Help - Home Owners Advise
Old 03-08-2009, 12:11 PM   #1 (permalink)
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i'm looking into buying in the next year or two

just curious if anyone has any has a rough estimate of how much the additional costs (inspection, taxes, agent fees) run around

also

if there's anyone here who pays attention to the market, would it be best to hold off a couple years while the market adjusts itself?
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Old 03-08-2009, 12:14 PM   #2 (permalink)
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Uh sorry JF... it's been a few years and i forgot most of the specifics. However, to add to your list we also employed a lawyer to go through the legalities of the transfer.
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Old 03-08-2009, 12:16 PM   #3 (permalink)
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poop. for some unfound reason, i thought first time buyers didn't have to pay lawyers fees.
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Old 03-08-2009, 12:21 PM   #4 (permalink)
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If you have ANY questions about real estate, talk to Lang. That's how he makes a living.
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Old 03-08-2009, 12:35 PM   #5 (permalink)
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LAwyer is gonna run a couple grand easily.

Home inspection-and I cant stress this enough-make damn sure he is accreddited and a member of the home builders association. Also get one that will back up what they say. ie: If he says the foundation is good then a year later water leaks through a crack in the basement.

Right now Banks are making it easier for potential buyers to get a good mortgage to try to offset the failing economy. Potential homeowners are getting treated much better than current homeowners.

The taxes are generally prorated.
A homeowner pays tyhe property rtaxes one year in advance, so whatever portion of the year that the you would live in the house you would pay for-Agent should know what the taxes are.

Agent fees are useally a percentage of the asking price-it all varies.
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Old 03-08-2009, 12:36 PM   #6 (permalink)
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thanks guys!
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Old 03-08-2009, 12:39 PM   #7 (permalink)
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One more thing-If at all possible get a mortage for at least a few grand more than the price of the house. Gives a little breathing room for the things that are gonna happen upon moving. Buy Paint, a bit of new furniture, etc. Its nice to have that money sitting somewhere for that.

Get mortage insurance. cost isnt that much but if you get hurt and cant work no more, mortgage will get paid for you.
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Old 03-08-2009, 12:44 PM   #8 (permalink)
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Considering I've just gone through this, here's my advice:

If you can get into the market, I'd do it. Don't buy all the crap out there that the market is this and that etc. If you have money saved up and have a downpayment and good credit you'll be more than fine. For e.g. before the Bank of Canada slashed their rate of borrowing to 0.5% we got a mortgage rate of 4.25% for 5 yrs. So, if you can do it, then do it.

The first time homeowner plan is re: to RRSP money.

Legal fees ran us 3500 or so when it was all said and done and is a huge rip off. I have heard though that if you're willing to do alot of the leg work you could save some money; same thing in the process of buying a home. If you do alot of the leg work you could save money.

Also your costs will change depending on whether you're buying new or old. With old you have to play the stupid land transfer fees and taxes etc. Home inspections are awesome, but alot of the time they don't catch the small things. They could be certified and it's a great service to have, but I'd like them to actually do their job for once.

That's all I remember right now.
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Old 03-08-2009, 01:26 PM   #9 (permalink)
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We just bought in Nov. and our lawyer fees were only $800.00.

Inspection was $350.00.

We also got a fixed mortgage rate instead of a floating rate since who knows how high the interest rate is going to go.

Last edited by Acie; 03-08-2009 at 03:05 PM.
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Old 03-08-2009, 02:52 PM   #10 (permalink)
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if you are looking for a good inspector in toronto, try baker street home inspections. they're great.
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Old 03-08-2009, 07:08 PM   #11 (permalink)
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Also, don't do what Snooch said in regards to borrowing extra for renovations/furniture etc.

Have cold hard cash for that stuff. It's one of the things that's caused the problems down in the U.S. People over-extending themselves.

If you don't have the money, don't do it.

Edit: speaking to my gf right now, the lawyer fees on total were 1300 in total however, because we had an extra document(s) to read b/c it was a condo which ended tacked on an extra 300, we were in the 1000 dollar range.
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Old 03-08-2009, 07:24 PM   #12 (permalink)
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My friend is a real estate agent, and the its so dirt cheap right now. U can buy a semi-detach for 90,000 rightnow in milton
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Old 03-08-2009, 09:22 PM   #13 (permalink)
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Quote:
Originally Posted by iRaptor View Post
My friend is a real estate agent, and the its so dirt cheap right now. U can buy a semi-detach for 90,000 rightnow in milton
I'm not certain what kind of property you're speaking of, but I can assure you that you're not going to find any kind of property in Milton for that price unless it's a barn on it's last legs.
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Old 03-08-2009, 09:24 PM   #14 (permalink)
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Quote:
Originally Posted by Jackson Filth View Post
i'm looking into buying in the next year or two

just curious if anyone has any has a rough estimate of how much the additional costs (inspection, taxes, agent fees) run around

also

if there's anyone here who pays attention to the market, would it be best to hold off a couple years while the market adjusts itself?
I suppose I should have posted the answer here instead of in the PM, but you'll find it there.
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Old 03-09-2009, 02:36 AM   #15 (permalink)
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If you can swing it a nice idea is to get a place with a seperate entrance so you can rent out the downstairs and make some extra cash to pay your mortgage. Usually takes a bit more money to get it going but if you're in a good location and don't mind being a landlord you can live for free pretty much.
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Old 03-09-2009, 04:16 AM   #16 (permalink)
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Quote:
Originally Posted by TORaptor4Ever View Post
If you can swing it a nice idea is to get a place with a seperate entrance so you can rent out the downstairs and make some extra cash to pay your mortgage. Usually takes a bit more money to get it going but if you're in a good location and don't mind being a landlord you can live for free pretty much.
One note on this. Depending on which city you live in, there are various by-laws in place that stipulate the legalities of basement apartments. For instance, basement apartments have been illegal in Brampton since 1995. Most homes that are sold with basement apartments that are not legal will be apparent if the listing has some sort of disclaimer such as "Vendor does not warrant retrofit status of the basement."
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Old 03-25-2009, 03:53 PM   #17 (permalink)
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Just an update for whoever is interested in buying a property now.

I can arrange mortgage financing at these rates:

1 year fixed for 3.25%
4 year fixed for 3.69%
5 year fixed for 3.89%
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Old 03-25-2009, 03:55 PM   #18 (permalink)
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i went in at 5% fixed 3 years ago
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Old 03-25-2009, 03:58 PM   #19 (permalink)
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Quote:
Originally Posted by 'trane View Post
i went in at 5% fixed 3 years ago
This was an amazing rate back then. Everyone else did the same - no one predicted this.
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Old 03-25-2009, 04:02 PM   #20 (permalink)
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Not everyone, Benzo is paying .75% under prime.....

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