Author ironpony Posted June 4, 2024 Author Share Posted June 4, 2024 2 hours ago, Gaeta said: I completely agree with you. I am located in a Province where houses are still affordable if you are willing to live further in the suburb or are willing to drive an hour to work. I don't think OP should buy a house unless he moves toward country side or just moves to a different city. My daughter and her boyfriend changed jobs and moved 1.5 hour away to buy a house they could afford. I considered moving out in the country but the problem with that is I am spending a lot more in gas money and time it would take to get to work. So I'm not really saving in the long run it seems if I have to spend a lot more gas money. Link to post Share on other sites
Gaeta Posted June 4, 2024 Share Posted June 4, 2024 13 minutes ago, ironpony said: I considered moving out in the country but the problem with that is I am spending a lot more in gas money and time it would take to get to work. So I'm not really saving in the long run it seems if I have to spend a lot more gas money. Like in my example with my daughter, they moved to the country and found new jobs close to where their new house is. Link to post Share on other sites
Author ironpony Posted June 4, 2024 Author Share Posted June 4, 2024 1 hour ago, Gaeta said: Like in my example with my daughter, they moved to the country and found new jobs close to where their new house is. Oh ok but I think it would be hard to find work in my profession, audio mixing and recording, out in the country though. I do like my job and hope to keep it if possible. Link to post Share on other sites
Els Posted June 4, 2024 Share Posted June 4, 2024 (edited) 16 hours ago, ironpony said: That makes sense. I also thought of hiring an inspector to look over some of the older places to see what condition they are in, but my friends tell me that is an impossible job and inspectors are not psychic, so it's a sham, if they have a point? But also, is it natural for family and friends to give me advice to get a place myself in case my gf left me, or are they thinking too illogically, and too much of a worst case scenario? There are lot of people breaking up and getting divorced today, so maybe that is a likely scenario, and they are just going by others? People are very nice here and they won't say anything directly about your family and friends. Personally, while I think your family and friends probably have your best interests in mind, they are being both excessively paranoid and naive at the same time (as contradictory as that sounds), as well as focusing on the wrong things. You need to talk to a professional financial advisor whom you can trust. If you don't know anyone, then at least pay to talk to someone who isn't going to be making a commission from a sale. Banks where I live offer these services for free or for a small fee. Buying ANY house without a professional inspection would be absolutely insane IMO, let alone buying an old house without it. That makes me even more certain that your friends don't know what on earth they are talking about. Edited June 4, 2024 by Els 1 Link to post Share on other sites
basil67 Posted June 4, 2024 Share Posted June 4, 2024 4 hours ago, ironpony said: I considered moving out in the country but the problem with that is I am spending a lot more in gas money and time it would take to get to work. So I'm not really saving in the long run it seems if I have to spend a lot more gas money. Have you actually done the math on this? How much cheaper are the houses vs how much would you spend in gas? Link to post Share on other sites
basil67 Posted June 4, 2024 Share Posted June 4, 2024 (edited) 9 hours ago, ironpony said: But I guess it's not an option for me since I need to have a down payment, which I will not have if I go this route. A down payment is also important in case you have interest rate rises combined with a property market crash. You don't want to find yourself in the situation where you can't afford the mortgage but owe the bank more than the house is worth. Edited June 4, 2024 by basil67 Link to post Share on other sites
Author ironpony Posted June 5, 2024 Author Share Posted June 5, 2024 (edited) 7 hours ago, basil67 said: Have you actually done the math on this? How much cheaper are the houses vs how much would you spend in gas? I did the math and it's not as bad as I thought though the gas may add up to more overtime. However, the further out of the city I move, the harder it is to drive in the winter, since it snows a lot where I live. My car will more likely get stranded in the snow more, the further away I am, since the city streets have mroe snow removal, and the snow is just more packed down in comparison, compared to small towns an hour or so away. However, I may find a good one and will still look. As for this thing people tell me to do and just wait for housing to go down, since people have been wrong so far and it has only gone up, should I keep waiting and doing the same thing over and over again, like I did over the years before, and expect a different result? Or will doing the same thing repetedly, most like lead to the same results? I'm not asking about the housing market, I just mean in general, that in my experience if I do the same thing over and over, the results should be expected to not change, or at least in my experience, if that's normal? Edited June 5, 2024 by ironpony Link to post Share on other sites
