New to buying a house

[towelsnap]

Yes that makes me a virgin lol.

I've been looking around and with my inheritance I am able to afford a house (with renters/gf helping out with the bills) . Since my montly mortgage would roughly be 1,028.74 (if 4%) . I was thinking charging the girl (renter) $600, and the gf and I split the difference and offer 187,000 on this house.




I have found a house I'm crazy about and really want but thinking is this a good deal? What are your thoughts on it and what offer should be put on it? I'm still debating if I buy or wait .. since the gf is going to school. But... if worst comes to worst I'll miss this chance to own my dream house. Here it is and what is included as well as pics. Please let me know what you think. GIZZMO DON'T BUY MY HOUSE LOL

http://media.point2.com/p2h/listing/b82e/69c7/6f58/96a96c801e42ad118b75/gallery.jpg

http://media.point2.com/p2h/listing/9b40/013b/4889/a37eb53cee2b9bd701dc/icon.jpg

http://media.point2.com/p2h/listing/c66b/d69b/2a9c/67b00daf46efbf02e0d1/icon.jpg

http://media.point2.com/p2h/listing/6711/0672/2553/361ce2eb534e5abc2258/icon.jpg

http://media.point2.com/p2h/listing/0444/43a3/ee4c/140da4b2a6e2a10e4a7e/gallery.jpg


This is what comes with the house and all the info ..

Bungalow "Elevated" , Bedrooms:3 "2 Up and 1 Down"
Bathrooms:1"Full 4 Piece"
Garage:"Double Wide Paved Drivewa
"Basement:Yes"Fully Finished"
Size:1,000 sq. ft."
Approximate"Lot Type:RectangularLot
Size:70ftx120ft" Huge Lot with Mature Trees"
Taxes:$1,951.54 CAD (2009)

PERFECT FOR THE 1st TIME HOME BUYERS. INCLUDES ALL THE FUN STUFF LIKE A 6 PERSON HOT TUB (NEW 09) AND AN ABOVE GROUND POOL WITH DECKING (07), ALL ON A HUGE 70' x 120' MATURE LOT WITH FULLY FENCED BACK YARD. YOU'LL LOVE THE NEW OPEN CONCEPT KITCHEN & DINING AREA (09).. OTHER UPDATES IN 2009 INCLUDE PATIO DOOR AND SIDE ENTRANCE DOOR, QUALITY LAMINATE AND CERAMIC FLOORING. FURNACE AND CENTRAL AIR CONDITIONING IN 2006, LARGE PICTURE WINDOW IN LIVINGROOM REPLACED IN 2005. LOWER LEVEL HAS A LARGE RECREATION ROOM AND ANOTHER BEDROOM, PLUS A HUGE LAUNDRY/STORAGE AREA. THE TWO BEDROOMS UP HAVE ORIGINAL PARQUET HARDWOOD FLOORS. OWNERS HAVE REMOVED ALL CARPETING AND REPLACED WITH LAMINATE OR CERAMIC. BEAUTIFULLY DECORATED WITH MODERN LIGHTING FIXTURES AND CONTEMPORARY COLOURS. PLEASE CALL TO ARRANGE A PERSONAL SHOWING BEFORE IT'S SOLD

http://homes.point2.com/CA/Ontario/Kingston/Amherstview/6897129-Real-Estate.aspx

[Jest3r]

You could get away with 187,000 easy. Just be firm in the price. My folks are real estate agents on the side of their normal jobs so I hear a lot about this kinda stuff. Maybe someone on here is in real estate and could give you their 2 cents. Kingston is pretty far, do you live in the GTA now?

[towelsnap]

You could get away with 187,000 easy. Just be firm in the price. My folks are real estate agents on the side of their normal jobs so I hear a lot about this kinda stuff. Maybe someone on here is in real estate and could give you their 2 cents. Kingston is pretty far, do you live in the GTA now?

I live in Kingston :) so the house is roughly 15 mins away from where I work :headbang. I'm being given $25,000 so I'm hoping I get approved

[Jest3r]

I live in Kingston :) so the house is roughly 15 mins away from where I work :headbang. I'm being given $25,000 so I'm hoping I get approved

You probably will, one of my partners from work just bought a house, he's 23 and splits the monthly's with his girlfriend. Nice house in Etobicoke. Real estate is cheap in Kingston!

