Re: Newly Weds and moving out.
queenbee, dont forget property taxes.
Re: Newly Weds and moving out.
i did write taxes...see above! some towns/states are better htan others.
Re: Newly Weds and moving out.
Mr F bhai: How does the mortgage thing work if you pay for most of your house? Or you pay for half???
i think what you mean is what happens if you put down a large downpayment, yes?
then your mortgage is lower because you owe less on the house, the term might be shorter too, and your payments are smaller. its really the ideal situation.
our plans are to continue living in our apartment after the wedding, since its 20 minutes from both our work places, and its in mid-town toronto so its ideally situated for us. the area where we want to buy, i.e. anywhere south of eglinton, you fellow toronto-dwellers probably know, house prices are around $600,000+ -- and this isn't even for a giant mansion or anything. this means we need to save up for a massive down payment or we can't afford anything here. and we really hate commuting and LOVE our area so we're not moving neighborhoods. so. the plan right now is to save up for a smaller down payment, buy a house east of the city, most likely whitby, since its one of the fastest growing areas in ontario at the moment, fix it up and rent it out. while someone else pays our mortgage, we go ahead and continue paying our rent and saving up- rent is $900 so not a big deal shared between two people. if all goes well IA, then two years down the line, we sell the house in whitby, put together the profit made on it plus our savings, and then we should have a down payment large enough to be able to buy a house in our chosen 'hood! :)
as for areas to avoid in toronto- for us, everywhere north of eglinton :P
other than that, the nicer suburbs are richmond hill, thornhill, north york, ajax/pickering, mississauga and oakville. if you don't mind the commute to work downtown (if you're working downtown, that is) then the TTC/GO train will make your life easy. scarborough's not so great- very few nice pockets left there, jane/finch of course should be avoided, same with oshawa. milton is also quite horrible- its a bit west of mississauga, i believe. and if you're a young couple, keep the area's schools/parks in mind... eventually you'll have kids and unless you want to move again, do your homework about this stuff before!
Re: Newly Weds and moving out.
to have a total $1000/month payment on a condo, assuming that teh association dues are $100/mo, taxes are $2250/yr, and down payment is $40,000. and a 6.5% interest rate, the condo should not be more than $150K
pyaari83, you can use this calculator to estimate payments with diff scenarios.
Re: Newly Weds and moving out.
well right now neither one of us have a job that we see ourselves working for in 2 to 4 years.....i want to move up in the company and the company has many locations....but never know where i will be located....so that is the hard part....
Re: Newly Weds and moving out.
I woud advise u to not buy for the next few years.
Re: Newly Weds and moving out.
the same amount of money that goes to rent, can be put into a modest mortgaged house.
you can always get teh equity back, and resell with the mortgage.
it depends, how is the structure of the family, how big or small the number of people and whether they want to live together or not.
if you are planning to be in one country for at least a 5 year time period, it is better to get the house, than to pay a huge amount of rent into someone else's mortgage. eve though, i have not known, personally, but i feel that if relations can be kept good, joint family is not a bad idea.
best of luck :)
dushwari