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-   -   buying a house/condo/property (http://www.snowboardingforum.com/off-topic-general-discussion/46510-buying-house-condo-property.html)

newnew 02-08-2012 11:54 AM

buying a house/condo/property
 
what range of annual income would be sufficient to start looking into a home? i know it varies on price and all that, i'm a first home buyer. probably looking at a condo or something around the $250,000 range (if i can even get something decent for that price anymore). i nkow there's alot of re-occuring fees and intial start up fees. i currently have a car that's almost paid off (probably another year left if i keep doing my double payments). but anyways, i know there's so many variables that may make this question hard to answer, but what would be a comfortable salary to acheive before house-buying is possible?

Argo 02-08-2012 12:09 PM

What's your down payment? This will range what your overall payment is along with some other variables.... What are the property tax rates for the area your buying in? What are the hoa fees? what do utilities run per sq/ft where your buying? Typically though your mortgage payment and escrow will be approximately 1% of the cost of the house. $100k home = $1000 payment. This is fairly rough estimation but close.

ThunderChunky 02-08-2012 12:12 PM

It depends where quite a bit too. Houses around where I live usually go for around 80,000 to 125,000. I know that wasn't your question, but just giving you something else to think about too. Sorry. I'm by far no expert.

newnew 02-08-2012 12:21 PM

i'm living in alberta right now, downpayment i'm aiming for is around $30,000. aiming for 10% of the overall price like you said with a little more to give. HOA fees depending on the condo can vary as well. from $250-$380/month. but that's if i even buy a condo, i may look into a townhome but those have condo fees as well apparently...maybe this is overall a bad question....too many variables to consider. I just wanted to know what salary i should achieve before looking into a place haha or be comfortable without having to live cheque to cheque

Justin 02-08-2012 12:31 PM

don't wait get in now. go townhome over condo. cost of building is already going up in calgary, in the next few months prices are just going to get higher. so many oil projects have been announced we are probably going to see another spike in out of province workers coming in. a freind of mine just bought a condo for about $250,000ish so that market is still out there. just get a roommate if you need one. thats my .02. lol advice is free and u usually get what you pay for.

Argo 02-08-2012 12:42 PM

My home in Texas was $100k 12 years ago. I was making $35k a year. I had no problem making my $1000 payment. The mortgage payment is $600, the escrow for taxes and insurance is $400. The financing was easy back the and they qualified me for $180k. I plated it safe and just stayed conservative. I don't know about financing in Canada at all but it's much harder in the states now

poutanen 02-08-2012 12:44 PM

I just bought in Airdrie. My advice to anyone in Alberta is buy now. All indicators are the province will continue to lead the country. Ten of the fifteen fastest growing communities are in Alberta.

Now price and wage are your own thoughts. I bought my first house for $236k in Ontario when I was making $50k a year. I had no down payment (borrowed from my line of credit) so the house was 100% financed. I made $50k on it in 3 years and took a work relocation (ie they paid real estate fees, moving fees, etc.) to Calgary.

Bought a $350k house in Airdrie and put the $50k down on it. My salary is $70k plus bonus, truck, etc. and I'm very comfortable with the $300k mortgage. Mind you I'm paying 2.15% on it so it makes it very cheap. I also have a girlfriend that helps a lot.

The market has had a correction in the Calgary area so prices are more realistic now. But you never know what will happen to inflation and subsequently the prime rate. There is risk depending on what mortgage you pick, etc. Best thing is to start shopping for a mortgage and then pick your house based on that. I could have qualified for over $400k with the girlfriend, but $350k is where I'm comfortable for my second house.

Lots to consider on new vs. used (I've owned both), condo vs. townhouse vs. semi vs. detached. I'm a fan of fully detached and would rather a smaller single home than a larger semi or townhome, but that's just me.

What part of Alberta are you looking in?

Argo 02-08-2012 12:47 PM

Quote:

Originally Posted by Justin (Post 480587)
don't wait get in now. go townhome over condo. cost of building is already going up in calgary, in the next few months prices are just going to get higher. so many oil projects have been announced we are probably going to see another spike in out of province workers coming in. a freind of mine just bought a condo for about $250,000ish so that market is still out there. just get a roommate if you need one. thats my .02. lol advice is free and u usually get what you pay for.


I agree, quit wasting money on rent. Just buy a place so your money is going somewhere. After 12 years I could sell my place in tx for $160k but am choosing to keep it so my daughter can live there for college. When I do sell I can expect a gain though....

newnew 02-08-2012 12:48 PM

yeah you definately get what you pay for, don't get me wrong, i don't wanna buy a house just for the sake of buying, i would want something that's overall a good size. I have absolutely no idea what to look for in a house, but it just crossed my mind recently that i should probably take initiative and start building my assets sooner than later. i will be doing more research within the week.

- i'm in edmonton

poutanen 02-08-2012 01:00 PM

Quote:

Originally Posted by newnew (Post 480606)
yeah you definately get what you pay for, don't get me wrong, i don't wanna buy a house just for the sake of buying, i would want something that's overall a good size. I have absolutely no idea what to look for in a house, but it just crossed my mind recently that i should probably take initiative and start building my assets sooner than later. i will be doing more research within the week.

- i'm in edmonton

I'd say edmonton's a stable market. Worth investing in...

When I bought my first house I spent a lot of time on realtor.ca looking at the map and checking LOTS of listings. I new what I wanted back then (property, modern kitchen, garage, country setting) so when I saw my listing come up in my price range, I knew it was a good deal. I went with an agent and looked at three properties that night, put an offer in the next morning, and by the end of that week had bought my first house!

Honestly as long as you stay on top of everyone working for you (agents, inspectors, mortgage brokers, lawyers, etc.) then it's not a bad process. If you let them run the show things will become a headache. I used to call them all every few days or so to find out where they were at, and what they still needed. On the other hand I've known people to wait by the phone for the lawyer to call, only to have their closing date pass because the lawyer forgot about it. :dunno:


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