basil67 Posted June 5, 2024 Share Posted June 5, 2024 (edited) 35 minutes ago, ironpony said: As for this thing people tell me to do and just wait for housing to go down, since people have been wrong so far and it has only gone up, should I keep waiting and doing the same thing over and over again, like I did over the years before, and expect a different result? Or will doing the same thing repetedly, most like lead to the same results? Property drops don't happen often, but they do happen. And we can't advise you on any of this because it's your money and your risk. Honestly, until you're confident about the whole plan and understand the risks and advantages, you shouldn't be buying at all. I fear that if you do have a property, that you won't be able to manage it without assistance. You are going to need support in everything from finding insurance, setting up utilities, remembering pest extermination, managing when your local council might advise changes in your services, regularly checking that you're getting the best prices on all your services...through to managing repairs and finding tradespeople to do the jobs. Have any of your friends and family volunteered to help you manage the purchase and ongoing issues in home ownership? And if they start out helping you and then can't do it anymore, who else can take over from them? And how are you going to figure out if the advice you're receiving is bad? Edited June 5, 2024 by basil67 1 Link to post Share on other sites
Author ironpony Posted June 5, 2024 Author Share Posted June 5, 2024 12 minutes ago, basil67 said: Property drops don't happen often, but they do happen. And we can't advise you on any of this because it's your money and your risk. Honestly, until you're confident about the whole plan and understand the risks and advantages, you shouldn't be buying at all. I fear that if you do have a property, that you won't be able to manage it without assistance. You are going to need support in everything from finding insurance, setting up utilities, remembering pest extermination, managing when your local council might advise changes in your services, regularly checking that you're getting the best prices on all your services...through to managing repairs and finding tradespeople to do the jobs. Have any of your friends and family volunteered to help you manage the purchase and ongoing issues in home ownership? And if they start out helping you and then can't do it anymore, who else can take over from them? And how are you going to figure out if the advice you're receiving is bad? I'm comfortable buying, depending on the place. So far I have bid on a few places, I was comfortable with but was outbitted so far. I am not sure how to figure out if the advice I am receiving is bad or good, but I will do my best with what experience I have. I have had help from friends and family so far. But I have been advised frome friends and family to buy a newer place, since it will require less repairs, but it's hard to get those places without being outbid so far. Makes me think all I can afford is an older, more poor area place therefore, to prevent from being outbid. Link to post Share on other sites
basil67 Posted June 5, 2024 Share Posted June 5, 2024 1 minute ago, ironpony said: I'm comfortable buying, depending on the place. So far I have bid on a few places, I was comfortable with but was outbitted so far. I am not sure how to figure out if the advice I am receiving is bad or good, but I will do my best with what experience I have. I have had help from friends and family so far. But I have been advised frome friends and family to buy a newer place, since it will require less repairs, but it's hard to get those places without being outbid so far. Makes me think all I can afford is an older, more poor area place therefore, to prevent from being outbid. But you've only just found out that you need a property lawyer/conveyancer to help you with your purchase. How much else do you not know? And how are you going to manage all the bills and maintenance on your own? Link to post Share on other sites
Author ironpony Posted June 7, 2024 Author Share Posted June 7, 2024 (edited) On 6/4/2024 at 11:45 PM, basil67 said: But you've only just found out that you need a property lawyer/conveyancer to help you with your purchase. How much else do you not know? And how are you going to manage all the bills and maintenance on your own? That makes sense. The real estate agent never told me I would need a lawyer, so I was going by his input. What can I do otherwise, if I do not know everything? I don't want to not do anything at all of course. Also, when it was said before that my parents and friends were being unsound at the idea of me buying a place myself, in case my gf left me in the future, I am wondering why they are being unsound, if they are? Are a lot of people just naturally unsound minded? Edited June 7, 2024 by ironpony Link to post Share on other sites
basil67 Posted June 7, 2024 Share Posted June 7, 2024 1 hour ago, ironpony said: That makes sense. The real estate agent never told me I would need a lawyer, so I was going by his input. What can I do otherwise, if I do not know everything? I don't want to not do anything at all of course. No, the real estate agent wouldn't have told you - they would assume that if you've gotten to the point of buying, that you already know everything you need to know. You also haven't responded as to how you'd manage your house, pay all the bills and organise repairs when they are needed. Youneed someone who's by your side through the process of owning your own him. 1 hour ago, ironpony said: Also, when it was said before that my parents and friends were being unsound at the idea of me buying a place myself, in case my gf left me in the future, I am wondering why they are being unsound, if they are? Are a lot of people just naturally unsound minded? Again, I can't answer for your family....and there may be context behind their advice which we are unaware of. Link to post Share on other sites
Author ironpony Posted June 7, 2024 Author Share Posted June 7, 2024 (edited) That makes sense. I would pay my bills from the money I make in my job, but it was said that if I get an older, cheaper place, more repairs. I could wait till my gf graduates from college and has a better job that makes more money, but I was told by that time, places would be completely unfordable for us possibly by then, if that's true. I'm guessing they are just worried she will leave me since break ups and divorce rates are high. Edited June 7, 2024 by ironpony Link to post Share on other sites
