Should I buy a place if my gf doesn't like it?

[ironpony]

15 hours ago, Gaeta said:

A percentage of what? They would pay part of the house or give you part of the down payment? The interest are not that high, they were taken down last week and they will go down again till the end of the year. What kind of 'saving interest' are they talking about?

Can you confirm where you live? If you live in Canada the rules are a bit different. You need a notary, not a lawyer. Your family will need to sign a disclaimer with the bank that the money they give you for the house is a 'gift' and you don't have to pay it back. Of course you can pay them back but that has to be done in private. 

As for buying a house with your girlfriend, listen EVERY couple on this earth is at risk of splitting. You protect yourself and she protect herself with a good notary contract between you 2. That's all. This is life,  you live it to the fullest, you take risks, if it doesn't work then you split and sell the house and no one will be taken advantage of. I am living in my 3rd property. My 2 previous ones I purchased with my ex life partners, it did not kill me. We sold our house the first time and second time he bought me out. Here I am in my 3rd one that I bought on my own. 

Oh yes I did get the notary, but was not told about the lawyer.  Perhaps living in Canada is why.  They agreed to pay for part of the house not the down payment, and I pay them back overtime.  What I mean is if I pay them back, then I don't have to pay interest, unlike a mortgage if that makes sense?  Well if they are going down, it doesn't seem that way, unless it's extremel minimal?

How did he by you out exactly, just so I understand?

[basil67]

1 minute ago, ironpony said:

Oh yes I did get the notary, but was not told about the lawyer.

You're on a global site and people use different words for the same thing.  Here in Australia, the person who does this job is called a conveyancer. 

[ironpony]

1 minute ago, basil67 said:

You're on a global site and people use different words for the same thing.  Here in Australia, the person who does this job is called a conveyancer. 

Oh I see.  I didn't take the two to mean the same thing since lawyer is used for different professions in Canada.

[basil67]

13 minutes ago, ironpony said:

Oh I see.  I didn't take the two to mean the same thing since lawyer is used for different professions in Canada.

And this is why you need to be careful about broadly asking for advice.  You'd be far better finding someone you trust who is local to you who's willing to mentor you through this.

[ironpony]

3 hours ago, basil67 said:

And this is why you need to be careful about broadly asking for advice.  You'd be far better finding someone you trust who is local to you who's willing to mentor you through this.

That makes sense.  Thanks, I will do that.

Well perhaps my parents and some friends think my relationship is much more high risk because I am autistic maybe and one of them mentioned she might be more likely to leave because she is 16 years younger. 

Because of those reasons, is it more called for for people to be this worried?

 

[basil67]

59 minutes ago, ironpony said:

That makes sense.  Thanks, I will do that.

Well perhaps my parents and some friends think my relationship is much more high risk because I am autistic maybe and one of them mentioned she might be more likely to leave because she is 16 years younger. 

Because of those reasons, is it more called for for people to be this worried?

 

I can't comment on whether their concerns are justified

[ironpony]

16 hours ago, Gaeta said:

The bank can refuse to loan money if it's to buy a dump. They will ask for all information on the property, the inspection, municipal evaluation. The house is their garantee. 

First house my daughter wantedto buy was a craftman's house. The bank refused to mortgage it. 

Oh I see. However I did go to the bank to get pre-approved so I know how high I could bid on homes.

However, was getting pre-approved a waste of time though if they approval on a home by home basis?

[basil67]

1 hour ago, ironpony said:

Oh I see. However I did go to the bank to get pre-approved so I know how high I could bid on homes.

However, was getting pre-approved a waste of time though if they approval on a home by home basis?

You need to ask your bank for more information.  

[Gaeta]

3 hours ago, ironpony said:

However, was getting pre-approved a waste of time though if they approval on a home by home basis?

Getting pre-approved for a mortgage is not a waste of time, actually it's an asset for you when you will make an offer on a home.

My 2nd house we were pre-approved and we made an offer on a house, a second couple made an offer a bit higher than us but they did not have a pre-approved mortgage so it was risky for the house owner to accept an offer from someone who could be declined at the bank. Our offer was accepted because we were pre-approved. 

[BaileyB]

3 hours ago, ironpony said:

However, was getting pre-approved a waste of time though if they approval on a home by home basis?

