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Renting vs. buying a home....So difficult coming up with a down payment!

 
Anonymous Coward
User ID: 7042413
Australia
01/01/2012 03:06 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
bollocks to buying ... im just passing through , i came with nothing , and il go with nothing ....
 Quoting: lostandfound
Anonymous Coward
User ID: 8039107
Canada
01/01/2012 03:31 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
The OP needs psychiatric help. What was posted is raw BUNK.

A recent evaluation puts the Canadian property market at 10% overvalued even at current low interest rates and 25^ overvalued at normal rates.

What OP needs to understand that rent is NOT throwing money away. By paying rent, you are allowing someone else to catch the falling piano of the massive losses in capital when Canadian property collapses.

If OP want to get the money to buy their own place, there is a way.

By buying a solid plot of land somewhere, the value of the land will track the property market. Then, wneh you want to buy an actual home, one can sell off the various plots of land for the deposit.

There si a cheap way to buy valuable land. As the gold price goes up, so the price of residentail land in the Yukon is soaring as loads of people move in to service the growing exploration and exploitation of gold in the Territory. On average, land in the Yukon has been doubling every 7 years for quite some time now. To obtain land in the Yikon is easy. The Yukon Governemnt have a land purchase scheme where ANYONE, regardless of credit (no credit check) can put down 20% plys 5% (total 25%) of the purchase price and have 5 years to complete paying with the residual debt locked at a ludicrous 5% FIXED INTEREST RATE.

The land we bought 5 years ago on this scheme for $10,250 is now worth over $50,000.

The Yukon GOvernment web site for this scheme is

[link to www.emr.gov.yk.ca]
Anonymous Coward (OP)
User ID: 1457789
Canada
01/01/2012 03:47 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
The OP needs psychiatric help. What was posted is raw BUNK.

A recent evaluation puts the Canadian property market at 10% overvalued even at current low interest rates and 25^ overvalued at normal rates.

What OP needs to understand that rent is NOT throwing money away. By paying rent, you are allowing someone else to catch the falling piano of the massive losses in capital when Canadian property collapses.

If OP want to get the money to buy their own place, there is a way.

By buying a solid plot of land somewhere, the value of the land will track the property market. Then, wneh you want to buy an actual home, one can sell off the various plots of land for the deposit.

There si a cheap way to buy valuable land. As the gold price goes up, so the price of residentail land in the Yukon is soaring as loads of people move in to service the growing exploration and exploitation of gold in the Territory. On average, land in the Yukon has been doubling every 7 years for quite some time now. To obtain land in the Yikon is easy. The Yukon Governemnt have a land purchase scheme where ANYONE, regardless of credit (no credit check) can put down 20% plys 5% (total 25%) of the purchase price and have 5 years to complete paying with the residual debt locked at a ludicrous 5% FIXED INTEREST RATE.

The land we bought 5 years ago on this scheme for $10,250 is now worth over $50,000.

The Yukon GOvernment web site for this scheme is

[link to www.emr.gov.yk.ca]
 Quoting: Anonymous Coward 8039107


Thank you!
Earth Daughter

User ID: 7836431
United States
01/01/2012 03:52 AM

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Re: Renting vs. buying a home....So difficult coming up with a down payment!
You aren't 'throwing money away'. That's realtor propaganda. Most times renting cheaper than owning, do the research, see for yourself.
 Quoting: Anonymous Coward 7992805


Yep, if you factor in property taxes, repairs and homeowner's dues, it's much cheaper to rent.
"Arrows of hate have been shot at me too, but they never hit me, because somehow they belonged to another world, with which I have no connection whatsoever." - Albert Einstein
s. d. butler

User ID: 974819
United States
01/01/2012 04:40 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
You aren't 'throwing money away'. That's realtor propaganda. Most times renting cheaper than owning, do the research, see for yourself.
 Quoting: Anonymous Coward 7992805


Yep, if you factor in property taxes, repairs and homeowner's dues, it's much cheaper to rent.
 Quoting: Earth Daughter



And you don't have anything at the end of x years and you are at the mercy of a land lord.
Anonymous Coward (OP)
User ID: 1457789
Canada
01/01/2012 04:48 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
You aren't 'throwing money away'. That's realtor propaganda. Most times renting cheaper than owning, do the research, see for yourself.
 Quoting: Anonymous Coward 7992805


Yep, if you factor in property taxes, repairs and homeowner's dues, it's much cheaper to rent.
 Quoting: Earth Daughter



And you don't have anything at the end of x years and you are at the mercy of a land lord.
 Quoting: s. d. butler


Yes, this!!!

