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#21 | |
Ride Naked.
Join Date: Feb 2008
Location: Flat and Straight ND
Moto: 08 BUELL 1125R, 05 SV650S
Posts: 7,916
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Built 1978 3 bed 1 3/4 bath Rambler, 1200 sq ft per floor Finished basement Almost 1 acre lot Oversize 2 stall detached garage next to house 1 stall garage in the back yard $126,000 ![]() And the garages are full too ![]() Granted, had I bought a house in the "big city" of Fargo, same thing would have cost me over $200. |
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#22 |
Elitist
Join Date: Nov 2008
Location: SF Bay Area
Moto: Gix 750
Posts: 11,351
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I wouldn't buy unless you have a job that could keep you happy for at least 3-4 years, and that you could easily replace within the same city if you got laid off.
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#23 | |
Ride Naked.
Join Date: Feb 2008
Location: Flat and Straight ND
Moto: 08 BUELL 1125R, 05 SV650S
Posts: 7,916
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I got laid off less than a year after buying. Had an available job in another town, but no way could I afford to sell. Lucky for the guard to give me full time employment here! ![]() |
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#24 |
AMA Supersport
Join Date: Nov 2008
Moto: '04 Kawasaki ZX6RR
Posts: 3,392
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I was always told, "if in doubt, don't do it".
Owning a home is a lot more than most people think. Here you have property tax, the upkeep of the lawn (buying a tractor/mower), etc. I forget the exact rule of thumb but it's something like 6 months worth of mortage payments in savings as a backup if it's needed. Good Luck in your search. |
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#25 |
Vrooom
Join Date: Nov 2008
Moto: 06 ZX6R
Posts: 4,427
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Well I found another apartment and I feel SO much better about it. This is what it's supposed to feel like!
As of May 1st I will be in a one bedroom upper apartment of a century home! ![]() |
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#26 | |
Custom User Title
![]() Join Date: Nov 2008
Location: Central NY
Moto: 2003 SV650S
Posts: 14,959
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![]() good for you.
__________________
I'm not "fat." I'm "Enlarged to show texture." Handle every stressful situation like a DOG: If you can't eat it or hump it, pi$$ on it & walk away. |
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#27 |
The Man
Join Date: Feb 2008
Location: CrabTown USA
Moto: 00 Bimota DB4
Posts: 823
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Just to muddy the waters a bit:
http://www.mtgitright.com/qs/page/8338/7762/-1 "For years, Canadians have envied those lucky Americans: they have tax-deductible mortgages. But a growing number of smart Canadian homeowners have figured out that they can have tax-deductible mortgages too. In fact, savvy financial advisors have been designing tax-deductible mortgages for their clients for years. Essentially you restructure your mortgage to do three things: save on your interest dollars; pay down your mortgage debt more quickly, and build a handsome retirement portfolio along the way; all without increasing your total debt load. It's a different way to look at a mortgage, one that makes Canadian tax laws work for you. You see, Canadian tax laws allow the deduction of interest on loans made for qualified investment purposes. With careful planning, you can convert your non-deductible mortgage debt into tax-deductible investment debt." Another alternative is to purchase a home with the express purpose of renting a portion of it out. As all economic situations are local, you would need to see what kind of properties rent easily and what kind of vacancy rates you can expect, and then plan accordingly and see if the numbers make sense. Here in the states it's an easy financial decision with the deductabitity of interest and real property taxes, but Canada is a different ketttle of fish. Sit down and talk to an inverstment advisor and see what you need to know in order to run numbers that make real sense. |
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#28 |
AMA Supersport
Join Date: Nov 2008
Moto: '04 Kawasaki ZX6RR
Posts: 3,392
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Congrats Kelly! Sounds like you found a good place... and the right one.
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