Buying a new home or recently bought? Check in here :)

[SilentJay]

So in light of RJ3's recent thread about hidden costs associated with home purchasing, and myself being in the group of "perspective first-time home buyer", I figured i'd branch out a little with a discussion about it. Maybe someone who just bought has some tips or heads-up for the rest of us. Who knows, maybe a little knowledge sharing will help make it a more informed purchase (for me anyway...) :chuckle


I'm personally trying to string together some savings to put down a reasonable downpayment, although today's prices aren't making things any easier :P I'm aiming for a new townhouse/semi, although in my price range, I might have to settle for a nice condo, in Mississauga North or reasonably close to it. I guess I wouldn't mind getting a 1-2 year old home, but preference is towards brand new.


So to get the ball rolling, perhaps some details. For those of you who have already bought, please feel free to share details in past-tense for the following :pop

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Just window shopping/seriously looking?:

Buying yourself/with co-signer/significant other?:

Where are you guys looking?:

What's the range you're looking to get?:

New/pre-lived-in?:

Detach/semi/town/condo?:

How much (%) downpayment are you aiming to put in?:

First time buyer?:

When are you looking to buy?:

Has the supposed "fall in housing prices and mortgage rates" prompted you to get off your butt and start looking?:

[mit-gee-mui]

http://www.torontomazda3.ca/forum/showthread.php?t=30850&highlight=house%2A+tips

Not good enough?:gone

[Unoriginalusername]

we recently upgraded from our 1100sqft semi to a 2200sqft detached 4 bdr double car garage based on the more affordable prices. starter homes are not down as much as the mid range and up homes (for example, oakville as a community has had one of the highest drops in Canada because it has mostly the more expensive homes). Semis and towns will be down a little but not below the levels of 2-3 years ago at least from what we found in NW Mississauga

try and stretch for the most house you can afford as typically a semi will appreciate more than a townhome, which will appreciate more than a condo town home etc. etc. but if you're just looking for a really nice place to live there are some sweet condo towns and towns available. our friends are about to list theirs in churchill meadows (winston and britania) which is a good area to get into in mississauga for appreciation

getting more bedrooms, and an ensuite will also help resale. ps - we found a really good personal banker/investor that helped us a ton with buying our first home and getting a good mortage. i can refer you if you'd like

[Walrus]

We are in the process of building our 2nd new home. Built our first home 5 years ago, and now we are doing it again because of the following:

1. Time for a bigger house
2. Wife is off on mat leave, so she has the time to deal with moving, changing addresses (bills), dealing with the builder, pack boxes (yeah right)
3. Builder is slow, so we negotiated a good deal (paying $5000 for $23,000 worth of upgrades)
4. Get to do it all over again with all the things I learned the first time

In the Waterloo region, the economy isn't affecting house sales. Houses on my street are still selling with 2 weeks. We didn't have to bother with selling, we sold our current house to wife's sister, but she sold her place in 3 days.

I can give you a long list of things to do if you are building new, but if you are going with a typical high volume builder, it won't be economical to do most of them because they will charge you rediculous amounts for any change unlike my builder.

Building a new place is a great investment, if its in the right area. When we build 5 years ago, the move in price was $220,000. We just sold it for $330,000. Now using that money + some extra, I am able to build a place almost 2x bigger, in a new area on the edge of Kitchener/Waterloo (Breslau).

[SilentJay]

http://www.torontomazda3.ca/forum/showthread.php?t=30850&highlight=house%2A+tips

Not good enough?:gone

:getout

[SilentJay]

Some good advice :)

:P I was born and raised in Mississauga, so I kinda know how the prices of houses have changed in the past 27 years. Our first duplex appartment (2000 sq. ft) cost $50k in 1982, our townhouse (1700 sq. ft) cost $150k in 1988, and our detached (2500 sq. ft) cost around $225k in 2002.

Somewhere between 2003-2005, the price of a similar detached home skyrocketed into the late 300s-to-mid 400s :flaming

I'm not really looking for a "really nice, swanky pad" per-se, it'll probably be my bachelor pad until I get married, and even then, maybe my nest until we grow as a family. A condo has nice ammenities, but the condo fees i've been seeing are outlandish! $200-$300 a month which could be put towards a mortgage.

[KenYork]

I'm personally trying to string together some savings to put down a reasonable downpayment, although today's prices aren't making things any easier :P I'm aiming for a new townhouse/semi, although in my price range, I might have to settle for a nice condo, in Mississauga North or reasonably close to it. I guess I wouldn't mind getting a 1-2 year old home, but preference is towards brand new.

Buying new is only on paper and what the marketer wants you to see, almost never exactly as illustrated. Buying used WYSIWYG.
I prefer buying already built(new) or used.


Has the supposed "fall in housing prices and mortgage rates" prompted you to get off your butt and start looking?:

I've been in the market for so long I'm always looking.