I am not so much worried about the cost now.

It's security and having equity that concerns me most. That's the reason I am having a hard time understanding why so many of you are promoting renting like it's a ''win-win.''
s. d. butler

User ID: 974819
United States
01/01/2012 04:51 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
You aren't 'throwing money away'. That's realtor propaganda. Most times renting cheaper than owning, do the research, see for yourself.
 Quoting: Anonymous Coward 7992805


Yep, if you factor in property taxes, repairs and homeowner's dues, it's much cheaper to rent.
 Quoting: Earth Daughter



And you don't have anything at the end of x years and you are at the mercy of a land lord.
 Quoting: s. d. butler


Yes, this!!!

I am not so much worried about the cost now.

It's security and having equity that concerns me most. That's the reason I am having a hard time understanding why so many of you are promoting renting like it's a ''win-win.''
 Quoting: Anonymous Coward 1457789



They are people who don't have anything and never will have anything. They are renters. Get a secure base first, pay it off, go on to other things.
Anonymous Coward (OP)
User ID: 1457789
Canada
01/01/2012 05:49 PM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
...


Yep, if you factor in property taxes, repairs and homeowner's dues, it's much cheaper to rent.
 Quoting: Earth Daughter



And you don't have anything at the end of x years and you are at the mercy of a land lord.
 Quoting: s. d. butler


Yes, this!!!

I am not so much worried about the cost now.

It's security and having equity that concerns me most. That's the reason I am having a hard time understanding why so many of you are promoting renting like it's a ''win-win.''
 Quoting: Anonymous Coward 1457789



They are people who don't have anything and never will have anything. They are renters. Get a secure base first, pay it off, go on to other things.
 Quoting: s. d. butler


Is this really true though, that renters will never have anything?

I mean, maybe it's smarter to keep renting and put money away into an RRSP, especially since the housing market is so volatile.

Honestly, the more I think about it, many homeowners can become upside down or underwater in no time.
s. d. butler

User ID: 974819
United States
01/01/2012 07:22 PM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
...



And you don't have anything at the end of x years and you are at the mercy of a land lord.
 Quoting: s. d. butler


Yes, this!!!

I am not so much worried about the cost now.

It's security and having equity that concerns me most. That's the reason I am having a hard time understanding why so many of you are promoting renting like it's a ''win-win.''
 Quoting: Anonymous Coward 1457789



They are people who don't have anything and never will have anything. They are renters. Get a secure base first, pay it off, go on to other things.
 Quoting: s. d. butler


Is this really true though, that renters will never have anything?

I mean, maybe it's smarter to keep renting and put money away into an RRSP, especially since the housing market is so volatile.

Honestly, the more I think about it, many homeowners can become upside down or underwater in no time.
 Quoting: Anonymous Coward 1457789



In my experience it's true. Don't buy more than you can afford,if you do that it won't really matter if you are upside down. Pay it off as soon as possible. Think about buying some land and building a home yourself.

There are good reasons for both sides, it just depends on you and your situation. Rent where I am is about a thousand a month. Every year you pay 12 thousand. I know what the renter advocates say but that doesn't make sense to me. Four years later I would have paid 50 K and I'd have nothing to show for it.

The landlord can kick you out or demand more later on, either immediately or when the lease is up.

I have never looked at a house as an investment. It can be, but you have to live somewhere. I never wanted to answer to some landlord.

The key is paying the mortgage off as soon as possible. With the interest people end up paying several times what they would have paid in cash. Look at the amortization tables for a loan sometime.

Just my 0002 cents worth.
Anonymous Coward (OP)
User ID: 1457789
Canada
01/02/2012 04:26 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
...


Yes, this!!!

I am not so much worried about the cost now.

It's security and having equity that concerns me most. That's the reason I am having a hard time understanding why so many of you are promoting renting like it's a ''win-win.''
 Quoting: Anonymous Coward 1457789



They are people who don't have anything and never will have anything. They are renters. Get a secure base first, pay it off, go on to other things.
 Quoting: s. d. butler


Is this really true though, that renters will never have anything?

I mean, maybe it's smarter to keep renting and put money away into an RRSP, especially since the housing market is so volatile.

Honestly, the more I think about it, many homeowners can become upside down or underwater in no time.
 Quoting: Anonymous Coward 1457789



In my experience it's true. Don't buy more than you can afford,if you do that it won't really matter if you are upside down. Pay it off as soon as possible. Think about buying some land and building a home yourself.

