Topic: Housing

[tpl]

So I got approval from the bank for my first mortgage.  I asked first to see how much they'd give me, then I reduced it to what I want my max budget to be.  I feel sick for the amount of money we're talking about here - no wonder there's a housing price issue...are they offering this kind of cash to just about anyone?!

Do the safe thing No-san.   Mortgage PI&T monthly less than the smallest net paycheck.   A) you won't be house poor. B) if you have a kid you won't be broke.

May not make sense if there's a big income imbalance though.

Guelph is pricey. A good friend of mine is a professor at the university and he isn't even close to buying a house there.

True but one imagines that a Lawyer and a Veterinary Surgeon it would work out!  Although when the populist revolution comes...

[Noto]

Since the Buying, Selling and Leasing section is intended for cars, this thread is being merged with the Housing thread in Off-Topic Discussions.

See you there.   

Meannie.

Do the safe thing No-san.   Mortgage PI&T monthly less than the smallest net paycheck.   A) you won't be house poor. B) if you have a kid you won't be broke.

Without giving up numbers, a large portion of our purchase will be cash.

I also had my review yesterday and Santa was VERY kind to me.  The salary bump was also most favorable given the timing and the request to be transferred.

... And CIHR was very kind to my wife.

We'll be ok - not emptying our pockets to afford the house.

[mmret]

Since the Buying, Selling and Leasing section is intended for cars, this thread is being merged with the Housing thread in Off-Topic Discussions.

See you there.   

Meannie.

Do the safe thing No-san.   Mortgage PI&T monthly less than the smallest net paycheck.   A) you won't be house poor. B) if you have a kid you won't be broke.

Without giving up numbers, a large portion of our purchase will be cash.

I also had my review yesterday and Santa was VERY kind to me.  The salary bump was also most favorable given the timing and the request to be transferred.

... And CIHR was very kind to my wife.

We'll be ok - not emptying our pockets to afford the house.

I knew you lawyers were rolling in it.

Spread some of the love and buy us (at least everyone west of Yonge St) some drinks.

[Gurgie]

Since the Buying, Selling and Leasing section is intended for cars, this thread is being merged with the Housing thread in Off-Topic Discussions.

See you there.   

Meannie.

Do the safe thing No-san.   Mortgage PI&T monthly less than the smallest net paycheck.   A) you won't be house poor. B) if you have a kid you won't be broke.

Without giving up numbers, a large portion of our purchase will be cash.

I also had my review yesterday and Santa was VERY kind to me.  The salary bump was also most favorable given the timing and the request to be transferred.

... And CIHR was very kind to my wife.

We'll be ok - not emptying our pockets to afford the house.

I knew you lawyers were rolling in it.

Spread some of the love and buy us (at least everyone west of Yonge St) some drinks.

Hey, what about us East of Yonge? 

[mmret]

Since the Buying, Selling and Leasing section is intended for cars, this thread is being merged with the Housing thread in Off-Topic Discussions.

See you there.   

Meannie.

Do the safe thing No-san.   Mortgage PI&T monthly less than the smallest net paycheck.   A) you won't be house poor. B) if you have a kid you won't be broke.

Without giving up numbers, a large portion of our purchase will be cash.

I also had my review yesterday and Santa was VERY kind to me.  The salary bump was also most favorable given the timing and the request to be transferred.

... And CIHR was very kind to my wife.

We'll be ok - not emptying our pockets to afford the house.

I knew you lawyers were rolling in it.

Spread some of the love and buy us (at least everyone west of Yonge St) some drinks.

Hey, what about us East of Yonge? 

Peasant.

[OliverD]

True but one imagines that a Lawyer and a Veterinary Surgeon it would work out!  Although when the populist revolution comes...

Isn't she a resident though? I can't imagine that brings a big income but I could be wrong.

[quadzilla]

Marry rich, you can learn to love. 

[Gurgie]

Since the Buying, Selling and Leasing section is intended for cars, this thread is being merged with the Housing thread in Off-Topic Discussions.

See you there.   

Meannie.