A condo has nice ammenities, but the condo fees i've been seeing are outlandish! $200-$300 a month which could be put towards a mortgage.

$200-300 in condo fees is not that bad(if in a multi-level condo), but for a townhome condo, it's mid-high.

Check out the "Neighbourhood Circle" area(dundas&mavis), 1100sqft. 2bdrm condo townhome $210K(listed). Great for single or starting family. Condo fee is under $200. If you work at it hard enough(w/spouse), pay off in 5 yrs. Rent it out and buy something bigger with its equity.

[dj_chinaman2097]

Just window shopping/seriously looking?:
- Purchased from plans in Summer 2008.

Buying yourself/with co-signer/significant other?:
- Signed myself. I'm a big kid now. Or so I'm told.

Where are you guys looking?:
- OneSherway, Tower 3, by Sherway Gardens, Etobicoke
- It's right beside Toys r' Us!!!

What's the range you're looking to get?:
- Mine's under $270,000 after fees and tax

New/pre-lived-in?:
- New, from plans.
- Best plan IMO, nice and rectangular...none of those angled entrances and walkways or curved walls

Detach/semi/town/condo?:
- 662 sq ft Condo, 1 bdr + den + southeast-facing balcony

How much (%) downpayment are you aiming to put in?:
- 10% downpayment

First time buyer?:
- Yes, took advantage of the first-time home buyer's downpayment option.

When are you looking to buy?:
- Move-in is scheduled for late 2011.

Has the supposed "fall in housing prices and mortgage rates" prompted you to get off your butt and start looking?:
- Actually it's prompted me to try and stop spending on the 3, other than for maintenance. I need to save for my portion of the mortgage.

[Luxury_Tax]

Just window shopping/seriously looking?:

Was seriously looking, and just recently bought.

Buying yourself/with co-signer/significant other?:

Technically, I bought for myself, but with wedding plans in the near future, it was bought with that in mind as well.

Where are you guys looking?:

Bought in Etobicoke - Scarlett Rd. & Eglington (Just east of Royal York)

What's the range you're looking to get?:

Paid roughly $305,000 after all fees/taxes. This got me a 1051 sq ft 2 bedroom + den condo (not including the balconey) with 2 baths.

New/pre-lived-in?:

Re-sale. Building is almost 5 yrs old.

Detach/semi/town/condo?:

Condo

How much (%) downpayment are you aiming to put in?:

20%. I wanted to avoid paying the CMHC. Took advantage of the Home Buyers Plan to help make this happen.

First time buyer?:

Yes

When are you looking to buy?:

My closing date is July 6th 2009.

Has the supposed "fall in housing prices and mortgage rates" prompted you to get off your butt and start looking?:

This definitely played a big part in my decision to get off my butt and make something happen. Mortgage rates are just so damn low right now.

[SilentJay]

:P I feel inadequate suddenly. Still struggling to put together a decent downpayment.

[Hypothrml]

Just window shopping/seriously looking?:
- Purchased from floor plans in September 2007.

Buying yourself/with co-signer/significant other?:
- Signed myself

Where are you guys looking?:
- The Onyx
- Burnamthorpe & Hurontario (In the center of everything)

What's the range you're looking to get?:
- Mine's under $265,000 after fees, tax, upgrades

New/pre-lived-in?:
- New, under construction


Detach/semi/town/condo?:
- 718 sq.ft Soft loft open concept, 1 bedroom, 2 floors-18ft ceiling

How much (%) downpayment are you aiming to put in?:
- 10% downpayment

First time buyer?:
- Yes, took advantage of the first-time home buyer's downpayment option.

When are you looking to buy?:
- Move-in is scheduled for late June 2010.

Has the supposed "fall in housing prices and mortgage rates" prompted you to get off your butt and start looking?:
- Getting to that age where you need to be on your own.
- Also, as a investment property.

[AskClaudio.com]

For all your real estate and mortgage needs please feel free to contact me. With the permission of the admins on TM3, I will be soon be launching an interesting sponsorship of real estate for all you TM3 members.

In the mean time, for any questions or concerns, I ask that you please visit my website at www.mortgagecentre.com/claudiomoreira (http://www.mortgagecentre.com/claudiomoreira)

[SilentJay]

Lot of people using first-time home buyer's... Isn't that just pulling money out of your RRSP? I have a tiny RRSP :P


>.< Stupid low-income job!

[AskClaudio.com]

Reason being its tax free, you don't get taxed on the amount that you withdraw from RRSPs to use on your purchase of your home since you are first time home purchaser. This program is available to your benefit and also the land transfer tax rebate program on resale properties for those that are first time purchasers.

[ds2chan]

Lot of people using first-time home buyer's... Isn't that just pulling money out of your RRSP? I have a tiny RRSP :P


>.< Stupid low-income job!