There are good reasons for both sides, it just depends on you and your situation. Rent where I am is about a thousand a month. Every year you pay 12 thousand. I know what the renter advocates say but that doesn't make sense to me. Four years later I would have paid 50 K and I'd have nothing to show for it.

The landlord can kick you out or demand more later on, either immediately or when the lease is up.

I have never looked at a house as an investment. It can be, but you have to live somewhere. I never wanted to answer to some landlord.

The key is paying the mortgage off as soon as possible. With the interest people end up paying several times what they would have paid in cash. Look at the amortization tables for a loan sometime.

Just my 0002 cents worth.
 Quoting: s. d. butler


Thank you for your insight.
Anonymous Coward
User ID: 7950049
United States
01/02/2012 05:02 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
Ok, help me with the math on that. I don't follow...
 Quoting: Anonymous Coward 1457789


[link to www.bankrate.com]

Play around with the calculator and check out the tables.. The interest is obscene.
 Quoting: Anonymous Coward 7992805


Ok, maybe the interest is insane, but it still seems like buying is a better idea than renting.

Either I'm right (and there are benefits to buying that are being overlooked here, or I've been brainwashed by the banking industry my entire life).
 Quoting: Anonymous Coward 1457789


You are 100% correct that buying is better than renting.The only REAL property legally in the USA or Canada is land.Nothing else.Over your lifetime owning LAND has huge advantages.
Buy a house.Stop looking for a convenient location though.Look for some where out of the cities,and you will quickly notice 10 miles outside of a metro area prices drop by 60% or have 100 times as much land.

With land you can grow food(garden large or small). Learn to can food.This alone can save you thousands per year.

Good luck in your search. The only people who think it is better to rent than to buy are to young or brainwashed to understand they own NOTHING legally worth ANYTHING.

That said...I am a land lord with rental properties....keep on paying up slaves...I have more properties to buy!
Biochemky

User ID: 919411
United States
01/02/2012 03:39 PM

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Re: Renting vs. buying a home....So difficult coming up with a down payment!
call every realtor and ask if any of the homes for sale have no down payment option...good luck!
 Quoting: Anonymous Coward 4655932


Good idea....thank you!!!
 Quoting: Anonymous Coward 1457789


What town are you in in Canada?

Maybe I can find you a more affordable home that is just as nice as the one you mentioned that costs $140,000.
 Quoting: Biochemky


Hello! I am in Calgary.
 Quoting: Anonymous Coward 1457789


Here's a listing for a two-story 1,222 square foot condo in Calgary that has 3 bedrooms, 1 full bath, 1 half bath, a large stone fireplace in the living room, with new countertops and flooring in the kitchen, a 1-car garage (with additional sq ft), a private and sunny west facing fenced back yard, that is situated in an excellent location on a nicely maintained quiet street in the area of Marlborough Park.

The monthly payment is quoted as being approximately $632.85 for a $119,200.00 5 year mortgage at 4.09%.

The mortgage amount is based on the purchaser making a 20% down payment of $20,800 against the purchase price of $149,000.

Under these terms the purchaser would own the property outright at the end of only 5 years.

The address of the condo is:

# 45 6103 MADIGAN DR NE
Calgary - Calgary
AB, T2A 6K9

[link to realestatemountainview.alberta.remax.ca]
Anonymous Coward
User ID: 1552358
United States
01/02/2012 03:48 PM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
don't buy unless you can do this

#1 20% down payment

#2 6 month cash emergency fund

#3 gonna stay put for at least 10 yrs

OPTIONAL

take 15 yr mortgage if possible


if u cant do that DON'T BUY
Anonymous Coward
User ID: 1152154
United States
01/02/2012 03:55 PM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
Here

Let the numbers speak for themselves

[link to www.nytimes.com]
 Quoting: Anonymous Coward 7496616


let me guess did they factor in expenses like Taxes, insurance, utilities, maintenance ETC ETC !


huffy
Anonymous Coward (OP)
User ID: 1457789
Canada
01/02/2012 05:32 PM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
...


Good idea....thank you!!!
 Quoting: Anonymous Coward 1457789


What town are you in in Canada?

Maybe I can find you a more affordable home that is just as nice as the one you mentioned that costs $140,000.
 Quoting: Biochemky


Hello! I am in Calgary.
 Quoting: Anonymous Coward 1457789


Here's a listing for a two-story 1,222 square foot condo in Calgary that has 3 bedrooms, 1 full bath, 1 half bath, a large stone fireplace in the living room, with new countertops and flooring in the kitchen, a 1-car garage (with additional sq ft), a private and sunny west facing fenced back yard, that is situated in an excellent location on a nicely maintained quiet street in the area of Marlborough Park.

