Angry ginger Posted February 27, 2018 Share Posted February 27, 2018 12 hours ago, GGNHL said: Rising rates is a good thing, they've been kept artificially low for so long, of course it's going to sting a little bit. A .25% increase in rate is a little under $30 per month increase in payment on a 30 year mortgage. For people buying on the edge of affordability that can be a deal breaker. I have 3 deals where that is an issue right now. They qualified before the increase and went under. All 3 cases there's more to the story which makes me comfortable as we left a couple borrower off but it might become a problem for them as they now need to come up with the money to buy the rate down. Quote Link to comment Share on other sites More sharing options...
awful knawful Posted February 27, 2018 Share Posted February 27, 2018 12 hours ago, steve from amherst said: Arms are for rookies and suckers Arm is a variable rate? Quote Link to comment Share on other sites More sharing options...
awful knawful Posted February 27, 2018 Share Posted February 27, 2018 13 hours ago, Wildboer said: This is a philosophical argument, not an economic one. The economics is the unsustainability of ever increasing home prices. So since my house is paid for......its going up in value! What a great asset to have! You just fucked yourself with you're own logic! Quote Link to comment Share on other sites More sharing options...
awful knawful Posted February 27, 2018 Share Posted February 27, 2018 12 hours ago, Cold War said: I'm just waiting for my parents to die and take their shit. I've got 2 younger sisters. I'm the independent black sheep. I don't expect anything too significant. I did however back in my young and stupid days do one smart thing.....I insured my parents! Quote Link to comment Share on other sites More sharing options...
awful knawful Posted February 27, 2018 Share Posted February 27, 2018 10 hours ago, revkevsdi said: That’s a down payment in Canada. Average detached house in Toronto hit 1million. Hard to find anything in my small town under 500 grand. They were 14% in the 80’s when I bought. Imagine what would happen if they closed in on 10% again You would have to be in the middle of nowhere in Canada to get something like that. I can’t imagine that could drop much. I am in Canada. My parents never had less than 12%. A nice house here is 250 -$300k and no postage sized lot. Mine is 200 x 200' Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted February 27, 2018 Platinum Contributing Member Share Posted February 27, 2018 1 hour ago, awful knawful said: Arm is a variable rate? Yes adjustable rate mortgage Quote Link to comment Share on other sites More sharing options...
Anler Posted February 27, 2018 Share Posted February 27, 2018 9 hours ago, Whiskey Tango Foxtrot said: You're so funny, editing after the fact. Yes, that is one definition of "investment". If it was that easy, why isn't everyone doing it? Lol Investments can fail and, cause losses too, smart guy. Lol It's not an investment then. Quote Link to comment Share on other sites More sharing options...
snoughnut Posted February 27, 2018 Share Posted February 27, 2018 11 hours ago, Nazipigdog said: A house that you buy to live in is not an investment. I always get into arguments with people about this. An investment is something that makes you money, the house you live in will cost you 5x what you sell it for... At least. It's an asset but not an investment. LOL, dude put down the bong. Quote Link to comment Share on other sites More sharing options...
revkevsdi Posted February 27, 2018 Share Posted February 27, 2018 2 hours ago, awful knawful said: I am in Canada. My parents never had less than 12%. A nice house here is 250 -$300k and no postage sized lot. Mine is 200 x 200' I shouldn't have generalized. We're a big country. A few years ago in NL you could buy houses for less than 20 grand. Quote Link to comment Share on other sites More sharing options...
racer254 Posted February 27, 2018 Share Posted February 27, 2018 4 hours ago, awful knawful said: I've got 2 younger sisters. I'm the independent black sheep. I don't expect anything too significant. I did however back in my young and stupid days do one smart thing.....I insured my parents! Brilliant. I had a lady tell me she did this once and I had wished I had done the same. Quote Link to comment Share on other sites More sharing options...
awful knawful Posted February 27, 2018 Share Posted February 27, 2018 1 hour ago, revkevsdi said: I shouldn't have generalized. We're a big country. A few years ago in NL you could buy houses for less than 20 grand. You can buy a house here for $50000. Not much but you can. A good house is in the $150000 range. $300000 is up there. I can sled and atv from my yard. 1km from work. It's nice. Quote Link to comment Share on other sites More sharing options...
Wildboer Posted February 27, 2018 Share Posted February 27, 2018 9 hours ago, Ez ryder said: his old man is a contractor so he said before . no idea how big but sounds residential call it 250 max more than likely 120 to 180 What the fuck are you talking about? 4 hours ago, awful knawful said: So since my house is paid for......its going up in value! What a great asset to have! You just fucked yourself with you're own logic! It's only going up in value if you view it as a financial investment, which I've repeatedly said we should not do. Quote Link to comment Share on other sites More sharing options...
awful knawful Posted February 27, 2018 Share Posted February 27, 2018 13 minutes ago, racer254 said: Brilliant. I had a lady tell me she did this once and I had wished I had done the same. I was living with my parents. Had a job that didn't pay huge bucks but steady. One sister in university / nursing One sister in middle school. I figured if my parents died we would be fucked! Sister #1 may have to drop out of school. May lose the house, etc. So I insured them for enough to be able to keep sister #1 in school, keep the house going and get sister #2 graduated and off to school/ work. That was 95/96. Everything turned out ok. Parents retired young and still going strong! Actually my mom just flew out to Wyoming to sister #2s. She's also a RN, married and has 4 kids! 11, 6, 3 &1! Quote Link to comment Share on other sites More sharing options...
