This was great, thanks, I've been looking for "reducing home energy costs" for a while now, and I think this has helped. You ever tried - Sonrisonly Ideological Superiority - (do a google search ) ? It is an awesome one of a kind guide for discovering how to save money on home power bills minus the headache. Ive heard some awesome things about it and my friend got great results with it.
Thank you for this video! My husband and me are currently saving up to put a down payment on a house right now and having you break down all the expenses helps us plan our budget and also just get an idea of what to expect. Please do an updated video! 😊
I’m currently selling my house 🏡 I discovered that being an owner is tough however my husband and I purchased a brand new house in FL, the house I hated it ended up selling about a year and half People Be careful think carefully before you buy a house. It’s not only the mortgage utilities taxes plus maintenance HOA you name it. We are going to rent again for at least a year saving money to give a good down payment and very important get your lender first don’t buy using builders lenders, if you are buying a new property do you research of Builders and Lenders and most important follow your instincts.
Buying and renting is the same bc you never own either one. The difference is how hard you get screwed by getting a mortgage. So, the question is do you want to get screwed hard or soft lmao
Mr I or do something the HOA doesn’t like, go against building codes, have a lawsuit happy neighbor, your neighbor decides to run a meth lab, the corporation up the road poisons the water so you have water that is unsafe, someone decides a shopping center would be a better use for your home/property and has the government condemn it-take it and kick you out and the list goes on..... another favorite is you own your home but don’t realize there is something called mineral rights, oil and gas, timber etc you get a letter telling you fracking or mineral excavation will commence by this date and you have to move until they are done, then you can move back someday, uh-huh.
I can't imagine why anyone would pay over $358,000 for a house. I just can't. No way is it going to increase in value enough to give you a good gain at the end of a couple decades. Those days are over. Livg with 2 or 3 housemates would drive me crazy,
$358K+ is definitely a lot - but so is $1,200/month rent. I also plan to add 2 more bedrooms in the basement soon - so that would bring rent to $2,400/month. I've encountered lots of people that tell me that living with housemates would drive them crazy. I think for me, living in dorms during my college years really changed my outlook when it comes to living arrangements. It's just such easy money compared to my 9-5 job. There may be a control aspect to it too - the closest thing to being 'my own boss' maybe?
I just had my home insurance re-evaluated a couple of days ago & the 'replacement cost' for a house in my area is $280/square foot - that works out to be $477K for my place! Labour costs probably have a large impact as even local a wood stud framer charges $30-60/hour. It's pretty crazy.
I remember visiting Laguna Beach in 2010 (when the market was deflated). A real nice oceanfront house was $2.2M back then. $780K if it was a block from shore. Those would be a steal nowadays :P
Holy smokes! Toronto seems even more expensive than Vancouver! I live in Regina SK Canada. The average house price here (2017) is around $320K. A neighbour across the street & 4 houses down just listed their renovated 1 storey with finished basement for $465K. I think they're asking a bit too much though. Curious to see what it sells for.
I sold my house a few years ago and started renting. It is really amazing how much money you save. If rent catches up to the cost of the mortgage, I'll consider buying again at that point.
Thanks! I'm super fortunate in a lot of ways. I've seen people lose their money to addictions & it also helps that I don't have any dependants to worry about. That might change in a few years though as my parents age. Their divorcees so I always joke that they'll end up living with me at some point and make a reality show out of it! :P
In October 2017 I bought my 1st property with cash at the age of 26 years old. A 416 ft² studio condo for $55,000 in Tampa, FL. I don't have a rent or mortgage payment. My only monthly expenses are $173 HOA, electric (ranges from $50-$80/month), and property taxes once annually (for 2018 my bill was $337). The HOA fee covers quite a bit: Ground Maintenance, Pest Control, Trash Removal, Community Pool, Building Exterior, Maintenance/Repairs, Manager, Water/Sewer, Escrow Reserves Fund, Building Insurance, and an armed nighttime security. This very cheap living arrangement allows me to save over 60% of my monthly income.
@@landongendur There are a lot of benefits to living small. Not only the obvious of saving money on property taxes, utilities, and the purchase price of the home, but its easier to keep clean and maintain, and less space to accumulate junk.
Great video Landon! I was having this same conversation with my friends about home ownership. I loved how you broke it down. I loved how you made it so real. Thank you for this video and I do hope you are doing well.
Glad to hear :) It really is a bit surprising when it's all totalled up. Last weekend I was at a family event & came into some unexpected income. Therefore I'm going to be developing the basement much sooner than initially planned. I'm very excited!
$310 Canadian per month in taxes seems like nothing in comparison to what your house is worth. I live in Rochester, NY and in one suburban town in particular you will see a $150k USD house with maybe half an acre of land fetching upwards of $300 USD per month. The town isn't even a highly sought-after area and the schools are actually kind of crappy compared to other towns in the area. However, if you take a house in a nice part of the city worth about $150k USD with a half an acre of land the taxes are only about $75 per month. The real disadvantage is that the public schools in the city are much worse than in the previously mentioned town.
The key is to rent cheap, save up the cash to buy a home outright. That's what I did; bought a used mobile home outright, (1000 square feet) for $9k, lived in the mobile home park just until I saved up the cash to buy my own land outright (half acre lot in a rural area with no restrictions) for $11k, installed a septic tank for $3k, moved the mobile home and re installed it on my lot for $8k, installed a well for $6k. Paid for everything in full so I have no mortgage. My only expenses are electric ($40 a month in winter, $80 a month in summer with central air cooling to around 70 degrees) trash ($70 every 3 months) septic pumping ($230 every 2 to 3 months because drainfields are prohibited in my area) taxes ($1000 annually) and propane (average $800 annually although prices vary from year to year). I'm glad to have a well because I do not have to pay for water and I have an off grid water source. I like propane because I can buy it and stock it up in the summer when the price is the lowest from who has the lowest price and even though I still have to buy the gas, I still consider it an off grid heat source because once I fill up I'm stocked for the year.