The monthly payment is quoted as being approximately $632.85 for a $119,200.00 5 year mortgage at 4.09%.

The mortgage amount is based on the purchaser making a 20% down payment of $20,800 against the purchase price of $149,000.

Under these terms the purchaser would own the property outright at the end of only 5 years.

The address of the condo is:

# 45 6103 MADIGAN DR NE
Calgary - Calgary
AB, T2A 6K9

[link to realestatemountainview.alberta.remax.ca]
 Quoting: Biochemky


Thank you for your effort, I appreciate it! Unfortunately, Marlborough is a VERY VERY BAD, DANGEROUS AREA, full of crime!
Anonymous Coward (OP)
User ID: 1457789
Canada
01/02/2012 05:33 PM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
don't buy unless you can do this

#1 20% down payment

#2 6 month cash emergency fund

#3 gonna stay put for at least 10 yrs

OPTIONAL

take 15 yr mortgage if possible


if u cant do that DON'T BUY
 Quoting: Anonymous Coward 1552358


This is very sage advice! Thank you and I believe you are right.

Not quite time for us to buy, yet!
Jackasster

User ID: 1510253
Canada
01/02/2012 05:52 PM

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Re: Renting vs. buying a home....So difficult coming up with a down payment!
here if you buy a new house they offer no down, notary fees and no tax, just saying
Anonymous Coward (OP)
User ID: 1457789
Canada
01/02/2012 06:05 PM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
here if you buy a new house they offer no down, notary fees and no tax, just saying
 Quoting: Jackasster


Where do they offer no down?
Anonymous Coward
User ID: 13376778
Canada
04/22/2012 04:02 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
bump
Anonymous Coward
User ID: 14657763
Australia
04/22/2012 04:07 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
Ok, so hubby and I want to buy. We are long-time renters and pay A LOT just to rent.

We are basically throwing our money away.

We would love to buy, but with rent so high, it's EXTREMELY DIFFICULT to save up enough for a down payment.

Any advice on how to do that (i.e. financial services I'm not aware of)?
 Quoting: Inflation sucks... 1457789


Move to where real estate is more affordable and where you can get work. It's called the 'rental trap' what you're stuck in, can't save cos of high rents. I've moved interstate 3 times now, just went where it was cheap for a starter home and built on that.
Anonymous Coward
User ID: 2307073
United States
04/22/2012 04:38 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
Instead of buying another house I have been thinking of buying one of those huge recreational vehicles; and living in that. I am single, have no kids but three cats. I have been looking at houses on the net and the property taxes are running between $4,000 and $5,000 a year on them. In an RV most parks only charge $10.00 a day. You can live for free if you are over 62 in any national park during the summer and fall season. During the winter you head for Southern California or Arizona. You do have to pay a lot for gas. but I figure you only have to do this a few times a year. I do not know what the registration fees are on these huge vehicles.
 Quoting: Anonymous Coward 1533313


I considered that too but its $30 daily to park the rv in a park.Lot rent averages $200 to $300 monthly if not in a park.
We pretty much screwed either way we try to do something.
Anonymous Coward
User ID: 1211208
United States
04/22/2012 04:55 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
I would never buy a money pit again..

Look how much money you will save in interest and property tax and repairs and upgrades over 30 years.

You could have paid for 4 houses like the one you want..you can only live in one at a time...why buy 4...
Aunty Flo

User ID: 14740326
Australia
04/22/2012 05:23 AM

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Re: Renting vs. buying a home....So difficult coming up with a down payment!
You don't have to live in a MacMansion. My family and I live in a humble 3 bedroom cottage, thats going on 60 years old. Over the years we have been doing it up so it's now a comfortable house to live. It's a little smaller than we would like, but we're working off a ten year plan. The loan I got was a no deposit loan. However, I have been working on paying at least $12,000 off the principal per year. I think I owe about $250,000 on it now.

My husband also owns a couple of investment properties with his business partner, which are completely negative geared. We would have no problems getting a big house if we wanted to, but that would be detrimental to our future financial health.