[Gizzmo_jr]

Okay seriously, I need to call you ASAP.

[BoostieMonster]

I don't know the housing market in Kingston, and probably nobody else would on here that's not a real estate agent. The house itself looks nice, but be aware of all the costs, because they're usually overlooked. You will need to come up with a deposit of like 10K, then pay lawyer fees of like 3K, and land transfer tax of like 4K. You should factor in prop tax of $160/month and utililties when figuring out what to charge the tenant. Now a mortgage broker can tell you about how much you need to put as a downpayment without paying other fees but I think its like 20-25% standard, so like 40K. So basically you will need approx. 57K liquid to get this place.

In the end the dream house is your choice, but just be aware of all the things involved in buying/owning before you take the leap.

GL!

[Nextmod]

wow you guys are lucky to be able to get a house for under $200,000

[Jest3r]

wow you guys are lucky to be able to get a house for under $200,000


+1 but it IS Kingston..

It's like going to BC and moving to Abbotsford, Langley, or Chilliwack.

[aris]

Just rember your looking at at least $2000 + a month when you include your mortege, hydro, gas, etc

Also rember if something were to happen and you and your girl freind split up or your the other person leaves..you are going to have to make the payment on your own..so realy you should be looking at a house that you can pay on your own if something were to happen IMO

[Nextmod]

Just rember your looking at at least $2000 + a month when you include your mortege, hydro, gas, etc

Also rember if something were to happen and you and your girl freind split up or your the other person leaves..you are going to have to make the payment on your own..so realy you should be looking at a house that you can pay on your own if something were to happen IMO

and lose half the house if she lived there for more then (is it 6 months) together lol

[optiklenz13]

if you need a lawyer, let me know. :)

[BoostieMonster]

wow you guys are lucky to be able to get a house for under $200,000

+1 try living in a shoe box downtown for 50% more :bang

[SpeedBaby]

dude, the hot tub and everything is great, but WHERE IS THE GARAGE?!?!?!?

but it is pretty incredible that you can buy a detached house for under $200k in Kingston.

[MistaChin]

One of our sponsors deals with mortgages and the sort. Give AskClaudio a PM!

http://www.torontomazda3.ca/forum/forumdisplay.php?f=244

[SirWanker]

I don't know the housing market in Kingston, and probably nobody else would on here that's not a real estate agent. The house itself looks nice, but be aware of all the costs, because they're usually overlooked. You will need to come up with a deposit of like 10K, then pay lawyer fees of like 3K, and land transfer tax of like 4K. You should factor in prop tax of $160/month and utililties when figuring out what to charge the tenant. Now a mortgage broker can tell you about how much you need to put as a downpayment without paying other fees but I think its like 20-25% standard, so like 40K. So basically you will need approx. 57K liquid to get this place.

In the end the dream house is your choice, but just be aware of all the things involved in buying/owning before you take the leap.

GL!

Not much to add to the above but need to factor in the operating/maintenance costs of the hot tub & pool, equipment to maintain the house & yard ( re lawn mower and snow blower, rake ). If you have not done so, sit down with the girlfriend and determine what your existing monthly expenses are with the cashflow and be REALISTIC. Then look at the numbers above.

[silvermist99]

if you can't afford the payment now then stretch out the mortgage term for 30 - 40 years, its not a big deal now with interest rate so low. At least till your GF finishes school, by then you guys will have more income and charge the mortgage term.

Don't forget expenses like natural gas, property tax, home insurance, cable, internet, hydro, water, renovation, furnitures, daily supplies. Get your home inspected before buying, make sure the roof, furnances, structure are all in good condition otherwise these repairs can cost thousands of dollars.

Property tax
$160~ month
$70 Cable
$40 home insurance
$35 Phone (basic)
$120 Gas.. my dad told me it is $150/month to heat up a 2000 sqft house in winter. I live in a condo so I don't know
$100 hydro? (again don't know because of condo thing)
$50 water

This is $575 already. At the minimum I'd budget $700/month for these things.

