Should I buy a house?

[storm rider]

I don't need to know his stituation SR to make this "bold statement". So if he doesn't make it to 10 yrs. down the road was it worth it? You can't sit and bitch about how shitty a place is and not be willing to step out and follow your dreams? You don't know how long you have on this planet SR, so I suggest you make it happen while you can. If you're gonna sit back and wait for something to be handed to you, fine but don't sit and bitch about it.

I also agree with this.....you dont get the right to bitch and complain if you dont get in the game......same goes for people who dont vote...if you dont vote then you do not have the right to complain/bitch as you were not part of the process.

SR

 

[storm rider]

I've of the opinion that it makes better sense economically to own where you live. Especially if you are permanently / long term a resident.

If your company has transferred you to a place and may transfer you out in a few years, then renting can make economic sense. However, that depends on the market in that place.

There are places where I wouldn't purchase a home, but the Lower Mainland isn't one of them.

Case in point.
When I first came here in 2005, I rented while I bought and built a house. I was offered more than I felt that house was worth and was able to buy another property where I built another house and subdivided to also build two neighboring houses. Again, I was offered more for the neighboring houses than they were worth to me. As a result, I am currently building another house on another property.

That's in a market, that when looked at nationwide is a little scary, but in the Lower Mainland - a well built, well situated house is still going to gain value.

People have to look at the market that they reside in. It's like any other investment.

Your experience's are also anothe spin on the ball.....buying a POS house on a huge lot and building 2 infills...this is something that can be very profitable providing a person can afford to do this and has the balls to do it....lots of work involved but the payoff can be huge....the last time I visited Vancouver my brother reffered to infills as "Vancouver specials"...huge homes built on narrow lots.....this same trend is alive and doing well in Calgary...older homes with oversized lots in communities like Inglewood/Sunnyside/Kensington/Hillhurst that have older homes built in the 60's/70's on huge lots get bought and bulldozed...slice the lot in half and build 2 infills built to the buyers liking...it is a bit of risk with regards to the housing market in general but the people that do it make a bundle.

SR

 

[InTheBum]

..lol....what a p*ssy!! So you won't go do what you want to do because of the pay down the road?......Money ain't everything InTheBum. You have a life to live and need to do what makes you happy. No wonder your miserable.

Need more cash to retire...even in Thailand...

And who said anything about being miserable? I have a blast everyday of my life, unlike the majority of boring and anal ppl in this world.

 

[InTheBum]

That is a pretty bold statement...considering you dont know ITB's situation.....perhaps he is looking at a 10 year time frame and in that time comes into some serious money...think 5+ million.....if ITB is in his mid to late 30's and in 10 years he gets that kind of money he can live like a king in Thailand just off the interest and enjoy a bliss filled early retirement.....not a bad option IMO.

SR

BINGO!!!!!!!!!!!!!!

Somebody gets a gold star!!!!

 

[hunsperger]

That's what I love about you InTheBum, your positive outlook on everything..

hey Liberace...

actually, I enjoy InTheBum's take on most things...

it is far more substantive than self-serving pollyanna pablum, puke and poop you and that other bedwetting, pussy-whipped homo, dood, serve up twenty to thirty times a day...

 

[HubbaHubba]

hey Liberace...

actually, I enjoy InTheBum's take on most things...

it is far more substantive than self-serving pollyanna pablum, puke and poop you and that other bedwetting, pussy-whipped homo, dood, serve up twenty to thirty times a day...

hey huny...good for you......good for you Even InTheBum has seen enough of vile to know exactly what kind of low life you are. InTheBum will give you a lil raw raw cause it's aimed at me but everyone on this board knows your a puke. Have a great day huny and keep up the key board warrior tough guy act....I know i for one buy into it

 

[hunsperger]

hey huny...good for you......good for you Even InTheBum has seen enough of vile to know exactly what kind of low life you are. InTheBum will give you a lil raw raw cause it's aimed at me but everyone on this board knows your a puke. Have a great day huny and keep up the key board warrior tough guy act....I know i for one buy into it

nothing personal Hubba...

have a good day...

 

[methodman]

buy if you want

if you dont want dont buy

 

[FunSugarDaddy]

I live in Vanc and want to buy here.
I've been out of the housing market for a while after selling about a year ago.

I know that prices are still high, but rates are still ridiculously low. They say rates will go up slowwwwly over the next year. When will variable rates go to 5%? 6%?

I'm gettin tired of renting and not gaining any equity.

Should I buy now or continue renting?

Here's a very basic test to determine what you should do. Find a house you like, find out what it would rent for, then find out what the monthly interest costs would be if you put down a modest down payment. If the rent is cheaper than the mortgage interest, it tells me the house is over priced and you should rent.

What people don't seem to understand is that mortgage interest is just as much of a wast as rent is. It just goes to a different place.

So that being the case the only way it would make sense to buy a house when the interest expense exceeds the rent is if one is expecting appreciation, and in this market, that's not likely. More likely is a drop in prices of some magnitude.

If it were me and I had a couple of hundred thousand in my pocket, I'd seriously look at buying someone in the states, particularly somewhere where the demand is going to bounce back quickly when it does. That means on a lake, oceanfront property or something along those lines. Basically it has to be at less than replacement cost, and have a very good cap rate.

 

[storm rider]

BINGO!!!!!!!!!!!!!!

Somebody gets a gold star!!!!

To hell with the gold star....buy me a session at Club Eden in Bankok if I visits the LOS while you are there or pony up the cash for me to go a session at Sugarland

SR

 

[HubbaHubba]

To hell with the gold star....buy me a session at Club Eden in Bankok if I visits the LOS while you are there or pony up the cash for me to go a session at Sugarland

SR

Yeah InTheBum....it's the least you could do

 

[Hoops]

thanks for the feedback guys. It's always interesting to see what you think.
I've decided to rent til the market dips a little.
I don't see a huge decrease coming since interest rates won't take much of a jump.
Will there be a double digit recession in the USA? We'll see.

 

[mimi]

I keep misreading this thread as "should I buy a horse" and thinking "well of course you should!"

ssshhhh!....we aren't really here!