buy or rent.

[LookitsMarkA]

some of my past clients, had sold their home and started renting even with a decent amount of income.

and vise versa, lots of people are happy with buying their new home home and do not have to rent anymore.

I'm curious,

whats your input? or experience?
I just want to hear your story or what you have heard.

[Spoon]

Just get a yacht. Don't even need to pay property tax.

[evlee]

I have been renting my 2 bedroom suite for 12 years now. 5 years ago i was approved for a loan but did not go forward, i was not convince the move would be a good one at the time. fast foward to present i am happy where i am and will stay as long as i can. my rent includes everything, after 12 years renting the owner has replaced the roof, washer/dryer, carpet to hardwood floors (heated), hot water tank, etc. In the end i am happy renting cus i do not have responsibility and i do not feel tied down, i know i am not building equity renting but i am saving money and investing a good amount for the future.

[finbar]

The rule of thumb for me is if I'm going to be in the locale for 5 years or more.

> 5yrs, buy

< 5 yrs, rent

Having recently sold my house and become a renter, it's nice to just make a 'phone call to resolve an issue and not have to break out the tools and equipment.

With respect to building equity, real estate goes down in value too.

[waddy41]

You might spend more on rent, but you save the headache (if you have a decent landlord)

+ apartment value does not nearly appreciate as fast as a house/property
+ you can get a decent basement suite for less than a mortgage...

[evlee]

Originally Posted by waddy41

You might spend more on rent, but you save the headache (if you have a decent landlord)

+ apartment value does not nearly appreciate as fast as a house/property
+ you can get a decent basement suite for less than a mortgage...

^^ my landlord and i have almost a family relationship, i have keys to the main house when they leave for holidays and visa versa. At one point i was picking up his kids from school, and was always invited to gatherings and i would show up for free food lol, the wife would always cook abit more so she could leave me some for dinner. Living with them is not all perfect at all, but with a lil communication any issues are resolved asap. my landlord was looking for a person who is responsible and no parties etc etc, i was looking for a place to rest my head every night without worries so it worked out for us.

[6793026]

Originally Posted by evlee

I have been renting my 2 bedroom suite for 12 years now. 5 years ago i was approved for a loan but did not go forward, i was not convince the move would be a good one at the time. fast foward to present i am happy where i am and will stay as long as i can. my rent includes everything, after 12 years renting the owner has replaced the roof, washer/dryer, carpet to hardwood floors (heated), hot water tank, etc. In the end i am happy renting cus i do not have responsibility and i do not feel tied down, i know i am not building equity renting but i am saving money and investing a good amount for the future.

don't get me wrong, i agree with you fully.

if i was the owner, it would be this way around. I bought a place, got a decent renter who subsides me on paying on mortgage. for a 20 yr mortgage, i am 8 years from paying it off and owning 400k which the renter helped me for a good 120k.

so in a span of 20 yrs, he got 400k paid off give or take minor "upgrades" which maybe now 20k spent on the house.

[Great68]

Rented for 6 years, now own. Couldn't be happier.

Love being my own boss, and doing what I want with the place. I enjoy breaking out the tools and fixing/building things myself.

I hate co-habitation with strangers, so that limits my rental choices to full houses, and my mortgage is not much more than the cost of renting a full house around here (Victoria).

[ZN6]

Some buy and regret they can't move later on as the resources and commitment is daunting, some rent and regret paying for someone else's mortgage when they could have owned. It's about the person and needs. Like everything in life, there's a tradeoff.

[Euro7r]

There's really no right or wrong answer. Some argue buy, some rent. Everything we do in life involves some sort of risk and it's a risk that you'll have to take, in terms of whichever direction you decide to pursue.

[tool001]

i bought a place (condo) in burnaby regretted it, commute . etc. 2 years ago, bought a new townhouse in Vancouver, opposite park, with roof top patio, with view of north shore mountains (small development). couldn't be happier.

it all depends what u r looking for, and if u can find it and fork out $

i still have the condo, but planning to put it on the market now

[stewie]

has anyone bought a foreclosure house/condo?

if so, what were the risks? would you recommend others to do it? was it a headache/pain in the ass?