I’ve never bought a house without being pre-approved for a mortgage. 

[ironpony]

5 hours ago, Gaeta said:

Getting pre-approved for a mortgage is not a waste of time, actually it's an asset for you when you will make an offer on a home.

My 2nd house we were pre-approved and we made an offer on a house, a second couple made an offer a bit higher than us but they did not have a pre-approved mortgage so it was risky for the house owner to accept an offer from someone who could be declined at the bank. Our offer was accepted because we were pre-approved. 

That makes sense.  I am pre-approved.  However, it was said before that the bank will not go for it likely if the place is lousy.  So I don't understand the point of pre-approval if they are going to make the decision based on the place anyway?

[FMW]

You are pre-approved for an amount, but the property has to be worth that amount to secure the loan.  Just because a property is being sold for X amount doesn't mean it's worth that, appraisals are required.  

Edited June 11 by FMW

[Gaeta]

17 hours ago, ironpony said:

So I don't understand the point of pre-approval if they are going to make the decision based on the place anyway?

The pre-approved mortgage is to tell you the amount of money you are allowed to borrow. Then when you find the house you want to buy you have to give the house information to the bank and they will accept to mortgage it or refuse to mortgage it, not upon your capacity to pay but based on the 'risk' of buying this house. If you want to buy a house that's a dump and is overpriced the bank will say no. As long as the mortgage isn't finished being paid that house belong to the bank, if you don't pay your mortgage or municipal tax they can repo the house. If the house is worth nothing they can't pay themselves back.

If you loan 50K to your girlfriend to buy a car and she wants to put that 50K on a 1995 Toyota Tercel are you gonna let her? Same thing with mortgages.

Edited June 12 by Gaeta

[ironpony]

On 6/10/2024 at 10:16 PM, ironpony said:

Oh yes I did get the notary, but was not told about the lawyer.  Perhaps living in Canada is why.  They agreed to pay for part of the house not the down payment, and I pay them back overtime.  What I mean is if I pay them back, then I don't have to pay interest, unlike a mortgage if that makes sense?  Well if they are going down, it doesn't seem that way, unless it's extremel minimal?

How did he by you out exactly, just so I understand?

Oh yes that makes sense.  Thanks.

Well people say to go for condos because they are cheaper but since I live in Canada where it's freezing cold, my car will have to be kept warm so it can run in the winter and so I can get to work.

But condos do not have garages or options to plug them in almost always.  My parents suggested that I spend my nights at their place in the winter and just use their garage because they are retired and need to work, but is that the only solution in today's costly housing market with no car warming or garage options?

[Gaeta]

1 hour ago, ironpony said:

Well people say to go for condos because they are cheaper but since I live in Canada where it's freezing cold, my car will have to be kept warm so it can run in the winter and so I can get to work.

But condos do not have garages or options to plug them in almost always.  My parents suggested that I spend my nights at their place in the winter and just use their garage because they are retired and need to work, but is that the only solution in today's costly housing market with no car warming or garage options?

Ironpony excuse me but that is ridiculous. Unless you live in Fort Severn Ontario, cars nowadays do not need to be plugged. I'm in Quebec and in winter it gets down to -40 and we don't plug our cars. If your car is THAT old than maybe you should buy a decent car instead of a house. 

Yes condos do have garages. Yes condos have electric outlet outside. I have an outlet to my name in my outside parking so I can plug a vacuum or what ever I may need to plug to clean my car. It's linked to my condo electricity. EVERY condo with parking lots have electrical plugs.

Edited June 12 by Gaeta

[ironpony]

39 minutes ago, Gaeta said:

Ironpony excuse me but that is ridiculous. Unless you live in Fort Severn Ontario, cars nowadays do not need to be plugged. I'm in Quebec and in winter it gets down to -40 and we don't plug our cars. If your car is THAT old than maybe you should buy a decent car instead of a house. 

Yes condos do have garages. Yes condos have electric outlet outside. I have an outlet to my name in my outside parking so I can plug a vacuum or what ever I may need to plug to clean my car. It's linked to my condo electricity. EVERY condo with parking lots have electrical plugs.

The more costly condo have garages.  My car is from 2008 but is that too old?

Well my gf needs a plug in as well and there are only one parking spot for the owner at almost all downtown condos though.