Do the safe thing No-san.   Mortgage PI&T monthly less than the smallest net paycheck.   A) you won't be house poor. B) if you have a kid you won't be broke.

Without giving up numbers, a large portion of our purchase will be cash.

I also had my review yesterday and Santa was VERY kind to me.  The salary bump was also most favorable given the timing and the request to be transferred.

... And CIHR was very kind to my wife.

We'll be ok - not emptying our pockets to afford the house.

I knew you lawyers were rolling in it.

Spread some of the love and buy us (at least everyone west of Yonge St) some drinks.

Hey, what about us East of Yonge? 

Peasant.

Hey, I'm 436km EAST of Yonge... ain't no peasant! 

[84im]

Just got back from foggy Okanagan, looking to buy a place there sooner than later. Kelowna is a joke right now, the migration of Vancouverites has driven the prices way up.

Picked out a nice place with a few acres that would be occupied by my cars and enough space for a horse or two, sure it'll sell quick. Hoping my place in Alberta will sell quickly too....man I HATE selling houses, so stressful, especially when looking to buy another home 6 hours away. Hoping for a smooth transaction.

A couple of years ago, after my wife and I retired, we decided that it was time for a move away from the Fraser Valley.  The Okanogan was our first choice and we spent some time looking for houses in Oliver and Penticton.  For us Kelowna was too big and as you mentioned, houses there are expensive.
We ended up moving to Parksville, on Vancouver Island, and couldn't be happier.  There's something about being close to the ocean and prices here are still reasonable (excluding Victoria).
I'm surprised at how many ex-Albertans live here.  Two of my neighbours still work in Alberta.

[Noto]

Isn't she a resident though? I can't imagine that brings a big income but I could be wrong.

It's not huge money, but she's also (now) above the poverty line with the CIHR grant.

...and stoge, she doesn't work for CIHR - she just applied for and received a grant that covers her tuition and gives her a better salary so that the Uni has more cash to fund her research project (a requirement of her specific residency program).

So how bad would a vinyl-sided house be...?  This one is my favourite home thus far:
https://www.realtor.ca/Residential/Single-Family/17740493/9-DARBY-Road-Guelph-Ontario-N1K1R4




Other option is a bit further out than we want (by a few minutes, not much) and the layout will never be amenable to open concept (which may matter on resale):
https://www.realtor.ca/Residential/Single-Family/17827282/22-MCLACHLAN-Place-Guelph-Ontario-N1H8K4

[Gurgie]

^the vinyl siding isn't a huge issue... both those houses are huge though for a couple with no kids... you gonna rent out rooms to University students? 

The 1st one has a mish-mash of hardwood flooring though, that would drive me nuts & the carpet in the living & dining room as well 

The 2nd one wouldn't be that easy to open up, some of those walls are load bearing obviously & then some have duct work in them, plus then you need to match up the floors & it looks like someone put in new hardwood already. It has a great basement though, that looks awesome! It also looks like it will need new shingles soon and I'm sure you guys would wanna do the kitchen as well.

[Noto]

The problem is that we're looking for properties that will either appreciate or at the very least not be a loss on resale.  Her program is 4 years and there's nothing in Guelph for her after that time - we'll be moving...again.

While we definitely don't need a big place, smaller places are no cheaper and are going to be harder to resell.  The first one concerned me only for the pool and the vinyl (the flooring doesn't bug me at all) - it's my favoured option.  I'm worried that if the vinyl is near its end of life, then the cost of replacing same will be on us.

The second one concerns me because it doesn't show quite as nicely in terms of upgrades - the kitchen is fine for us, but for sure we'd have to replace the appliances at the very least (and no built-in microwave is kind of a bummer for counter space).  Also, no builder would want to take the house since flipping it would be a tough project for the reasons you explain (re opening up walls).  That, and it's a bit further out than we want.  If the roof is in rough shape, well, there's another what, $6-8k spent?  Guelph's market is so hot that we can't try to reduce the purchase price for those things. 

These are all going with zero conditions (incl home inspections), some are entirely cash deals.

[Lower Level]

4 years? Just rent a 1 bedroom apt and buy when you're ready to settle longer term.