[LookitsMarkA]

Originally Posted by stewie

has anyone bought a foreclosure house/condo?

if so, what were the risks? would you recommend others to do it? was it a headache/pain in the ass?

buying a foreclosure;

pros'
cheaper
a chance of a steal deal
usually banks renovate the property and put new appliances + etc

cons;
1.court date- Bidding is time consuming.
2. you can view the property but some banks wont let you do an inspection
(buyer's risk) and if you do, you have to put the money beforehand even with the chance that you might not win the bid


things to know;
you must have mortgage and deposit ready with you during the court date in case you win the bid
deposit is absolutely non refundable in case of default
since its a court sale; in case you were the 2nd highest offer and if the winning bidder defaults... you may be forced to buy the property even if you dont want to. (all depends in a time clause too)

[LookitsMarkA]

Originally Posted by tool001

i bought a place (condo) in burnaby regretted it, commute . etc. 2 years ago, bought a new townhouse in Vancouver, opposite park, with roof top patio, with view of north shore mountains (small development). couldn't be happier.

it all depends what u r looking for, and if u can find it and fork out $

i still have the condo, but planning to put it on the market now

whats so bad about the burnaby condo? which area?

[KimLund12]

I guess people are now more into renting a home, they don't go for buying,consider renting more easy.

[KimLund12]

Although mortgage is now a days on high rates may be that is why people are not going for that.

[4444]

Originally Posted by KimLund12

Although mortgage is now a days on high rates may be that is why people are not going for that.

wat?

[4444]

Originally Posted by stewie

has anyone bought a foreclosure house/condo?

if so, what were the risks? would you recommend others to do it? was it a headache/pain in the ass?

i have in the US, was an easy process - had my broker do all the leg work (this was a bank owned foreclosure, not a courthouse auction.

in canada, because it goes through the courts, the courts aren't meant to sell for less than FMV, as such, you shouldn't be able to get a stinking deal like you can in the US.

as for home ownership, everyone's situation is different. I move around a lot, so for me it's a total financial investment only. from a financial point of view, there is a rule of thumb that if a property is <15x annual rent, you buy; >15x annual rent, you rent - this is just a rule of thumb, though, so many more things go into buying a property than that.

i also live in a place where my place would cost over a million euros and is >100 years old - i'd NEVER take on that kind of risk, so i'm happy renting.

[speediandy]

I'd rent right now but that just my choice and how much risk I want to take on. If you got the $$$ go ahead and buy.

[R1CED`]

dont mean to thread jack but didnt wanna create new thread.

im turning 25 and ready to finally move out. My work hours fluctuate depending on how many clients i'm booked but i'm doing pretty decent for someone my age. Another few more months of saving and I'll have enough for 20% down payment on an entry-level pad. I haven't done an in-depth pro vs con and the costs associated with rent vs buying..but just the idea of paying someone else's mtg seems like a waste. I am not settle down because I'm single and planning to move away for school, so I'd figure trying to sell a 1 bedroom apt few years down the road could just end up being more headache and potentially money lost than straight up renting.

My last year's income also seems peanuts because I didn't start F/T until pretty late but I have a good credit score and have a decent savings...i hear they are making it more difficult to get approved for mtgs?

What I really wanted to ask was if taking out a mortgage will it affect my chances of getting a large student line of credit? It'll be a professional program out of the country so the sLOC after 4 years is said and done will likely total to the value of a cheap condo. I understand there's so many different types of mtgs but I'm just curious if having an asset will hurt or maybe improve my chances of maximizing sLOC?

thanks for reading and forgive my noobness.

[sdubfid]

Originally Posted by R1CED`

dont mean to thread jack but didnt wanna create new thread.

im turning 25 and ready to finally move out. My work hours fluctuate depending on how many clients i'm booked but i'm doing pretty decent for someone my age. Another few more months of saving and I'll have enough for 20% down payment on an entry-level pad. I haven't done an in-depth pro vs con and the costs associated with rent vs buying..but just the idea of paying someone else's mtg seems like a waste. I am not settle down because I'm single and planning to move away for school, so I'd figure trying to sell a 1 bedroom apt few years down the road could just end up being more headache and potentially money lost than straight up renting.

My last year's income also seems peanuts because I didn't start F/T until pretty late but I have a good credit score and have a decent savings...i hear they are making it more difficult to get approved for mtgs?

What I really wanted to ask was if taking out a mortgage will it affect my chances of getting a large student line of credit? It'll be a professional program out of the country so the sLOC Tafter 4 years is said and done will likely total to the value of a cheap condo. I understand there's so many different types of mtgs but I'm just curious if having an asset will hurt or maybe improve my chances of maximizing sLOC?

thanks for reading and forgive my noobness.

