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Czarek
20th March 2014, 02:41
I'm hoping that there is some one that's in the know as far as what is the outlook for real estate. I'm in Ontario Canada and it seems that there is some steam behind the spring prices would like some thought behind the market that we are currently in.
I don't mind renting for a year but don't want to make a mistake where things will inflate further with interest rates following the prices. So, what would you do, would you rent or buy a house? :noidea:

thanks for your thoughts

Czarek

CaptnNemo
20th March 2014, 02:46
I'm hoping that there is some one that's in the know as far as what is the outlook for real estate. I'm in Ontario Canada and it seems that there is some steam behind the spring prices would like some thought behind the market that we are currently in.
I don't mind renting for a year but don't want to make a mistake where things will inflate further with interest rates following the prices. So, what would you do, would you rent or buy a house? :noidea:

thanks for your thoughts

Czarek

Well personally I wouldn't do anything that involves owning money to the bank whatsoever...

I rent my place & declared bankruptcy about 5 years ago...I can tell you one thing : I have never been so good since that move despite what the popular general opinion about bankruptcy is in this world.

The only thing I owe is what's left of my car which will be completely paid in a year...So besides that...If I want something, I pay cash!!

I will never ever again deal with the banks as long as air comes into my lungs in this life period!! :)

Cheers

Sam

Czarek
20th March 2014, 03:03
The problem is that I'm coming out of a house with some cash and would like to put it to some tangible goods. I'd like to provide some kind of decent home for my kids that I will see every other weekend...:(

I don't want to rush, but my ex is pressing hard. :crazy. to buy me out of our family home that I've put sweat and blood.

birddog
20th March 2014, 03:08
Things are unstable and it seems they may get worse. For sure if you buy something that you can pay off with cash, and the neighborhood is fairly good, you may be better off. Fix it up, insulate, make it safe and secure. It may be a lot better with the inflation rate for apartments and utilities getting out of hand. This is what I did..working out great. Taxes are cheap,too.

CaptnNemo
20th March 2014, 03:13
For sure if you have the money to buy then by all means, it's always better to "own" than to rent off course...But if you need to get a loan for thousands of dollars over x amount of years...I wouldn't recommend it especially the way the economy is doing now and in the short future coming up...But that's just my opinion which is as valid as anyone else's :)

Good luck with whatever choice you make my friend :)

Brakeman
20th March 2014, 03:15
If you can't pay it off, with ease, in one year's time, don't finance it.

Personally, I rent, as I travel often for work and leisure.

If the Fates decided a more sedentary life was for me, I'd probably still rent.

I enjoy not having to phone the repairman or gardener repetitively.

Fairy Friend
20th March 2014, 03:53
you can always pay cash for a house that way you don't owe the bank either. Just a suggestion, I realize it's not an option for many.

Karma Ninja
20th March 2014, 03:54
I live in Ontario too and I just got out of a house and have decided to rent for a year to see how the market plays out. Interest rates are bound to go up and I don't want to take the chance. Found a nice 3 bedroom apartment in a nice neighborhood and will live it out there for the time being.

sandy
20th March 2014, 04:17
Will you have enough equity to purchase something outright at a lake and or piece of land near a recreational spot. I think anything rural will be an asset in the future and a great place to take the kids for camping, etc while still having the amenities of a rented place near them and your work..................just a thought :)

sheme
20th March 2014, 09:32
Put that money into land is my advice agricultural land here has shot up from 4 thousand an acre to 10 thousand an acre in 5 years. People will always need food and a place to grow it- If you can get a plot with some woodland and some water great stuff.

Sérénité
20th March 2014, 10:20
I've just sold up and have decided to sit it out for a while and rent.

Rental prices are extortionate here, but, I don't feel confident putting my money into another property during the current climate.

It feels a lot like Russian roulette and I share your angst. If we buy, property prices may plummet again (turbulent and uncertain times ahead) leaving you in negative equity or at a loss of your equity. Then again prices may rise, so the property will be worth more, but the interest rates will cripple those with high re-mortgage repayments.

I agree with Sheme, land is definitely favourable, more so if it has building consent.
I've found myself this past year going from looking at beautiful houses by the sea to bijou self sufficient woodland retreats!

Follow your own instincts.
But if you have cash from the sale that you need to put in banks, distribute it wisely over several accounts in differing places that can be retrieved instantly and easily if need be.

Lifebringer
20th March 2014, 10:52
Price of insurance
Mortgage
Utilities
Deco/improvement
still risking high interest rate to which there's still nothing you can do about their increases for greed and profit. I'd downsize on the insurance, lower utility bill, fixing someone's property up on your own dime stuff. If there's any chance you will be duped by the same ones who dupe every other home owner who, btw is still rubbing their head (afterWSmugging) pillage. Until some big arz goes to jail, I wouldn't play their game. If you have family with property, see if you can put a trailer on it, enforce it with brick after digging a basement underneath and water sealing it. Use the top as a power/solar/wind station and entertainment, but during storms, provided you've sealed it and done a great foundation, would be yours and the price of the trailer home taxes, are much lower than a utility bills and somebody's else's property gaining equity. Best part about it is you can do your home, anyway you want, paint your walls or ceilings, any way you want, install your idea of energy, any way you want. If you pay the family property taxes by putting the money in whoever is on the deed's hand, it saves them some money to go on a vacation, and you'll be free to have your idea of peace of mind and security, any way you choose.

