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It’s both ways here.
You can look down one street and find a house that has been on the market for 2 years, you can look across the street and find homes that don’t even make it into the MLS listings before they are snatched up.
I bought my first condo in 2003 for $129,000. Today it’s worth at least $240-260K, but I sold it for $157K in 2006. I bought another condo in 2008 for $208K, and had I put it on the market last year I might have gotten $170K if I wanted to drop it. In turn I made an agreement with a family member to take it over sans down payment and got more of the value for it, but it’s owed to me over time.
A couple years ago the post-war era homes, the kind that are a front porch in the middle, boxy style with up/downstairs, maybe 800 sq feet.. they shot up to $160K. Brand new 2 story homes were about $225K at the time. Now you don’t find them for less than $400K. We are paying $425K for our house, and it’s outside the city, in another town about 15 minutes West. The same style house in Edmonton in a nice area would be at least $600K.
In my opinion, it’s @#$@ retarded, because … in the first 5 years of ownership, at 3.05% interest, paid WEEKLY, I will have sunk $75,000 into interest. Will the value of my home rise $75K in those same 5 years? NO.
Ten years ago you were paying 10-12% interest on a home that was sold for about $120-$150K. You would have sunk, oh say $50K of interest into that home, but now the home is worth $350K. So you got a return on investment.
But inflation and the economy is not that bad that my house is going to be worth $700K in 10 years. No freakin’ way. The value will go down before it goes up. The problem is that we have to buy now, and not in the spring, because people will be asked more inflated prices come spring.
Our house is not worth $425,000 in my opinion, but when compared to the market, and the fact that bungalows in the same area are listed at $500,000 ….. comparatively it is a deal.
Rant rant rant.
Real estate used to be a good thing to invest in. Not right now it’s not. But if you intend to keep the place for 20 years and you don’t do something dumb like a 40 year mortgage, then it’s still the right move.
As to having money invested, there are deposits in but they are all refundable if our conditions are not met.
http://www.hughchou.org/calc/formula.html
Ya go calculate your interest paid…it’s scary.
Don’t look, you’ll just cry.
I have a stupid question, and if it’s too prying just ignore me, but I realize I am pretty sure I thought you were older than me so now I wanna know, how old are you GB? 🙂
Adraenyse wrote:Ten years ago you were paying 10-12% interest
😮 How much? Dang.
The interest rate here is 3%, so that means for the house I’d like it’s SFr. 7’500.- (about the same in dollars) per year as a thank-you to Dad for financing the place without requiring a downpayment from me. It’s not backbreaking, but it’s still an incentive to get the place paid off.
However, still no reply from the sellers on my offer.@Sunhawk: Come January I’ll be a whole 22 years oooold.
Greater Basilisk wrote:Adraenyse wrote:Ten years ago you were paying 10-12% interest
😮 How much? Dang.
The interest rate here is 3%, so that means for the house I’d like it’s SFr. 7’500.- (about the same in dollars) per year as a thank-you to Dad for financing the place without requiring a downpayment from me. It’s not backbreaking, but it’s still an incentive to get the place paid off.
However, still no reply from the sellers on my offer.@Sunhawk: Come January I’ll be a whole 22 years oooold.
Well I really thought you were older than me and I mean that as a compliment, you are one cool lady! 😀
😳 *cough, mumble* You’re a dear.
Well, the sellers wrote back. They’re discussing my offer with the whole community of heirs (three people, I believe) and will get back to me next week. Patience is not one of my virtues…7,500 Switzerland Francs = 7,827 Canada Dollars
For a year?
Wow.
My mortgage will be 2,000 a month. Plus another 300 in property taxes.
That is, if they fix the problems we found during the inspection today. I’m not holding my breath.
Adraenyse wrote:My mortgage will be 2,000 a month. Plus another 300 in property taxes.
*wheeze* $2k!!
I wonder how your home can be worth so much more and yet I am paying more property tax than you. OH WAIT I live in NY STATE THATS WHY. >_>
I just wish we saw some of it back. The City seems to suck all our money up and keep it.Volunteer mod- I'm here to help! Email me for the best response: nambroth at gmail.com
My art: featherdust.comAnd here I thought $300 was unreasonably high. In our condo it was like $90 (but no yard of course)
We pay about 300-350$ a month in property taxes, and the mortgage is also at just about 2000$, Snap, so we’re in the same boat!
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http://www.sarahjestin.com/feedbacklists.htmAdraenyse wrote:And here I thought $300 was unreasonably high. In our condo it was like $90 (but no yard of course)
$90 a month? Is that the cost of rent or some sort of tax?
Here in Switzerland there’s no such thing as a property tax. There’s a wealth tax, which also contains the value of your property; however, the mortgage reduces the tax by that much.Now my news… I GOTS ME A HOUSE! Almost. Sorta. There’s still nothing signed, but the sellers wrote back to me on Friday, saying they accepted my offer (thirty grand below the asking price!) and would be sending me a contract draft soon. The chalet was built by hand by the lady seller, her brother and her father, and it was important to her to find someone who’d properly appreciate the place. I’m trying not to be too giddy until the papers are actually signed and all, but it’s hard!
Also, since I’m getting it for less than the asking price, the monthly mortgage payment to Dad will only be 550 franks and I can amortize it faster. Awwwwesome! *needs a jumping-up-and-down emoticon*Greater Basilisk wrote:Now my news… I GOTS ME A HOUSE! Almost. Sorta. There’s still nothing signed, but the sellers wrote back to me on Friday, saying they accepted my offer (thirty grand below the asking price!) and would be sending me a contract draft soon. The chalet was built by hand by the lady seller, her brother and her father, and it was important to her to find someone who’d properly appreciate the place. I’m trying not to be too giddy until the papers are actually signed and all, but it’s hard!
Also, since I’m getting it for less than the asking price, the monthly mortgage payment to Dad will only be 550 franks and I can amortize it faster. Awwwwesome! *needs a jumping-up-and-down emoticon*ZOMG ZOMG ZOMG SQUEEEEEEEEEEEEEEEEEEE!!!!!!!!!!!!!!!!!!! *clasps hands with GB and does the happy bouncy thing that girly girls do….* 😳 😳
And we are such girly girls, eh what, Cat? 😆 I need to upload the pictures I’ve got and show you guys! I drove past it again yesterday, and all the snow has melted again.
Greater Basilisk wrote:And we are such girly girls, eh what, Cat? 😆 I need to upload the pictures I’ve got and show you guys! I drove past it again yesterday, and all the snow has melted again.
It’s sad, I’m probably as excited as you are LMAO….Ooooohh pictures!!! Yes Please!
Oh, and GB, if I keep posting in random places will you stay on and follow me around reading my messages? LoL 😈
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