Plus your mortgage you're looking at about $1800 month + food, fuel, car insurance etc.

Also there is one time cost of home inspection, lawyer fee, admin fee, paperwork etc. My lawyer charged me $800 something to close my place. You're a first time home buyer and living in it so you won't have to GST and land transfer tax?? (I THINK, not 100% sure)

Good luck!

[iconicrocket]

wow you guys are lucky to be able to get a house for under $200,000

+1

200K only gets you a 1 bedroom condo in downtown toronto.

[silvermist99]

and lose half the house if she lived there for more then (is it 6 months) together lol

It is 12 months and that is not necessarily true, the court look at how much the gf paid living there... but when all said and done, you're looking at a huge bill from the lawyer. lol

[Fobio]

It is 12 months and that is not necessarily true, the court look at how much the gf paid living there... but when all said and done, you're looking at a huge bill from the lawyer. lol

I see you've been doing a lot of level headed thinking...lol...

[Zoom Zoom Boy]

It is 12 months and that is not necessarily true, the court look at how much the gf paid living there... but when all said and done, you're looking at a huge bill from the lawyer. lol

Yup. After 12 months, any common law live-in gf, technically becomes your common law spouse. Which means that after 12 months, she is entitled to approx. half the value of the house at market value at that time. So, if the unfortunate were to happen and you split up, you will either need to sell the house and split the value, or one of you will need to buy out the other in corresponding value terms. Or, get stuck in protracted legal debate over what is owed and how much. It is not a win-win in any of the scenario's where a break-up is concerned.

[BoostieMonster]

if you can't afford the payment now then stretch out the mortgage term for 30 - 40 years, its not a big deal now with interest rate so low. At least till your GF finishes school, by then you guys will have more income and charge the mortgage term.

Don't forget expenses like natural gas, property tax, home insurance, cable, internet, hydro, water, renovation, furnitures, daily supplies. Get your home inspected before buying, make sure the roof, furnances, structure are all in good condition otherwise these repairs can cost thousands of dollars.

Property tax
$160~ month
$70 Cable
$40 home insurance
$35 Phone (basic)
$120 Gas.. my dad told me it is $150/month to heat up a 2000 sqft house in winter. I live in a condo so I don't know
$100 hydro? (again don't know because of condo thing)
$50 water

This is $575 already. At the minimum I'd budget $700/month for these things.

Plus your mortgage you're looking at about $1800 month + food, fuel, car insurance etc.

Also there is one time cost of home inspection, lawyer fee, admin fee, paperwork etc. My lawyer charged me $800 something to close my place. You're a first time home buyer and living in it so you won't have to GST and land transfer tax?? (I THINK, not 100% sure)

Good luck!

You have to pay land transfer tax now that the law is in place that was double from 1% to 2%. The greatest bonus for first time home owners these days is you can use I believe up to $10,000 from your RRSP's towards your house without being taxed on it (there are some regulations on how soon you have to pay it back).

[KenYork]

How hot is the market in Kingston?
If it's hot try 186-187k, if not really, 180k.

I'd try at 94% of the asking price and move up to the price that you mentioned.

[jaimie08mazda3]

In Elliot Lake you can buy a house Just like that for 60K... ive seen houses here range from 40-90K and they are nice houses. its amazing how cheap housing is.

[Fobio]

You have to pay land transfer tax now that the law is in place that was double from 1% to 2%. The greatest bonus for first time home owners these days is you can use I believe up to $10,000 from your RRSP's towards your house without being taxed on it (there are some regulations on how soon you have to pay it back).

It's $20,000...and you start paying it back the year after you move in.

[towelsnap]

hmmmmm....... so wait it out ... the house is amazing .. think I'll go see it in person this weekend

[Nextmod]

+1 try living in a shoe box downtown for 50% more :bang

lol ya I know what you mean. you can probably get an appartment thats 600 SQ/F around here at that price

[Nextmod]

It is 12 months and that is not necessarily true, the court look at how much the gf paid living there... but when all said and done, you're looking at a huge bill from the lawyer. lol

I dont think they would care how much she paid to live there, its Canada, you probably cant even kick her out if she has no where else to go

[aris]

and lose half the house if she lived there for more then (is it 6 months) together lol

It's 3 months...

