Do you own your home ?

DO you own your own home ?

  • Yes I own my home paying it off

    Votes: 26 27.1%
  • Yes I own my home, have paid it off

    Votes: 25 26.0%
  • I own a few properties :P

    Votes: 8 8.3%
  • Not yet ......

    Votes: 8 8.3%
  • I rent

    Votes: 23 24.0%
  • Other

    Votes: 6 6.3%

  • Total voters
    96
We are upto around $9k now in savings.. still trying for what seems impossible, but I just don't want to let it go and not try even though I am fearing I am trying in vein :(
 
I am still confused but just got more information today regarding things. End result still not looking good. Same deal as in previous post, look for a side business/full time business, place of my own, Get out of my current workplace.

Have a idea of owning, Looks like the price of that kind of property I will be approved for and the mortgage payment will be less than what I am paying for rent! Problem is down payment as it looked like everyone want's at least 10% down and than you have to have all the closing costs in your account when you apply, Down payment has to be in account for 90 day's. Who knows what else.

The prices for rent are ridiculous and don't make enough for the prices nowaday's let alone all the information they want from you and deposits and such, craziness!.

Other than that try and stay 1 more year or hope landlord wants to do 1 more year. I really don't want to stay 1 more year at my current employer as I really need to get out of there but our contract is up next year and who knows if they renew, We have a meeting tomorrow as they are restructuring and they got rid of some management so guess will see what's all going on with that.

But you have to be at a employer for 2 year's for a mortgage, Looks like you may be able to pass that if you can show regular income for a few years and if you are in the same type of job and like same type or more pay.

So ya still not sure as of today I am right on the line for getting approved and only have 5% down payment (for homes I saw that I am looking at).

Just if the landlord does not want to do another year (MArch/April is when it ends) I am in a little bit of trouble I think as their is a tonne of people looking and people begging to get into places.

I don't want to be in a apartment building, SO renting side hope find a good price for a basement apartment with a good landlord if I have to go that route but I have read horror stories from landlords not paying the bills and renter's scrambling to find new places.

Glad I got more information today though so it's not all negative haha, But what a joke my bank is, They offered a suggestion that would ruin my credit so I said no thanks I will just keeping going as is and I am not going with a mortgage from them as that is just scary as they screwed up my last loan with them and now today,lol.
 
hmmm, Thought more people would have shared their stories and such,lol. Anyway desperately looking for a business to get into as that is probably the 1st thing I should be doing either way (buying or renting) for extra income. I am going to talk with the "roomies" to get them on the landlord as to what he is thinking of doing. (Still 3 month's away end of lease) It's probably a good thing to stay another year here but it would be nice to have own place.

It is going to cost $3,000- $5,000 as I thought for just furniture and dishes alone and if I am lucky maybe decorative items and extra's.

So ya good times.......
 
Im in my early 30's and will be buying my first home in October. Ill tell you one thing, you need to have a very good job or both need decent jobs to afford anything in this province (Ontario). Where I currently live which is about 30 mins north of Toronto, the house we need/want are about $750,000. So we are moving a little further north and can get the same house for $450,000. We are very excited and have worked and saved long and hard for this day.

I cannot wait to stop paying someone elses mortgage and pay for my own.

Hey I forgot about this thread!

We bought our home and we love it.

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We are upto around $9k now in savings.. still trying for what seems impossible, but I just don't want to let it go and not try even though I am fearing I am trying in vein :(

9k is a nice start but keep on going. Im not sure how it works there but here in Ontario you need a boat load of money.

5% down for first time home buyers. 5% of 450,000 is around $22,000 we needed. Thankfully because we both have good jobs we put down 50%. Which will save us huge in interest and have this paid off alot earlier obviously

Closing costs and lawyer fees are in the thousands. Thousands for furniture and beds if you dont own much or if the house is pretty empty. Most homes here come with appliances thank god.
 
Hey I forgot about this thread!

We bought our home and we love it.

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9k is a nice start but keep on going. Im not sure how it works there but here in Ontario you need a boat load of money.

5% down for first time home buyers. 5% of 450,000 is around $22,000 we needed. Thankfully because we both have good jobs we put down 50%. Which will save us huge in interest and have this paid off alot earlier obviously

Closing costs and lawyer fees are in the thousands. Thousands for furniture and beds if you dont own much or if the house is pretty empty. Most homes here come with appliances thank god.

Newmarket? Looks like a house right around the corner from family I have in Newmarket,lol.
 