[Gaeta]

38 minutes ago, ironpony said:

The more costly condo have garages.  My car is from 2008 but is that too old?

Well my gf needs a plug in as well and there are only one parking spot for the owner at almost all downtown condos though.

First you say Condos don't have garages or electrical plugs. When put in front of the facts then you say yes they do have garages but they're too expensive and yes they do have electrical plugs but just one per condo. I thought you did not know certain things but now I'm leaning toward you pretend to not know certain things. 

[ironpony]

54 minutes ago, Gaeta said:

First you say Condos don't have garages or electrical plugs. When put in front of the facts then you say yes they do have garages but they're too expensive and yes they do have electrical plugs but just one per condo. I thought you did not know certain things but now I'm leaning toward you pretend to not know certain things. 

I apologize for being confusing. What I meant to say was is that there are no condos in my price range that have garages.  I meant no condos as in no condos in my price range, not no condos ever.

Edited June 12 by ironpony

[Gaeta]

3 hours ago, ironpony said:

  My car is from 2008 but is that too old?

Yes 2008 is old especially for a car in a nordic country like Canada with extreme cold and calciums on our roads. Why not use your money to buy a decent car? You will end up with a beat up home you can't repair and a beat up car you can't drive. 

[ironpony]

25 minutes ago, Gaeta said:

Yes 2008 is old especially for a car in a nordic country like Canada with extreme cold and calciums on our roads. Why not use your money to buy a decent car? You will end up with a beat up home you can't repair and a beat up car you can't drive. 

Well I want the home more than a new car unless that's bad?

[basil67]

8 minutes ago, ironpony said:

Well I want the home more than a new car unless that's bad?

It's not about what you want.  It's about what you can afford

The older a car is, the more it costs to repair.  And sometimes repairs are worth more than the car and so the car becomes a write off.   Then you have to buy a new car.

If you borrow to your maximum and buy an old house which needs repairs, and your car starts to need expensive repairs or is written off, will you be able to afford to repair the house and the car?  Of if the car is a write off, can you afford to replace it while still paying for an maintaining your house?

 

Edited June 12 by basil67

[ironpony]

1 hour ago, basil67 said:

It's not about what you want.  It's about what you can afford

The older a car is, the more it costs to repair.  And sometimes repairs are worth more than the car and so the car becomes a write off.   Then you have to buy a new car.

If you borrow to your maximum and buy an old house which needs repairs, and your car starts to need expensive repairs or is written off, will you be able to afford to repair the house and the car?  Of if the car is a write off, can you afford to replace it while still paying for an maintaining your house?

 

That makes sense. What is it about newer cars that they can survive better in the winter compared to older is it a newer feature specifically?

[basil67]

34 minutes ago, ironpony said:

That makes sense. What is it about newer cars that they can survive better in the winter compared to older is it a newer feature specifically?

I'm not talking about how cars survive the winter - that's @Gaeta    She and I are giving two different reasons that you should be wary of buying an old house and having an old car.

I'm saying that an older car is more expensive to repair as it's harder to find parts.  And that if you're in an accident, it's more likely that the insurance company will write an older car off because parts are expensive and the low value of the car makes repair not worthwhile .  Therefore, you'd need a new car.   

If you have a lot of house repairs or borrow to your limit, you may not be able to afford a new car.   Have you done a budget to see how you'd manage with your monthly repayments, standard living expenses and unexpected expenses?

 

Edited June 13 by basil67

[Gaeta]

1 hour ago, ironpony said:

That makes sense. What is it about newer cars that they can survive better in the winter compared to older is it a newer feature specifically?

You don't know that the calciums they put on our roads in winter make our car rust? And rust will eat up important expensive parts of cars like the frame.  Older the car older the parts, with time parts break and stop functionning like transmission, engin, suspension, electrical computer parts. 

Newer cars have warranties, their parts are new, their transmission and engin have not been running for years. They're trustworthy, they will start after a night outside at -40.

Do you take your car to go to work? Your car is what allows you to go to work, work is what allows you to buy food and put a roof over your head.  

How much longer you think you can drive a 16 yo car?

[Gaeta]

Something just dawn on me.

You said you want a house or condo with a garage, it that because your car won't start if it spends the night out? That means you will spend an extra 50-60k on a property just so your $2,000 car sleeps inside??