awful knawful Posted February 27, 2018 Share Posted February 27, 2018 4 minutes ago, Wildboer said: It's only going up in value if you view it as a financial investment, which I've repeatedly said we should not do. It's going up in value even if I view it as a pile of wood and nails! Quote Link to comment Share on other sites More sharing options...
revkevsdi Posted February 27, 2018 Share Posted February 27, 2018 (edited) 12 minutes ago, awful knawful said: You can buy a house here for $50000. Not much but you can. A good house is in the $150000 range. $300000 is up there. I can sled and atv from my yard. 1km from work. It's nice. What’s your closest big city? We are 1 - 1-1/2 hours from Toronto. That drives the costs. They started a subdivision almost 2 years ago. They started at $500 grand. It appears that they Are $750,000.00 But you can walk to town. For the same money you can get a refurbished farm house on 10 acres with a horse barn. But you are a few miles from town Funny thing is the homes over 1 million haven’t gone up much. Mine was worth over a million 5 years ago. I doubt it even went up 25% in that time. Edited February 27, 2018 by revkevsdi Quote Link to comment Share on other sites More sharing options...
awful knawful Posted February 27, 2018 Share Posted February 27, 2018 Campbellton NB is the nearest city. Quote Link to comment Share on other sites More sharing options...
awful knawful Posted February 27, 2018 Share Posted February 27, 2018 (edited) 4 minutes ago, revkevsdi said: What’s your closest big city? We are 1 - 1-1/2 hours from Toronto. That drives the costs. They started a subdivision almost 2 years ago. They started at $500 grand. It appears that they Are $750,000.00 But you can walk to town. For the same money you can get a refurbished farm house on 10 acres with a horse barn. Funny thing is the homes over 1 million haven’t gone up much. Mine was worth over a million 5 years ago. I doubt it even went up 25% in that time. My uncle built a house in Milton Ontario in the early 80s. $70000 Sold it last year $650000 and no yard at all. Edited February 27, 2018 by awful knawful Quote Link to comment Share on other sites More sharing options...
revkevsdi Posted February 27, 2018 Share Posted February 27, 2018 5 minutes ago, awful knawful said: My uncle built a house in Milton Ontario in the early 80s. $70000 Sold it last year $650000 and no yard at all. Yeah I built mine mid 80’s. For less than 100 grand. Built on 10 years later. For another 80 grand. Quote Link to comment Share on other sites More sharing options...
Tomas. Posted February 27, 2018 Share Posted February 27, 2018 I bought a place 30 mins west of Edmonton in December 2016. Acre and a half, single wide and unfortunately no garage but has a decent little shed/barn looking structure that I can use to to work on sleds and the like. We are 15 mins to the nearest town/city. Property taxes are $1400/year. Not a huge fan of the single wide but it is our first place, we own the everything, and we can afford it. It was $245,000. All the places with a garages in the area started at $300,000 and if you get into Edmonton, you don't get very much for $300,000 which was one reason we moved out to the country. Quote Link to comment Share on other sites More sharing options...
Wildboer Posted February 27, 2018 Share Posted February 27, 2018 9 minutes ago, awful knawful said: It's going up in value even if I view it as a pile of wood and nails! No, no it is not. Quote Link to comment Share on other sites More sharing options...
spin_dry Posted February 27, 2018 Author Share Posted February 27, 2018 There are better investments than a home. Much better in fact. But for many people a home is an asset that becomes they’re main investment. There’s nothing wrong with that, provided the house is sound and free of any major stuctural defects. Some people just like to keep life simple and play conservative. A house will do that. The only reason I bought another house is because of wanting a large garage nearby for projects and to store my vehicles. I also enjoy the privacy of single dwelling. Quote Link to comment Share on other sites More sharing options...
awful knawful Posted February 27, 2018 Share Posted February 27, 2018 2 minutes ago, Wildboer said: No, no it is not. Is this polaris550 logic? If you say it enough everyone will believe it. Let's call it a savings account then. I can sell it. Bank $200k and move into an apartment across the hall from your broke ass! Yep. No asset there! 1 Quote Link to comment Share on other sites More sharing options...
revkevsdi Posted February 27, 2018 Share Posted February 27, 2018 6 minutes ago, awful knawful said: My uncle built a house in Milton Ontario in the early 80s. $70000 Sold it last year $650000 and no 5 minutes ago, Wildboer said: No, no it is not. $580,000.00 tax free and 35 years of shelter seems like good value to me. Quote Link to comment Share on other sites More sharing options...
Wildboer Posted February 27, 2018 Share Posted February 27, 2018 Just now, awful knawful said: Is this polaris550 logic? If you say it enough everyone will believe it. Let's call it a savings account then. I can sell it. Bank $200k and move into an apartment across the hall from your broke ass! Yep. No asset there! No, this is way over awful knawful's head logic. A house can be invested in, a home should not be an investment. Quote Link to comment Share on other sites More sharing options...
Wildboer Posted February 27, 2018 Share Posted February 27, 2018 1 minute ago, revkevsdi said: I don't know how to use the quote feature Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.