[Default User]

I got lost with all the numbers

but I just switched my mortgage to weekly since my wife and I get paid in alternating weeks.

We pay approx 250/week and it covers mortgage pymnr, mortgage insurance, and my property tax. I also shaved 8 years of mnthly pymnts.

[mazda lover]

You have to pay land transfer tax now that the law is in place that was double from 1% to 2%. The greatest bonus for first time home owners these days is you can use I believe up to $10,000 from your RRSP's towards your house without being taxed on it (there are some regulations on how soon you have to pay it back).

I thought first time buyers didn't have to pay the land transfer tax?

[Gizzmo_jr]

Gov rebate back for it

[mazda_gurl]

First time home buyers are exempt from the land transfer tax thing. At least that WAS the case when I closed my first purchase last July.

What part of Kingston is this in? (I kinda know the area well since my other half originates from Ktown :p)

Things to factor as a recent new home owner. If you dont meet the minimum down payment requirement, your bank will require CMHC on your mortgage (we paid $9k) and that your property taxes are added to your mortgage payment. So our $1200 mortgage payment became $1600 a month with property taxes. However, I am in Durham and doubt kingstons taxes are nearly as high as here. But something to consider.

Closing fees for our lawyer were covered by our bank. A) Cause I am an employee, and B) cause the branch messed up. I believe that the end bill for the lawyer was about $2500. You dont need to pay your realtor as they only make money on the sale from the seller, so no fees there.

Our Hydro is $80/month (Fixed billing)
Gas is fixed at about $160 (that should be your heating unless the house has baseboards - then thats pricey!)
Water is $125 every 3 months.

Before you make any decisions on things, maybe talk to you bank A) to determine your preapproval amount (They wont hit your bureau). and B) to work out a mortgage plan (CMHC Fees if applicable).

Also, save some of that $25k for your home closing. You will need little things here and there like paint, shovels, snow blowers etc etc.

Good luck!

[mazda_gurl]

I got lost with all the numbers

but I just switched my mortgage to weekly since my wife and I get paid in alternating weeks.

We pay approx 250/week and it covers mortgage pymnr, mortgage insurance, and my property tax. I also shaved 8 years of mnthly pymnts.


Ditto - with the low interest rates, we changed to weekly rapid......we are now paying $400 less on an monthly basis (Mortgage dropped from $1600 to $1200 a month aside from those extra few payments :p)

We cut a few years off our mortgage ourselves

[iconicrocket]

The greatest bonus for first time home owners these days is you can use I believe up to $10,000 from your RRSP's towards your house without being taxed on it (there are some regulations on how soon you have to pay it back).

$20,000 each spouse. Max $40,000 in total.

[mazda lover]

If you can get a line of credit and use your house as collateral
My daughter has enough equity in the house to do it. You pay less on the interest and more on the principle, when you make a payment above the interest it comes off the total you owe. the following month the total you owe is less so make the same payment or more and so on, you will pay the mortgage off faster. Its something the banks and mortgage brokers won't tell you as there is no money in it for them.
The other alternative is an OPEN variable rate, open is the way to go..

[mazda_gurl]

If you can get a line of credit and use your house as collateral
My daughter has enough equity in the house to do it. You pay less on the interest and more on the principle, when you make a payment above the interest it comes off the total you owe. the following month the total you owe is less so make the same payment or more and so on, you will pay the mortgage off faster. Its something the banks and mortgage brokers won't tell you as there is no money in it for them.
The other alternative is an OPEN variable rate, open is the way to go..


Only thing is, LTV is about 75% (well at least when I was working in that department - things may have changed).

Im a fan of the HELOC but I didnt have 25% down on my house. Another question for your bank would be what their Loan to Value (LTV) is on a heloc. And whether you qualify for it as a first time buyer. The approval process is also a bit more tedious as you are applying for revolving credit vs a fixed payment.

