|
laxman11
|
Seeing that this is an investing forum, I thought it would be interesting to see what you all are spending your money on.
As for me, I’m saving to buy a mountain bike. I don’t have the money right now, but once I graduate and get a job, I should be able to afford it.
|
|
Lomeli
|
Another house. Trying to gauge whether or not the market is going any lower in this area.
|
|
DynastyRG
|
I’ve been meaning to get my own condo over by the Scarborough Town Area sometime this year. But I want to have my degree first, so i’ll probably push it to early next year.
|
|
laxman11
|
I wish I had my own house, but living with the parents is an exceptional value 
|
|
DynastyRG
|
I completely agree. I’m living with them so i can save enough for the down payment. I plan to get a strategically located condo and rent it out. Its all about the smooth transition 
|
|
Lomeli
|
So you are going to rent it out to pay the mortgage Asuran?
|
|
DynastyRG
|
yup, that is why i’m looking for a three bedroom condo + a den + 2 washrooms. I figure i can cut my mortgage monthly payment by 75% and focus on paying the principal. And since i’ll live there two it can qualify as primary residence in case i decide to sell it. Only problem will be getting decent people to rent. My parents rented the basement a while ago and the people really messed it up.
|
|
Lomeli
|
Yeah good tenants are key, that is why i am reluctant to get into real estate. Not to mention property taxes and in your case possible condo fees. But as a principal residence if you rent it out you wont pay any taxes when you sell thats the upside.
|
|
DynastyRG
|
I don’t think land transfer tax applies to condos but condo fees should be relatively low for a new building. I am thinking the new ones at Scarborough Town Center are a good investment cause its only a GO bus to York, Scarborough U of T or UOIT. Plus it should go up in value.
I figure I can handle the tenants since i would be living there as well.
|
