YOUR FIRST HOUSE

[energieboi]

Lets hear some story of you getting your own 1st property.
Such as the steps you took, you rent 1st then saved up and moved onto the market. Or you played with stalk or invested your money elsewhere to come up with the fat down payment. Or maybe with the help of your parents.

Something you wished you had done to but you didn't. etc

Your story would be a great lesson to all of us 1st timers in the market.

I m currently looking into the condo market and trying very hard to save money for downpayment and HOPEFULLY in 2 or 3 years I would be able to afford my own house.

[D. Dub]

You can get 0 down mortgages. PM me.

[energieboi]

^ pm'd sir

[el-nino]

1st. Invest in RRSP'sYou can use your RRSP as a 1st time home buyer to use as a down payment without being taxed on it!!

2nd. Use a broker even if you have a good realtionship with your bank. Brokers have access to many Banks and have great pull (I am a Mortgage Agent and when i bought my house i didn't know much about Brokers. Now with the knowledge I have i realise that i should have used a mortgage Broker)

3rd. Use a real estate Agent. I've seen the paper work that a realestate agent has to do and i don't think it'll be much fun to D.I.Y.

4th Choose the right home for you. Live within your means. No need to live in a 4000 sq ft home when all you need is 1200sq ft.

5th. Have fun and take your time. The right home will eventually show up!

These are my 2 cents!

[JustinL]

I would have stretched it further and bought a house earlier instead of renting at all. I was lucky to get in almost 3 years ago in Edmonton when interest rates were low and property was significantly cheaper.

One thing I wish someone had told me is to go for less house in a better neighborhood. As I did it I got a fairly nice starter home in a somewhat crappy area and had a little rash of break-ins.

[energieboi]

hmm but if I buy a property now (looking at condos) would I still make the "$500" dollar increase/day in the end when I sell it in a year or two?

...basically in such a heated market right now would I still make a fat profit in the end?

And I definitly hear you about the broker looking at some right now and such a difference from the banks. Even my bud at the bank tells me to go for brokers.

[AndrewMZ3]

I just purchased my first place and if there's one thing I can recommend to anyone, it's to go through a mortgage broker for your financing.

In fact, I highly recommend Rob (D. Dub). He made the whole transaction happen with ease and was extremely fast in getting back to me. He looked out for my interests and I'll be sure to go to him again for my next transaction.

[89coupe]

Bought my first condo when I was 24. It was newly renovated 1bedroom located on 14st and 14ave, 780sq/ft with insuite laundry, underground parking. Paid a whoppping $45K for it.

Sold it a year and a half later for $89K

Looking back on this I wish I would have kept it, could have sold it now for $250K

[D. Dub]

Any buy is good at almost any time unless the market takes a catastrophic dive.

Equity grows over the long term regardless of short term spikes or dives.

[D. Dub]

Originally posted by AndrewMZ3
I just purchased my first place and if there's one thing I can recommend to anyone, it's to go through a mortgage broker for your financing.

In fact, I highly recommend Rob (D. Dub). He made the whole transaction happen with ease and was extremely fast in getting back to me. He looked out for my interests and I'll be sure to go to him again for my next transaction.

Thanks for the kind words Andrew.

[pinoyhero]

I'd did everything I could to bank some good cash before going out and shopping. Problem with this is that the market started to take off on me so I jumped, I bought in Dec'04. One thing to keep in mind is that you want a fine balance between settling and stretching.

Settle so you dont get killed and have to live poor just to keep up with mortgage payments. Budget is key here.
Stretch so you dont buy a house that's too little for what you an afford. Most home buyer's purchase at a time when they are in their point in their career where they are most spt to get raises. There'd be nothing worse than locking in to a mortgage for 25 years only to find you could have gotten a way nicer house due to the raises received over 2 or 3 years. You dont want to have to move...

[JRSC00LUDE]

Don't put 20g's down on a new prelude, then put a nice pmnt down on a house and then get divorced 4 months later! It can take up to 5 years to recover financially from the fallout!!!!!

Better let, don't marry a headcase with a toll booth in her panties (or if you do, don't wait till after the divorce is finalized to discover the toll booth!!!)

[pinoyhero]

^LOL sounds like you had a rough one, at least it seems as though that episode is over...

[AndrewMZ3]

Originally posted by JRSC00LUDE
Don't put 20g's down on a new prelude, then put a nice pmnt down on a house and then get divorced 4 months later! It can take up to 5 years to recover financially from the fallout!!!!!

Better let, don't marry a headcase with a toll booth in her panties (or if you do, don't wait till after the divorce is finalized to discover the toll booth!!!)

Ouch

[el-nino]

Originally posted by JRSC00LUDE
Don't put 20g's down on a new prelude, then put a nice pmnt down on a house and then get divorced 4 months later! It can take up to 5 years to recover financially from the fallout!!!!!

Better let, don't marry a headcase with a toll booth in her panties (or if you do, don't wait till after the divorce is finalized to discover the toll booth!!!)

UUNNCCCMMFORTABLE

[JRSC00LUDE]

)Ya, old news now....got me a real wife as of last July 30!

Back to topic, I know some friends in construction etc. so I bought a house that was in sound shape but dated inside. Since then, I've installed 3/4 inch maple hardwood throughout main floor, new hazelnut stained maple kitchen w/granite countertops and sink and redone main floor bathroom. Due to the graciouness of friends providing labour and materials for below market prices I expect a tidy profit in addition to regular market increase (although it's nothing like calgary out here )

Sounds to me like you can't lose by buying in Calgary right now and I wouldn't think the market would crash for a good number of years yet what with oil the way it is.....not to mention calgary is just an economic power house in general now. As long as prime doesn't approach 80's/early 90's levels then you can't go wrong man!

[energieboi]

^thats what I worried about
lock myself into a mortage for 20 some years next thing you know calgary hits a recession and boom price dive and my 300,000$ goes down to a $200,000(maybe not that extreme but just a ex)

[D. Dub]

^^^

Real estate is for the long term...those who stretch their finances or think they're going to make $$$ are the one that get burned in the end.

[D. Dub]

Originally posted by JRSC00LUDE
Better let, don't marry a headcase with a toll booth in her panties (or if you do, don't wait till after the divorce is finalized to discover the toll booth!!!)

For all you young beyonders-------those are words to live by

[Oz-]

About 4 years ago, my wife and I started searching for a home. We had finished school and lived with our parents at the time (were engaged but not living together). She lived in Signature Parke and loved the westside, somehow we looked at some house in the older areas looking more for location.

We came across a great deal on a house high 100's for inner city home/lot. Found financing through small home builders division of the bank, tore the old POS house down and built a duplex. Sold the other side of the duplex and we live on the one we liked best.

We got a 1900 sq ft inner city home that has most of the amenities that we wanted. Now looking at some of the houses in my area that were similar to the old POS we purchases, people are paying 450s+ for just a lot(yes you get a house but the dirt is much more valuable here).

Have recently thought of moving up to Aspen Woods & area, but the extra distance is a real turn off for us now.

My only advice for people looking to get in to the market is be patient, don't think that this is a short term investment for flipping. D. Dub mentioned it already, but real estate can make you good money but it is long term non-liquid investment. You first home doesn't have to be your dream home, but use it as a stepping stone to your eventual dream home.