting their money.

    Single teacher friend: Owns a home.
    Single computer IT guy (who isn't that qualified or smart and not making much — I make more than him): Owns a home.
    Laid off (for 10 months) factory worker and secretary wife: Owns a home.
    Student and floor-tiling husband: Owns a home.
    Full-time daily sports reporter at decent wage and bank employee: No home.

    I simply don't get it. Unless these people work and live just to pay their mortgage, I can't see how they do it. The banks must drool over these folks.

    The better half and I are proud to say our only debt is $6,000 remaining on our second car, which will be paid off two years ahead of schedule. And we should come out of the wedding owing zero.
  4. HejiraHenry

    HejiraHenry Well-Known Member

    As Sara Evans said in a different context, that's a real fine place to start.
  5. Simon_Cowbell

    Simon_Cowbell Active Member

    Parents... Parents... Parents.

    I swear my wife and I are the only people we know without a loaded parent among the four.
  6. shotglass

    shotglass Guest

    I try to break it down into simplistic issues, being simplistic and all.

    Some day I'm going to be 70 years old, God willing. If I've rented all my life, I have whatever money I've managed to save for my wife and I to live the rest of our days. If I have a house paid off, I have six figures to start with, or at least I won't have to worry about a monthly payment.

    To me, the investment was everything. We've made the house appreciate in value, and in ways we've been able to enjoy ourselves -- a sun room, a pool.

    After having spent some time in the retirement home we had my dad in before he died, I think that wouldn't be a real bad existence, being around people your own age and having people keep an eye on you in case your health isn't the best. So I'm thinking the sale of the house, at some point, will make that lifestyle affordable for a while after retirement.

    Now, here's the other side. If you're going to own, you have to be willing to keep the place up yourself, or face the fact that you're going to be shelling out a lot of money to have it done for you. If you don't feel up to doing that, renting might be for you.
  7. Birdscribe

    Birdscribe Active Member

    Good luck, Webster and congrats.

    You won't regret it.
  8. SoSueMe

    SoSueMe Active Member

    Simon, I think we're like you and your wife. No rich 'rents between the two of us.

    I know for a fact, the IT guy gets everything (I mean EVERYTHING) from his parents. Every piece of furniture in his house, which has TWO living rooms, came from his parents home, where he grew up. And, the house he owns was his grandmother's.

    I just can't believe it. part of me wants to be pissed. Part of me is proud me and my (almost)wife have made it on our own.
  9. shotglass

    shotglass Guest

    By the way, if you're buying, here's something to look for.

    In figuring out your mortgage payment, the bank is going to charge a certain amount for escrow, to pay taxes on the place. Well, they often want too much for escrow. They're counting on paying the full, regular-time amount on taxes. If you pay the taxes early, there's a very significant discount.

    So, here's how to save some serious coin. You badger the bank into dropping the escrow and take care of the taxes yourself. Then make sure you get the taxes in during the "bonus" period. This alone took about $300 off our monthly payment.
  10. Simon_Cowbell

    Simon_Cowbell Active Member

    Good luck finding a bank that doesn't insist on having your escrow money.
  11. Chi City 81

    Chi City 81 Guest

    Usually, if you put up at least 10 percent, the loan does not go into escrow.
  12. Pancamo

    Pancamo Active Member

    Most lenders charge 1/4 point of the loan amount upfront to waive escrows.

    Shot, you are lucky that you are in a municipality that will offer a discount, most don't.
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