If this trailer home frame for 8ft cement foundation waterproof basement/brickhouse security isn't in the cards, then rent and insure your belongings so if the landlord's electrical or plumbing neglect destroys your things, you can get it back.
You can also "rent the house and put a fence up where you don't have to listen to neighbors that play too loud music that doesn't suit your ear's taste. People in a apt building have rights also, and it's why we rent the "houses" when we move around to fit our shrinking pocket.

Lifebringer
20th March 2014, 11:24
if you pay cash for a house or anything over 10,000 dollars, the FBI will come knocking on your door to find out where you got it, if you don't have an account proving you had it in there. So if family helps, then they too are subject to FBI investigation for using your own cash saved outside a bank. Sometimes they won't even rent to you, unless you have an active bank account they can hack into and see what you spend on monthly to ensure you can pay any utilities. Demanding you make 3 times the rental price monthly, which makes people have two or more jobs, and go completely mad, trying to have enough hours to fit the greedy's pocket.

Lifebringer
20th March 2014, 11:34
How many children? A 2 or 3 bdrm rancher with electric back door security. Set it and go to bed, anyone trying to come in without ringing the bell or calling gets taser zapped for trying to get in. Make sure you give code to children and ex so she makes sure they really know how to deactivate it. Time to keep the monthly security services with cameras in your house and codes to get in, that may have a friend or two with criminal backround for breaking and entering or a disgruntled employee that writes down your code. So install and rig your zapper yourself with a car battery or Lithium solar charged one. Run the wires over the doors and any jarring of the wood frames will jar the security into action.

if you've got to have a place for the kids every other weekend, it's a safe bet this is a good way to keep security costs low and on your bill, than to have it on a separate bill where you get nothing out of it but somebody else to sell your information to a corporate entity. If you can buy the rancher and have your security installed. At night, show a test by tossing something past the barrier, and listening for a pop sound like a bug zapper. POST lots of signs, and warn them there are booby traps on the premises activated by electronic visual monitoring and connected to the police dept. You can always take the cheaper route, and buy a security monitored sign also. LOL

Lifebringer
20th March 2014, 11:38
That's just the way I've been brought up to live. Don't go over your budget, and stay within your price to live. Anything else is vacation or inheritance for your children when you go, but make sure you tell them don't fall for BS/banker/poo in their lives. If you don't have the cash now and there's a sign saying it's a sale now, remember they double the price and put the bargain at the same price it was in the first place.

TigaHawk
20th March 2014, 21:39
I'm hoping that there is some one that's in the know as far as what is the outlook for real estate. I'm in Ontario Canada and it seems that there is some steam behind the spring prices would like some thought behind the market that we are currently in.
I don't mind renting for a year but don't want to make a mistake where things will inflate further with interest rates following the prices. So, what would you do, would you rent or buy a house? :noidea:

thanks for your thoughts

Czarek


I've been hearing stuff about another economy crash for a while now... But i dont know...

IF it does crash tho, and you have just bought a house, the world goes into another recession, jobs are lost, bills dont get paid, stuff gets repossessed.


Rent and wait? IF it crashes, there will be alot of homes up for sale at cheap prices as they'd be repossessed by the banks then sold for a fraction of their worth.

I guess i would feel bad about doing that myself (knowing what has happend that put those houses up for sale at such a cheap price) but... if not me... someone else, probably another company who'd sit on it untilll things calm down then sell for full price once more...

robertr2m
20th March 2014, 22:30
It really depends on how you look at owning real estate. I look at it as an investment. If I pay a note, I'm building equity that is an investment for me. If I rent, I'm building someone else's equity. I think the biggest mistake people make is over buying... buying a house they really cannot afford. Rates are decent now and will most likely hold for a short time longer and then rise steadily. We will have a another market bust but the trick is to be in a good enough position that you can ride it out or not feel it at all by having a good amount of equity, a low interest rate and being able to make the payment on what you make now, not what you'll think you'll make 5 years from now.

If I was in your shoes, I'd buy now but try to get more land and less house. House's come and go... land is forever.

Sammy
21st March 2014, 01:21
Renting is cheaper, renting allows you much more flexibility, renting allows one to avoid unnecessary attachment, ownership is a myth, what can any of us take with us anyways?

Olam
21st March 2014, 01:30
I think this is a good video with sound advice for what you are searching..

7yR2k26PwVY

Czarek
21st March 2014, 01:54
Will you have enough equity to purchase something outright at a lake and or piece of land near a recreational spot. I think anything rural will be an asset in the future and a great place to take the kids for camping, etc while still having the amenities of a rented place near them and your work..................just a thought :)

Sandy, that's my dream. Live in a forest, near a lake. But the reality is that my work forces me to be in the city. I have to pay child support, I'm giving up 50/50 time arrangement with my kids so that the child support pays for the house mortgage for my ex. that way the kids stay in the same home, same school and life goes on kind of like before...

sandy
21st March 2014, 04:28
My heart goes out to you Czarek as it is tough to be experiencing such a life altering event and plan a new existence and future at the same time. When it comes to your children I support your decision to put their welfare first and know that they are blessed to have a Father as responsible and caring as you. Your family is experiencing this great change also and until the passage of time, some comfort sets in with the new changes and emotions have had a chance to be addressed and soothed, just keep moving forward and trust the Universe will provide what you need.

Keep your dream alive too as one never knows...........I have friends who were given a cabin in the boonies near the Rocky Mountains just because they were good people and now in their retiring years they live there year round.......the kids don`t come out though as they can`t handle no running water and toilet hahahhaha