Does anybody know anybody who lives in Toronto and is looking to rent out their condo or a portion of their home for a reasonable price in a decent part of town starting at the beginning of May?
Let me know ok?
Ya, we're moving back to leaf-nation. We're in the beginning stages of thinking about where we want to live when we get there, and how we want to organize ourselves.
Anybody have advice? It seems like more and more people keep telling us that we should buy a place. The reasoning is that we are currently throwing away approximately all of our money for rent that we'll never see again, and that if we buy a place, we pay a similar amount, but call it a mortgage, and come away with something we can sell when we decide to move out.
I suppose it all makes perfect sense. And yet, I get stuck on a few points. First, it's important to note that buying in Toronto means spending huge dollars... double the usual.. that type of thing. Which means that your downpayment is massive, and that the interest you're forced to pay on the loan over the period of time you own the home is massive.
Secondly, I balk at doing things that are tagged with lines like, 'well.. you're stupid if you don't do that.. think of the money you make in the process!' On one hand, perhaps that's true. And perhaps it's an issue of responsibility and wisdom to make a choice that has greater rewards long-term. On the other hand, I don't want to start centering my life around finances. I don't particularly do that now, and I don't particularly want to start. To say that I'm stupid to not do something that would find me, in the end, with more money, is to assume that my end goal in every situation is to end up with the most money. It is not. Or at least, perhaps it should not be. Maybe it should be peace of mind, or free time, or flexibility. I have my entire life to continually make money, and then spend it, and then make more. It is a relatively monotonous and unexciting process at its core.
So I actually do covet your thoughts. What does one do in this situation? And why? Cause really, maybe we really just should buy. I mean, in the end, if we're paying somebody else everything we earn in order to live somewhere, we may as well be gaining something out of it. Or not. But maybe. Or not.
Your turn.
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Hey Johnny, There is nothing shameful or wasteful when renting in an overpriced market. House prices over here and larger than they need to be, and to get a mortgage now(today) and have it devalue later (as it is going through adjustment), would be a waste of money.
I know that I am not ready for a house just yet, but I am saving aside for it, and it might happen in the next few years. It is a big city, and you might move and find friends in a nice area that is developing, that you find attractive. Don't feel you need to pull the trigger to make a statement, but know you have a gun and you know how to use it.
Look at houses though, go to open houses, talk with bank man.
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