basil67 Posted June 7, 2024 Share Posted June 7, 2024 (edited) 2 hours ago, ironpony said: it was said ..........I was told.......if that's true And this is my biggest concern. You're not confident in your own decisions. Everything you write is about what other people say, and then when the advice is conflicting, you're not able to figure it out. This is a big decision for you. You must know and understand all the advantages and risks and make your own decision. Quote I'm guessing they are just worried she will leave me since break ups and divorce rates are high. What exactly are the worried about? And if their concerns are legitimate, how can you protect yourself? Again, you need to clearly understand all your options and make your own decision Edited June 7, 2024 by basil67 1 Link to post Share on other sites
Author ironpony Posted June 7, 2024 Author Share Posted June 7, 2024 (edited) 2 hours ago, basil67 said: And this is my biggest concern. You're not confident in your own decisions. Everything you write is about what other people say, and then when the advice is conflicting, you're not able to figure it out. This is a big decision for you. You must know and understand all the advantages and risks and make your own decision. What exactly are the worried about? And if their concerns are legitimate, how can you protect yourself? Again, you need to clearly understand all your options and make your own decision This makes sense. Thank you very much for the advice! I'm not particularly worried at all myself and do not feel she will leave me and I have confidence. I was just going by there caution as a precaution. I guess it's hard to know if they're concerns are legitimate when they are hypothetical. How do you know if something is legitimate if it's hypothetical if that makes sense? Edited June 7, 2024 by ironpony Link to post Share on other sites
basil67 Posted June 7, 2024 Share Posted June 7, 2024 (edited) 16 minutes ago, ironpony said: I'm not particularly worried at all myself and do not feel she will leave me and I have confidence. I was just going by there caution as a precaution. I guess it's hard to know if they're concerns are legitimate when they are hypothetical. How do you know if something is legitimate if it's hypothetical if that makes sense? It's not out of the question that something could go wrong and you leave her too! Breaking up is a possibility in any relationship. Your family are correct that divorce and separation rates are high. Your role is to explore the possible outcomes of a variety of bad situations and work out how to protect yourself. Edited June 7, 2024 by basil67 Link to post Share on other sites
Author ironpony Posted June 7, 2024 Author Share Posted June 7, 2024 4 hours ago, basil67 said: It's not out of the question that something could go wrong and you leave her too! Breaking up is a possibility in any relationship. Your family are correct that divorce and separation rates are high. Your role is to explore the possible outcomes of a variety of bad situations and work out how to protect yourself. That makes sense, but it just seems to me (unlike to them) that getting my own place in case I need it ever bring up as an impossibility according to the current market. 1 Link to post Share on other sites
basil67 Posted June 7, 2024 Share Posted June 7, 2024 9 hours ago, ironpony said: That makes sense, but it just seems to me (unlike to them) that getting my own place in case I need it ever bring up as an impossibility according to the current market. This is a very good thought Link to post Share on other sites
Author ironpony Posted June 8, 2024 Author Share Posted June 8, 2024 2 hours ago, basil67 said: This is a very good thought But they are unwilling to accept that it's impossible and might as well get a cheap place that's a rip off because at least it's in mind in case I need a place to live of she left. Link to post Share on other sites
Els Posted June 9, 2024 Share Posted June 9, 2024 On 6/8/2024 at 11:00 AM, ironpony said: But they are unwilling to accept that it's impossible and might as well get a cheap place that's a rip off because at least it's in mind in case I need a place to live of she left. If they feel so strongly about imposing their opinion on you, then perhaps they can pay for half the deposit on a decent place? Put their money where their mouth is and all that. If you are paying the full cost, you make the decisions. It's not their place to "accept" or "not accept" it. 1 Link to post Share on other sites
Author ironpony Posted June 9, 2024 Author Share Posted June 9, 2024 Actually they were willing to go in a percentage so I wouldn't have to pay the bank interest, to save on interest. Link to post Share on other sites
Gaeta Posted June 10, 2024 Share Posted June 10, 2024 15 hours ago, ironpony said: Actually they were willing to go in a percentage so I wouldn't have to pay the bank interest, to save on interest. 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. 1 Link to post Share on other sites
Els Posted June 10, 2024 Share Posted June 10, 2024 18 hours ago, ironpony said: Actually they were willing to go in a percentage so I wouldn't have to pay the bank interest, to save on interest. If you buy a dump, especially without a prepurchase inspection, your renovation costs will likely greatly exceed your bank interest costs. Link to post Share on other sites
Gaeta Posted June 10, 2024 Share Posted June 10, 2024 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. Link to post Share on other sites
Author ironpony Posted June 11, 2024 Author Share Posted June 11, 2024 12 hours ago, Els said: If you buy a dump, especially without a prepurchase inspection, your renovation costs will likely greatly exceed your bank interest costs. Yep for sure, thanks, I will definitely get the inspection for sure. Thanks! Link to post Share on other sites
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