March 11, 2009
– Comments (15)
Looks like I'm buying a house...
congrats, couldnt have picked a better time
Congratulations! I hope you have many happy years in it.
any details? foreclosure, distressed, downsizing, upsizing, etc? Time is right to buy or you just need a house? I almost bit on one house that was 65% off it's price as new in 2004. Ouch.
Really? That is kind of surprising coming from someone such as yourself.
Admittedly I know very little about RE up in Canada, especially in the northern reaches where you reside, but it's just surprising to hear. You have been patiently waiting on the sidelines of this market for sometime. Not to mention all the excellent information you have provided so many Fools here, including the reality of RE prices.
I am fairly confident that housing prices have another 20% at the minimum to fall here in the "lowly" US, so I would not reccomnd anyone to buy. How does this differentiate from up there? Why do you believe this to be the correct time to buy?
As I said, there may never have been a bubble in your area, thus all my negativeity towards RE may be unfounded. Or you simply may be in a position that buying house makes the most logical sense, regardless of investment returns.
As always, thanks for the insight Dwot...
Best time to buy is now. Congrats.
In preparation for home ownership I recommend the movie:
The Money Pit
Remodeling really is this much fun.
I would also recommend the mini-series Rose Red...there are a few dark benefits to remodeling, if you can afford it! :-)
6 word blog, 9 recs. Congrats!
I hope things go very well. Owning your own place is truly outstanding. Especially when you have your own washer and dryer. That totally rules.
Yeah, the homeownership thing is partly because the housing market is tight where I am...
Last year I was scrambling for a place to live and it looks like the same thing again.
Are you getting some of that bargain real estate in Detroit, where over 1800 homes were going for $10k or less (some as low as a $1)?
Not that great of a price, but one I can live with, $140k for a 4 bedroom house that just seems rock solid built.
Prices are not down in all the places. I bought a house (3 bed room single family home) in January 2008. It's value increased by 3%. When I opened the reassesment letter,I was shocked to know that my home value increased instead of decreasing.
The difference in home cost where I am buying right now and Vancouver is amazing. This home is close to 3000 sq ft, on a good sized lot, with a shed, a green house and in Vancouver you look in multihousing developments. They want almost 3 times the price for less then half the housing, about 6x as much per square foot...
The way I look at it is right now I am making way less return on that capital then I will save in rent. The size of the place means that I am probably taking on an extra in utilities.
Seriously, right now the capital is only paying me about $250 per month and I have to pay taxes on that. I pay way more then that in rent and I share a place.
I think it will be fairly cash neutral to my current expenses and I will be ahead if I take in a room mate.
dwot, dont you invest in teh stock market and make a lot of money? if i had your skills, i would easily be a millionaire times 10.