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Today: 17.01.2018 - 21:43:40
   Canada Mortgage Hub Discussion Board -> Mortgage Ottawa -> Questions for first-time home/condo/townhouse owners?
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praga_mgp

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Questions for first-time home/condo/townhouse owners?
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Post # 1.

renevdplas

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You're asking for a lot of personal information. Without giving up too much financial privacy, here are my answers.1. I am presently a single-family homeowner in Allen, TX, a suburb of Dallas.2. Houses in my neighborhood range from $200K to over $1MM. 3. The actual sale price is really irrelevant. Let's say that mortgages are available in my area up to about 95% of the purchase price , with excellent credit, low outstanding debt, and a solid employment history. At 5% interest for 30 years you can own a home for about $537 a month, principal and interest (per Quicken loan calculators) per $100,000 of financed value. You have to add homeowners' insurance, taxes, and any association dues to calculate the complete payment. Check with your local tax office to get the rates and call a couple of insurance agents.4. If you buy a condo, the association dues/fees should cover almost everything outside of your unit: Roof, exterior painting and repairs, grounds-keeping, amenity maintenance (pool, sport courts, etc.). Of course you'd be responsible for your own a/c, plumbing, and things like that. If you buy a single family home in a subdivision with a Homeowners Association, your does will cover similar items.4. In my community, the property tax rate is approximately $1.56 per $100 of valuation. My advice is to do your research. Use a real estate agent that represents the buyer to help you. Evaluate whether or not you really want the responsibility of owning your own home or like the ability to move around when you wish. If you buy a free standing structure you're going to have a lawn to mow, etc. Have any home you buy, including new construction, inspected by a licensed inspector and a licensed exterminator. Insist that the seller pay for a home warranty if you buy a resale. Check all builders out with the Better Business Bureau and any "rant" web sites. Do not sign any documents without legal advice.
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north500

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I have bought several properties over the years. The most recent was yesterday, so I'll go with that:1. near Dawson City, Yukon2. asking was $157,000, which had been dropped from something higher.3. $144,000. No mortgage; I paid cash.4. n/a5. Around $780 a year, although there is a Homeowners Grant that rebates about half of that, if I live in it for 184 days in a year.Just for fun, here is the info on the house I sold:1. Ottawa, Ontario2. $400,0003. $380,000 (Mortgage was $130,000)4. n/a5. around $5000 a year.Yukon housing is cheaper than Ontario! However, everything else is a LOT more expensive.Some general tips: it is a buyer's market now, so you might be able to negotiate downwards up to 10%. Condo fees can cover various things, depending on the rules of the Condo corporation. Newer condos have generally higher fees, as they need to acculmulate a bank account in case of problems. However, you really need to check how healthy the condo corp is, the age, what work has been done, or needs doing, and just what the corp is responsible for.House taxes vary a lot, depending on your location, value, and so on. My taxes in Ottawa were almost double what they were in Kingston. A community about 5km from where my house is had taxes 30% less than where I live in Ottawa. My property taxes in Yukon will be less per year than I paid per month in Ottawa.
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