[BoostieMonster]

If you can get a line of credit and use your house as collateral
My daughter has enough equity in the house to do it. You pay less on the interest and more on the principle, when you make a payment above the interest it comes off the total you owe. the following month the total you owe is less so make the same payment or more and so on, you will pay the mortgage off faster. Its something the banks and mortgage brokers won't tell you as there is no money in it for them.
The other alternative is an OPEN variable rate, open is the way to go..

The banks usually push people to get a home equity line of credit when they already have a regular line of credit through them. Reason being a regular line of credit has no link to your assets while the home line one now has your home at risk if you don't pay it. Makes it more beneficial to you for the reason said above but also removes liability risk to the bank...

[fatsock]

wow you guys are lucky to be able to get a house for under $200,000

No Kidding...you couldn't buy a dumpster in an alley for that price in Calgary!

[SilentJay]

:S 1+1 condos of decent quality in Mississauga go for around $270k

[mdass52]

wow you guys are lucky to be able to get a house for under $200,000

check out east (ajax, pickering, whitby, oshawa) etc. Many properties listed at under $200,000

[yanky.ng]

It's $20,000...and you start paying it back the year after you move in.

it is 20,000 per person and you have to pay it back in 15 years

[Default User]

check out east (ajax, pickering, whitby, oshawa) etc. Many properties listed at under $200,000

Property tax in those areas is almost double that of GTA
On average you are looking at an extra 4-450/month for property tax

[mazda_gurl]

check out east (ajax, pickering, whitby, oshawa) etc. Many properties listed at under $200,000

He lives in Kingston......and ya, my property taxes are double what they are in Toronto.

[silvermist99]

It's 3 months...

http://en.wikipedia.org/wiki/Common-law_marriage#Canada


a) the couple have been living in a conjugal relationship for at least 12 continuous months

OP have 12 months to decide whether she is the one or not :chuckle


$20,000 each spouse. Max $40,000 in total.


it is 20,000 per person and you have to pay it back in 15 years


$25000 for 2009

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/menu-eng.html


lol ya I know what you mean. you can probably get an appartment thats 600 SQ/F around here at that price

There are plenty of choices right beside nextmod, majesticcourt, eko, circa in that range. Let me know if you need an agent, I have those in stock!

[yanky.ng]

people are so crazy ...I've been house hunting for over a month...its like a biding war....every house i like, its sold $35000-40000 over the asking price Burlington/oakville area.....even a f****in.....2 bdrm townhouse is on $333,000....1500sqft( Burlington).

[AskClaudio.com]

People are hungry and want to lock in and take advantage of the low interest rates. So hearing this is not shocking at all. Also with the change in legislation towards buying an investment property and first time buyers, which is coming soon, people are hungry and also disparate to buy.

[prinsesa]

I bought a house for $285K, first time home buyer here! lol so yes the land transfer tax was "exempt", lawyer did everything for me.
I bought my house in October 2009, I received 4.0 interest rate, I know everyone said go variable -_- but I didnt just because I didnt want any surprises lol
But anyways, what's the tax thing happening this year? I heard you have to pay GST or HST (?) or somehting?

[prinsesa]

OH! Try going to

http://www.bytheowner.com

Owners sell their house on the site, no real estate agent fees :)

[DruidB]

You could allways buy my house... 2000 sq/ft, 2 car Garage, huge shed, Full Woodworking shop etc... $249 000

http://www.realtor.ca/propertyDetails.aspx?propertyId=9078919

[matt9]

+1

200K only gets you a 1 bedroom condo in downtown toronto.

If you are lucky ...

[matt9]

Just rember your looking at at least $2000 + a month when you include your mortege, hydro, gas, etc

Also rember if something were to happen and you and your girl freind split up or your the other person leaves..you are going to have to make the payment on your own..so realy you should be looking at a house that you can pay on your own if something were to happen IMO

That sounds like too much.

Mortgage - 1000
Property tax - 160
Cable + internet - 100
Water - 25
Heating + Hydro - 150
Home Insurance - 25?

Total 1460

With 2 people paying that AND renting out a room for 600, that doesn't sound bad at all..