10 year plan.
Anonymous Coward
User ID: 2589610
United States
04/22/2012 05:30 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
Instead of buying another house I have been thinking of buying one of those huge recreational vehicles; and living in that. I am single, have no kids but three cats. I have been looking at houses on the net and the property taxes are running between $4,000 and $5,000 a year on them. In an RV most parks only charge $10.00 a day.
 Quoting: Anonymous Coward 1533313


$10 x 365 = $3650 per year.
 Quoting: Anonymous Coward 7620927


PLUS the gas, insurance, registration and maintenance on a major vehicle.
 Quoting: Anonymous Coward 1457789


That's MORE than I pay in property taxes without the gas/maintenance.
Anonymous Coward
User ID: 2589610
United States
04/22/2012 05:36 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
here if you buy a new house they offer no down, notary fees and no tax, just saying
 Quoting: Jackasster


Where do they offer no down?
 Quoting: Anonymous Coward 1457789


There are FHA loans that allow as low as 1% down.

Look, if you can't save enough to put money down on a house, you shouldn't really be buying one. What are you going to do when the water heater needs to be replaced, or the roof leaks, or the heating system is old? Houses are expensive. You don't just move in and only pay the mortgage and property taxes. There are added expenses to a house that you would need to have savings for as well. At least money in an emergency fund for, well, an emergency.

Why not look into renting a house and see how you like it and go from there.
Anonymous Coward
User ID: 2926765
United States
04/22/2012 05:46 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
If u can pay cash, by all means buy a home. Here in the USA, there's no way I'd sign any mortgage papers. Perhaps Canada is in better shape. Still not sure I'd do it.
Anonymous Coward
User ID: 14836099
United States
04/22/2012 05:54 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
There is something else you need to consider.

If you are buying a home, don't buy it for "investment" as if you will make money off of it.

Especially if you go for the low-cost homes. What often happens is you find yourself in a neighborhood of equally low cost homes, and, when you try to move, the builders who built your home will undersell you to would-be-buyers. This happens to many people.
Anonymous Coward
User ID: 13376778
Canada
04/22/2012 09:28 PM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
here if you buy a new house they offer no down, notary fees and no tax, just saying
 Quoting: Jackasster


Where do they offer no down?
 Quoting: Anonymous Coward 1457789


There are FHA loans that allow as low as 1% down.

Look, if you can't save enough to put money down on a house, you shouldn't really be buying one. What are you going to do when the water heater needs to be replaced, or the roof leaks, or the heating system is old? Houses are expensive. You don't just move in and only pay the mortgage and property taxes. There are added expenses to a house that you would need to have savings for as well. At least money in an emergency fund for, well, an emergency.

Why not look into renting a house and see how you like it and go from there.
 Quoting: Anonymous Coward 2589610


I agree with you, houses are expensive.

But for some reason, I feel like I have no security as a renter, like I don't really have a ''home.''

It just feels so temporary to rent. And why does it seem like everyone looks down on me for being a renter? It's as if they expect you to own your own home since I am mid-thirties.

I don't know, lots of societal pressure to be ''living the dream.''
Anonymous Coward
User ID: 14778597
Canada
04/22/2012 09:44 PM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
The owner of the house pays property tax in Canada. I just sold my house, and paid about $8000 a year.

I'm not sure where in Canada you could buy a house for $140,000, that is insanely cheap here. However, real estate has to go down in Canada and it hasn't yet. (after a US collapse, or we have to help bail out Europe and the US)

I think there will be more opportunities to buy later, if you can save now, but who really knows in this climate.

By the way, did you know no one actually "owns" property in Canada, you only buy the right to "hold" it? The queen owns all of Canada. Quite a surprise! It is the same in Britain, and Australia.
 Quoting: Anonymous Coward 7330165


I live in Alberta, and the $140,000 is for a condo, around 987 sq ft.
 Quoting: Anonymous Coward 1457789


Condos are a shitty investment. All the responsibilities of home ownership combined with the annoyance, rules and neighbors that come with apartment living. Even 20 years from now when the mortgage is paid off you'll still be on the hook for maintenance fees (hundreds of dollars per month) and property tax (a few thousand a year.)
Anonymous Coward
User ID: 13424880
United States
04/22/2012 10:03 PM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
Not sure about Canada but in some states here in the USA you can buy a tax lien certificate.


.....if not do not mind benefiting from other people's problems.


Here in Illinois.......if someone cannot pay the property tax.......then other people can buy the tax lien certificate.


When the people do finally pay.......you get the late fee penalties which are the equivalent of approx. 18% annual interest rate.


So........by buying the certificate.....you would be paying the State the 5,000 or so dollars due on the property tax. If the people eventually do pay this.......you get an 18% return and your original 5,000 back.

If they do not pay it by the deadline (approx. 2 years).......you get the house.


So you would get either an 18% return on your 5,000 investment......or you would get a house.

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