My (our) plans...

Stangfreak95

Stangfreak95

add a 4
Founding Member
Nov 4, 2002
3,571
0
0
In your sister. If none, your mom
#1
Well dammit, in a way I'm super happy and motivated and on the other hand I'm just goings nuts more and more everyday. Its that time in life where you have to go one more step in a relationship. Letting your passion go second...

No I'm NOT getting married. We've been together for almost 5years and in the appartment for almost 2. Guess what ? I'm just about 28years old, I have a stable good job with good money, and I guess its time to spend to buy our first house. I feel :mad: and :nice: at the same time.

This purchase will be made between April-June 2008. We cant stand the appartment anymore. We're in a basement (half) and the roof which is the 2nd level's floor suck so bad we hear every crack possible when they walk, music, etc. Anyway it'S time to go and I cant wait to be home in our place. The maximum we can have I think is around 220-230K. And I do want something with enough space, 2 levels and a garage for me :D

I dont understand how people are saying " Just buy a house instead of living in a appartment, its just a little more per month"......Really. We already went to different banks just to see the money we could have and with a 5% down or more, the payments are something around 1300-1600$ plus taxes or not I dont know, per month. Ya....We pay 630$ monthly here and people talk like you can have everything for 1000$ monthly. Mmmkay.... We did like 4 different major banks and the amounts are similar, for 25years.

So basicly what I'm trying to say is that my next couple of years might be a litttle "tight" money wise and I dont think I'll be able to get my Cobra soon, unless I sell my 2006 Mazda3 GT, which is an amazingly fun and reliable daily driver.

It's been almost a year now that I sold the stang and these last few weeks have been playing with my head and I need that feeling again. I did always wanted a Fox 5.0, and maybe that could be the only thing possible for me now...If I could find one cheap....

Anyway folks, that was a long post but whatever I just felt like putting it down. I miss my car and my dog and I need something to make me happy in my own little way...

Later
 

  • Sponsors (?)


#2
Yeah, there is no way a house is cheaper...but that depends on what you have for a down payment and what price of house you want.

The nice thing about a house is the build up of equity and knowing you can be noisy or change things about it you don't like without much hassle.

Even a small mortgage of 105,000 is about $660 a month before taxes (in South Ontario anyway).
 
#3
yeah houses cost more, plus you need to remember that when something breaks down, you pay for it... 300$ water heater for example lol... It's expensive and a sacrifice but it's better to do it now than have to wait until you're in your 40's... I want to buy a house in a couple years max, I'm waiting for the prices to drop, right now it's too much of a seller's market, waaay too inflated when a mobile home goes for 90,000$... I figure with the amount of people over-loaded with debt, just an interest increase can force them to sell their homes :) Not to mention all the jobs we seem to be loosing in quebec :(
 
#4
I bought my house 4 years ago, and I don't regret it at all. Renting a 2 bedroom townhouse or condo would cost me more per month than I spend on the house. I'd rather spend that money on my own mortgage than on someone else's.
 
#5
I feel your pain Mario , the $1300 , $1600. is plus taxes ( 2 or $300 ) utilities , insurance etc . so final it will be a little bit over $2000.00 per month ( $500.00 ) off your paycheck weekly for 25+ years . This is not including car paiements , food , car insurance , going out , badlucks etc..

I owned 3 houses ( 1 in Florida and 2 in Quebec ) and I decided to start looking for another one and it's now impossible , I will work only to pay that and won't be able to do anything else , I bring home weekly $800.00+ ( $1200.00 gross ) and I don't want anyone else to pay with me ( girl friend etc ) because when chit start hitting the fan with the lady you cannot live in the house anymore because you cannot afford it by yourself and I don't want to go through that again..:nonono:

I wanted a mortgage of $550+ taxes and since there is nothing below $200K around here I need to put down $100,000.00.... yeah right...:jaw:



For now I'm keeping my apt with my heated garage and music room for $570.00 and it's fine that way . Still dreaming about a double garage but I need to double my salary to be able to get what I want... :rolleyes:
 
#6
I know its insane. We'll just see next year how the market looks. One thing I know is this....A LOT of people go for the "semi-detaché" these days. They cant/dont want to pay for a 200-250K house. And a lot of the new constructions around here are " semi-detaché ". So either the price of the regular house will drop a little because the demand is not there as much or either the prices will go up because of the rarety.

I've had the mustang bug for the last weeks...I think I could deal with going with a smaller house (but ABSOLUTELY with garage and 3 bedrooms, 2 washrooms and 1 separate shower) and have a nice 5.0 coupe with it, or Cobra maybe :D
 
#17
I just went this week to see multi-pret for a 200k mortgage on a 5 year term with 40 year "ammortissement" i got 5.05% interest rate and it gives me payment of 1000 per month. in 5 years we'll prolly change it to a 25 years. It just helps start.
 
#18
Buying vs renting.

I purchased my 1st home in 1989 at the tail end of the bubble. It was a townhouse/Condo paid 102000, at the bottom end of the cycle it bottomed out at 65000 (yes people sold units and ate it big time) We however decided to scrimp and save up another down payment to buy a 2nd house. On a shoe string budget we jumped into another house on the cheap (power of sale) in 1999 and we rented out the townhouse. What you need to remember is this paying a mortage is paying yourself (yes the bank makes a boatload off you) but you gain every month. The townhouse is rented and turns a profit every few years ( creative book keeping) The home we live in know has doubled in value, look around buy a starter or a power of sale home. I was 25yrs old in 89, and made like $13.50 an hr interest rate was 11.75%, rates now can be had for 5% on average. This doesn't mean you should go out and buy the biggest house on the block, buy and build up. That house we got power of sale, 4 level back split, single car garage, inground pool was had for 125K. Look around, if your handy with a paint brush, & hammer you can get the house of your dreams without breaking the bank. Right now is a sellers market! NOT A BUYER'S!
 
#20
Banks are in business to make money off you for life! that 250,000 home when taken over 25yrs is like 500,000. Oh yea got to love those cash back incentives designed to get you to borrow more money. I'm a landlord, I love you renters your paying off my house for me and giving me a tax write off, I'm building wealth off your hard earned money, just like a bank makes it off me. Sorry guys if you can afford to pay $600 month in rent plus hydro, gas, cable etc you should own a house! plain and simple. Lower your sights and buy what you can afford, but buy a house!
 
You must log in or register to reply here.

Similar threads

J
Exhaust Manifold search
Replies
4
Views
373
1974 - 1978 Mustang II Talk & Tech
extra_stout
extra_stout
AbhorrentSpecies
Engine Please help, rpm surge when shifting
Replies
8
Views
594
Fox 5.0 Mustang Tech
AbhorrentSpecies
AbhorrentSpecies
Diode Dynamics
One Month Out: DD HQ Open House & Car Show
Replies
0
Views
221
Vendor Sponsor Forums
Diode Dynamics
Diode Dynamics
MadSquirrelTech
Progress Thread Evolution of the 'Hudson Heap' plans (87 GT)
Replies
29
Views
3K
1979 - 1995 (Fox, SN95.0, & 2.3L) -General/Talk-
Noobz347
Noobz347
Alldegree
Can’t change my avatar?
Replies
20
Views
982
Feedback Area | Testing Zone
Alldegree
Alldegree
Top Bottom
Back
New
Hot
Menu