Hey I forgot about this thread!

We bought our home and we love it.

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9k is a nice start but keep on going. Im not sure how it works there but here in Ontario you need a boat load of money.

5% down for first time home buyers. 5% of 450,000 is around $22,000 we needed. Thankfully because we both have good jobs we put down 50%. Which will save us huge in interest and have this paid off alot earlier obviously

Closing costs and lawyer fees are in the thousands. Thousands for furniture and beds if you dont own much or if the house is pretty empty. Most homes here come with appliances thank god.


Beautiful Home, similar style of what we would have looked for.

We were upto $11k or so, however, I have lost hope now.

We are in mid 40's now, noway it is going to happen unless we won Tattslotto or a good $100k and that's not going to happen either. Time we did save for the deposit it be too late.

$22k for a $450k is stuff all deposit, here it's 20% needed and that does not guarantee you a loan at all, having kids lowers your borrowing as well, and we have 4 kids, well, 1 doesnt count cause she is nearly 20 and at home with us. So for us, it's not going to happen, but maybe for other's who are much younger may give them a thought to think VERY far a head into their future and maybe help someone make better decisions in life earlier
 
Even harder now as they are raising the mortgage insurance rates not by much a month more so for what I am looking at it but still........

Still have not heard what the current landlord plans are, I think it would be wise to just hold off for a year and see where I am at then unless I have to move which I will be in serious trouble.
 
I wouldn't give up hope.

I lost the house I bought in 1986 when I got divorced 13 years ago in 2003. I rented for 10 years and never thought I'd own a house again, but 3 years ago I was made redundant and once I found another job was lucky enough to be able to put down a deposit for a house with money from my pay off and bought a house at 53 years of age. Yes it was daunting and the bank wanted 20% deposit and the maximum term I could get was 17 years.

The first 2 years were hard, but at 55 I was able to release some 25% tax free funds from my pensions, meaning that the mortgage will be paid off in 10 years now.

So whilst there can be advantages in renting as posters have said, it can be possible to buy later in life!

Chris
 
Can be possible later in life yes, but it came down to a payment lump sum.. that does not happen often to people tho does it now eh ?

This is true, though many people in the UK can access 25% of their pension tax free at 55. Although of course not everyone has private pensions.

It's true that without this and the redundancy I'd have probably rented for the rest of my life.

I do understand that it's very difficult to get on the property ladder these days.

Chris
 
This is true, though many people in the UK can access 25% of their pension tax free at 55. Although of course not everyone has private pensions.

It's true that without this and the redundancy I'd have probably rented for the rest of my life.

I do understand that it's very difficult to get on the property ladder these days.

Chris

Nice to see a realist. Unlike others who was fortunate enough to have a good sum of money or handed everything and have their noses so high in the air, Those people piss me off and disgust me and hope they feel ashamed.
 
Impossible

I live in metro Melbourne paying off a house here is crazy expensive if you where going to do it these days. even a decent surburban house is five hundred thousand plus. you have to have 2 people working full time and eat baked beans have no free time or quality of live not to mention out food costs here many people who are renting see no chance of owning a house in the current market. Few thousand more more laptop repair jobs and im going to buy a country house for cheap and set up my shipping container zombie fort. Ive got a feeling that this world is heading towards a boiling point and i want to be far from the grid by then.
 
This is true, though many people in the UK can access 25% of their pension tax free at 55. Although of course not everyone has private pensions.
I believe that actually you can get 100% of your pension now...
BUT only the first 25% is tax-free and you have to play a HUGE tax bill on the rest. :(
(The 75% is subject to the same rate of tax you pay on your income).

However, it could be argued that if you're taking the money to buy property, it could well be a BETTER investment than leaving it in your pension pot, with the way house prices are always rising in the UK... :(

KK
 
I live in metro Melbourne paying off a house here is crazy expensive if you where going to do it these days. even a decent surburban house is five hundred thousand plus. you have to have 2 people working full time and eat baked beans have no free time or quality of live not to mention out food costs here many people who are renting see no chance of owning a house in the current market. Few thousand more more laptop repair jobs and im going to buy a country house for cheap and set up my shipping container zombie fort. Ive got a feeling that this world is heading towards a boiling point and i want to be far from the grid by then.

Im in Vic as well, people who bought inner melb years ago are fine most anyway... anyone trying to now has near no chance on average wages.
Market aint going to improve either. Well not for 1st home buyers anyway.
 

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