I see no advantage for you to buy especially if you plan to move/go to school, but you have to do the math for your own situation/finances. My opinion is you would be MUCH better off renting and staying disciplined with your savings/investing.

1. Rent is money you won't get back, there are no surprises or building assessments with renting.
2. Strata fees, taxes, mortgage interest, misc bills is money you won't get back.

[LookitsMarkA]

Originally Posted by R1CED`

dont mean to thread jack but didnt wanna create new thread.

im turning 25 and ready to finally move out. My work hours fluctuate depending on how many clients i'm booked but i'm doing pretty decent for someone my age. Another few more months of saving and I'll have enough for 20% down payment on an entry-level pad. I haven't done an in-depth pro vs con and the costs associated with rent vs buying..but just the idea of paying someone else's mtg seems like a waste. I am not settle down because I'm single and planning to move away for school, so I'd figure trying to sell a 1 bedroom apt few years down the road could just end up being more headache and potentially money lost than straight up renting.

My last year's income also seems peanuts because I didn't start F/T until pretty late but I have a good credit score and have a decent savings...i hear they are making it more difficult to get approved for mtgs?

What I really wanted to ask was if taking out a mortgage will it affect my chances of getting a large student line of credit? It'll be a professional program out of the country so the sLOC after 4 years is said and done will likely total to the value of a cheap condo. I understand there's so many different types of mtgs but I'm just curious if having an asset will hurt or maybe improve my chances of maximizing sLOC?

thanks for reading and forgive my noobness.

a. 1. Ill be happy to help you do a pros and cons list over coffee
2. it sounds like youre commission based income like me? if you are, mortgage specialist look at our income for the last 2 years compared to regular hour workers who usually only require 3 months of work and an employee letter

b. Its not difficult to get mortgages, The real change was that 20% is now the ideal downpayment to avoid CHMC mortgage insurance. but 5%down still exist +25years maximum for mortgages
C.
1. if you are discharging a mortgage byselling your property, it should not affect your ability to get a SLOC.
2. if you are going to keep having an income and keeping your property for rent while you go to school, you maybe able to use home-equity -LOC to pay for your school -i suggest comparing rates.
3. having an asset maximize the amount of most loans

[sonick]

This calculator does a good job in laying out the financials of buying vs renting... of course there are tons of intangibles that go along with it, but financially/logically this is a good place to start.

https://drive.google.com/uc?export=d...lp2Q0kya1Y0akE

Source: Swan song ? Greater Fool ? Authored by Garth Turner ? The Troubled Future of Real Estate

Also, no offense but having a realtor discuss a pros and cons list of owning vs renting is akin to asking a car salesperson the pros and cons of buying a new car.

[LookitsMarkA]

youve had some pretty bad experience with salesman havent you lol

well the only pros and cons list i can offer is to reevaluate your plans till you move out of town. I can educate you with the fees and process then we can pull some numbers out to see which is cheaper for you during the time frame that youll be staying here.


if renting is cheaper for your situation after the math done, why should i recommend you to buy?

[sonick]

Originally Posted by LookitsMarkA

youve had some pretty bad experience with salesman havent you lol

well the only pros and cons list i can offer is to reevaluate your plans till you move out of town. I can educate you with the fees and process then we can pull some numbers out to see which is cheaper for you during the time frame that youll be staying here.


if renting is cheaper for your situation after the math done, why should i recommend you to buy?

No I haven't had poor experience, but I feel it's a legitimate analogy. I am not trying to be critical in saying you or any other realtors are dishonest, but no matter how balanced you might be there is still an element of bias to it if in the end you benefit from one decision over another.

Even though renting is cheaper, as I mention there are many non-monetary/intangible reasons for owning, e.g. Pride in home ownership, having a home as your own, knowing you aren't paying another's mortgage, the comfort of 'forced saving' in paying your mortgage in building equity, comfort knowing a landlord can't kick you out of your home at any given time, satisfying parental/spousal/social pressure to own, etc.

I see both sides and try to have a balanced perspective. Each individuals situation is different, it's not all about money but it is an important part and is the only one you can clearly outline in a spreadsheet and is the same no matter what life/social situation a person is in.