[Gurgie]

Hard to know where the market will be in 4yrs... I get you want it as an investment & not throw away money on rent, but what if bought a condo or townhome for quite a bit less and then take the money you'd be paying on the higher mortgage & invest it elsewhere? Then in 4yrs just rent out that property & use it as an investment property?

I know you're a smart dude with your cash, so I'm sure you're gonna make the correct decision.

[Noto]

Hard to know where the market will be in 4yrs... I get you want it as an investment & not throw away money on rent, but what if bought a condo or townhome for quite a bit less and then take the money you'd be paying on the higher mortgage & invest it elsewhere? Then in 4yrs just rent out that property & use it as an investment property?

Thing is, look at the Darby property - 2,100 sq ft, pool, decently upgraded house, lots of space, good neighbourhood.  $569,900 asking (who knows what it'll go for).

While logic would dictate that condos or townhomes are cheaper, they're really not.  E.g. here's a semi-detached for $499,900 with 1,800 sq ft, a 1.5 car garage (the Corolla isn't a 1/2 a car), virtually no yard, etc.
https://www.realtor.ca/Residential/Single-Family/17811603/47-WALKER-Way-Guelph-Ontario-N1L1T7

Half a mil in Guelph isn't getting you what you'd think you should be getting. 
https://www.realtor.ca/Residential/Single-Family/17785081/10-LANE-Street-Guelph-Ontario-N1E4N2-Central-East

https://www.realtor.ca/Residential/Single-Family/17782795/599-College-Avenue-W-Guelph-Ontario-N1G2Z6

https://www.realtor.ca/Residential/Single-Family/17823559/89-MILSON-Crescent-Guelph-Ontario-N1C1G6

https://www.realtor.ca/Residential/Single-Family/17814973/37-AMSTERDAM-Crescent-Guelph-Ontario-N1L4G2

https://www.realtor.ca/Residential/Single-Family/17820507/33-AMSTERDAM-Crescent-Guelph-Ontario-N1L0G2

Also, condos come with HOA fees that'll equal thousands each year with limited opportunities to appreciate in value.

[Gurgie]

^yeah, those aren't the best options... crappy!! Half a million doesn't get you much in the Ottawa core either! Cross the river over to Quebec though & you're set 

[Noto]

This is the other front runner (it'll add about 10 mins to my commute - i.e. from 30 -> 40 minutes):
https://www.realtor.ca/Residential/Single-Family/17828112/5-BROCK-Street-Guelph-Ontario-N1L0E4







The "master" bathroom  :




It also has a full legal basement apartment (we're not interested in renting out our basement):


...$599,900.  ...and it's a Fusion Home built in 2009, which some wEeLz and CSH on here suggested we not buy.

[Ex-airbalancer]

^the vinyl siding isn't a huge issue... both those houses are huge though for a couple with no kids... you gonna rent out rooms to University students? 

The 1st one has a mish-mash of hardwood flooring though, that would drive me nuts & the carpet in the living & dining room as well 

The 2nd one wouldn't be that easy to open up, some of those walls are load bearing obviously & then some have duct work in them, plus then you need to match up the floors & it looks like someone put in new hardwood already. It has a great basement though, that looks awesome! It also looks like it will need new shingles soon and I'm sure you guys would wanna do the kitchen as well.

Kids , now a days,!!!!!!!
 we had 4 kids in a house under a thousand sq ft.
 Now they want 3000 sqft and no kids

[Noto]

to be fair, I don't want 3,000 sq ft - I want smaller, but I want a property that I can resell at the end of this and not lose crazy money on.  In Guelph's market, townhomes/condos are priced absurdly close to detached houses.

[CSH]

If you are reasonably sure that you will sell in 4 years and want to make some money then buy something thats 5 years or less (it should be less than 10 years when you sell) Not that >10 years will not sell but the 0-5 group appreciates the most followed by 5-10 and so on..

south end will go VV Fast, West end and downtown V Fast, East end Fast and North end a little slower.

If you can afford dont think too much about getting >3000sq ft if the cost/sqft is lower...