FYI, the amount you can withdraw from your RRSPs is now $25,000.

I just bought a house with my wife recently. Some costs off the top of my head that you should consider are:

1) Real Estate Lawyer fees (could range anywhere from $1200 to $2000). I wouldn't go for anybody higher than that unless there was a good reason for it.

2) Land Transfer Tax (which you shouldn't need to worry about since you're a first time owner).

3) New furniture for when you move in (bed, couch, tv, etc).

4) Renovations (if not new)

5) I suppose I should mention to not forget about your monthly expenses -> cable, internet, phone, car, hydro, heat, home & car insurance, maintenance (of whatever appliance), RRSPs, etc

there might be more but this was just off the top of my head.

[KenYork]

FYI, the amount you can withdraw from your RRSPs is now $25,000.

I just bought a house with my wife recently. Some costs off the top of my head that you should consider are:

1) Real Estate Lawyer fees (could range anywhere from $1200 to $2000). I wouldn't go for anybody higher than that unless there was a good reason for it.

2) Land Transfer Tax (which you shouldn't need to worry about since you're a first time owner).

3) New furniture for when you move in (bed, couch, tv, etc).

4) Renovations (if not new)

5) I suppose I should mention to not forget about your monthly expenses -> cable, internet, phone, car, hydro, heat, home & car insurance, maintenance (of whatever appliance), RRSPs, etc

there might be more but this was just off the top of my head.

Sometimes is great to have all you want when you buy your first house. Just remember, it may be more of a stepping stone towards your dream home. Don't take on more expenses than you can handle.

1)Wow! Over 1000 for a lawyer? I don't think I've ever been over that figure.

3)Keep your old stuff and whatever people give you to use for now, then save to buy the items you want (if you plan on having kids soon after purchasing the home, consider the kids will mess up any good furniture you have, buy accordingly)

4)this should be considered in the pricing of what you're paying for the house(these are nessities: roof $3k+, windows $8k+, furnace/air con. $3k+), everything else you can take your time to fix.

5)These are the killers that made me sell my house(I'm downsizing)

[SilentJay]

Hmm... Good to know, although i'm not sure I have that much to withdraw anyway. Thankfully, I'm pretty sure I can steal some old furniture kicking around my parents' house, so i'm pretty set with furnishings.

[SirWanker]

FYI, the amount you can withdraw from your RRSPs is now $25,000.

I just bought a house with my wife recently. Some costs off the top of my head that you should consider are:

1) Real Estate Lawyer fees (could range anywhere from $1200 to $2000). I wouldn't go for anybody higher than that unless there was a good reason for it.

2) Land Transfer Tax (which you shouldn't need to worry about since you're a first time owner).

3) New furniture for when you move in (bed, couch, tv, etc).

4) Renovations (if not new)

5) I suppose I should mention to not forget about your monthly expenses -> cable, internet, phone, car, hydro, heat, home & car insurance, maintenance (of whatever appliance), RRSPs, etc

there might be more but this was just off the top of my head.

Also add

6) property tax
7) standard house tools if you do not have any
8) if needed snow-blower or lawn mower
9) if buying an older house, a slush fund for "unexpected" expenses ( furnance, roof, new locks, garage door )
10) if you're paranoid new locks

[AskClaudio.com]

FYI, the amount you can withdraw from your RRSPs is now $25,000.

I just bought a house with my wife recently. Some costs off the top of my head that you should consider are:

1) Real Estate Lawyer fees (could range anywhere from $1200 to $2000). I wouldn't go for anybody higher than that unless there was a good reason for it.

2) Land Transfer Tax (which you shouldn't need to worry about since you're a first time owner).

3) New furniture for when you move in (bed, couch, tv, etc).

4) Renovations (if not new)

5) I suppose I should mention to not forget about your monthly expenses -> cable, internet, phone, car, hydro, heat, home & car insurance, maintenance (of whatever appliance), RRSPs, etc

there might be more but this was just off the top of my head.

Again, you are being mislead!

Referring to your No. 2, first time home purchasers are only exempt for up to $2,000.00 of land transfer tax. Depending how much the purchase price is, you could be charged Land Transfer Tax and Municipal Land Transfer Tax, (if your property is located in the City of Toronto.)

As for lawyer fees, I wouldn't trust the most important purchase to a strip mall lawyer that charges $500.00 as his or her fees plus disbursements. There is a reason as to why he or she works out of a strip mall ... (do your do diligence.)

[random.pattern]

As for lawyer fees, I wouldn't trust the most important purchase to a strip mall lawyer that charges $500.00 as his or her fees plus disbursements. There is a reason as to why he or she works out of a strip mall ... (do your do diligence.)

many reputable lawyers have offices in strip malls or plazas - generally, lower overhead means lower fees. so by all means, do your due diligence.