Buying home after getting PR

[mahi2020]

ownership obviosuly is always better, as long as you have the financial stability to be able to make those mortgage payments. in Canada the maximum mortgage term is 30 years(assuming you put 20% or more downpayment, less than 20% its 25 years)

mortgage + property tax + condo maintenance + some misc budget

 

[Musti82]

mortgage + property tax + condo maintenance + some misc budget

exactly, mortgage payment i always tell my client, doesn't tell the whole story.

also buying you do have to have some funds for closing costs(land transfer tax and lawyer fees)

 

[dsrshil94]

Pay 20% of down payment to save on mortgage insurance. It is 3.1% of purchase price.

 

[dsrshil94]

C

mortgage + property tax + condo maintenance + some misc budget

I believe townhouse and condos are cheaper initially but you will end up paying more at end on 20 years in maintenance.

 

[YVR123]

C


I believe townhouse and condos are cheaper initially but you will end up paying more at end on 20 years in maintenance.

you also need to consider the budget to fix your own house for maintenance. So depends on how well/bad the strata on the maintenance, you may pay about the same.

 

[canuck78]

you also need to consider the budget to fix your own house for maintenance. So depends on how well/bad the strata on the maintenance, you may pay about the same.

High rises are much more expensive to maintain than something like stacked row houses or townhouses. Many of the new construction already have problems. Houses and condos. 500k is a tough budget for the GTA and really really depend on what kind of income you earn once in Canada. Buying before finding employment is a scary proposition unless you are wealthy and have a lot of liquid funds around.

 

[mahi2020]

High rises are much more expensive to maintain than something like stacked row houses or townhouses. Many of the new construction already have problems. Houses and condos. 500k is a tough budget for the GTA and really really depend on what kind of income you earn once in Canada. Buying before finding employment is a scary proposition unless you are wealthy and have a lot of liquid funds around.

Agree, probably it makes more sense to rent an apartment or basement (if apt not possible) and later on maybe retire in areas like Windsor or farther out in more affordable areas.

Dont know whether pension etc wud be enuff to retire though, since savings are not enough for GTA residents.

 

[Musti82]

Pay 20% of down payment to save on mortgage insurance. It is 3.1% of purchase price.

actually more now, 3.5% to 4% if your financing amount is 90-95 percent.

 

[Musti82]

C


I believe townhouse and condos are cheaper initially but you will end up paying more at end on 20 years in maintenance.

townhouses are good solution if you are in between house or condo. problem is
-they look so big from outside (due to being 2-3 floors) but inside is very small.
-lack of backyard
-and sometimes they have high maintenance fees when its even freehold.

at the same time last week my furnace finally gave up on me and i had to buy one it was close to $4,000 and i know when my roof needs replacement im looking at 10k to replace it.

every property has its own good and flaws, condo has the maintenance and noise factor but they are affordable. house is expensive and costly to repair, but you have a big land and have your own privacy.

 

[canuck78]

townhouses are good solution if you are in between house or condo. problem is
-they look so big from outside (due to being 2-3 floors) but inside is very small.
-lack of backyard
-and sometimes they have high maintenance fees when its even freehold.

at the same time last week my furnace finally gave up on me and i had to buy one it was close to $4,000 and i know when my roof needs replacement im looking at 10k to replace it.

every property has its own good and flaws, condo has the maintenance and noise factor but they are affordable. house is expensive and costly to repair, but you have a big land and have your own privacy.

Condos can also have huge repair costs. Replacement a roof or windows on a condo will be significantly more expensive and most condo reserve funds are not funded enough to account for major repairs in the future.

 

[Musti82]

Condos can also have huge repair costs. Replacement a roof or windows on a condo will be significantly more expensive and most condo reserve funds are not funded enough to account for major repairs in the future.

definitely, thats why sometimes its better to go with a well known builder, builders are cheaping out on the materials , and they only give warranty for the first couple of years, after that its up to condo corporation to make sure they have enough reserve funds.