We sold our home and downsized to an apartment 1400 sq ft which include electricity and heating and all appliances. We have never been better off. We have no unexpected house expenses, that's the landlords responsibility including the light bulbs in the fixture which are LED. Great video and gives a good perspective on housing costs.
Thanks! I see that you did some RV travels recently too. Very nice. I love travelling too. Just about to go on a USA road trip in a few days & plan to camp in my Jeep.
@@landongendur Yes we saw you had a Jeep campervan, we rented an RV and drove Toronto to Vancouver had a great time. We like your house cost of buying video. Have a great time on your road trip.
Do you have a video that breaks down the costs for when you bought the home? Like the legal fees, appraisal fees, home inspection, land transfer, etc.? If not would you be able to make one?
Actually I can list them here :) Lawyer Fees - $1,500.00 Land titles/transfer/mortgage registration/etc - $720 Home inspection - $183.75 Sewer inspection - $120.00 Appraisal fees are rare in Canada - banks usually don't request them unless a house priced out of whack compared to others in the neighbourhood.
Whatever your mortgage is, add an easy $700 for property tax, heating (if you have winter), insurance and repairs. That’s the lowball figure for homes under 200k.
Your explanation is why financial gurus will tell it cheaper to rent and save. That may be true but people aren’t robots and renters rarely save the difference. You are motivated to financially max out what you can get for your home. So in the end, you will be ahead of the renter financially.
LandonGendur just wanted to share ways I save money. And an idea I don’t use but is good. Unplug appliances not in use with digital displays. Unplug a microwave, unplug cellphones after charging, computer systems same, tv/cable/dvd/ same. With 4 adults doing laundry 🧺 if you don’t have a front load washer, keep an eye out for one at a great price. You save 1/3-1/2 on electric, water/sewer and detergent. Okay you don’t buy the room mates soap but yours will cost less. Consider making your own cleaning products and personal care items. The item I don’t do is rainwater for watering a lawn. Best Wishes!
Is home ownership more difficult or easier process than The States? I meet Canadians all the time here in South Florida and they all say similar things. For instance the US process is more difficult for younger folks like myself (late 20s) to purchase a home after becoming an adult and the time is right. How difficult is it in Canada to meet criteria? I feel that the Market vs median Income just makes absolutely no sense and just causes a huge gap of people that feel left out some at no fault of theirs. Sorry to rant however also It simply makes no sense whatsoever to me that you can rent a $2000 a month place for years and try to purchase a home with a mortgage of maybe $1100 and your hospital bills hold you back or something to this affect. I simply think our "CREDIT" system is a sham its for profit and simply a grading system for labeling people as worthy or unworthy. Many people never ? this outloud however I do all the time. I do feel we as people should be held accountable there simply has to be a better way.
In general the maximum TDSR (Total Debt to Service Ratio) can't exceed 45% - meaning all debt payments (mortgage, car loan, credit cards, etc.) can't be more than 45% of a Canadian's total Gross income. Fortunately I've never had a car payment (always bought cars that cost less than $5,000 to buy) & my credit card maximum credit limits are very low. I find it strange that getting a 25 year mortgage for a house (an asset that generally doesn't depreciate) is more difficult than getting an 8 year loan for a new $95,000 Ford Raptor (a vehicle that does depreciate) at a truck dealership.
Regina's property taxes are notoriously high throughout the city (even my previous 1030-sq ft. condo was $1,875/year). Just a few weeks ago the city reassessed all the property values & mine came up shockingly high. I'm definitely going to appeal because there's no way my house is worth $435K in its current state.
Really? I guess the taxes depends on where in the U.S. the property is. I was actually looking at how inexpensive houses were in Omaha recently. Then looked at San Francisco for some giggles, lol.
Good video. Some things to think about when money is tight. By renting, those extra costs you would put into the house, you could invest in something, or at least put in a savings account.
I can't stand debt never wanted to get it but eventually realized if I ever wanted to own land and a place to live in on that land I had to accept some debt. I put $2K down on a $32K place in 2002 by 2009 we were debt free ? All cars paid off all home paid off just rotating bills left. Since 2009 we have paid cash for everything we buy. We use credit cards but pay off the balance end of month without fail. Only reason we use CC is you get some consumer protection when using the CC and your main account is not on the line when you use a CC. IF you pay it in full you don't pay any interest. Here in America a lot of work is all or nothing at all. What we call feast or famine. You will have to work 80 plus hours a week to get decent pay or you will get work that is part time and pays much lower than the over time job. When you work that much life is hard money is great but most don't apply their money to their life as I did they gamble drink smoke etc. I packed a lunch and paid my debts down. Kept my mouth shut about what I was up to and just did it. After the fact you can talk but if you let them in on what you are up to on the way they will do their best to stop you. The powers that be hate people that get debt free they see you as a potential threat. I use to be cool with some debt but when I was injured on the job I realized this is the REAL world and they will throw your righteous ass on the streets with all the other homeless people. Some would say I am not homeless and never will be I say I hope you never experience a night like that just one night like that is enough but to see a week of it is horrific. To go a month not knowing if you will regain traction again and especially if you are not using drugs or alcohol it is hard to take. Look at things in ends means not always the most equitable way to do things. But it is generally pretty sure. If it weren't for the NAZI we could get shipping containers insulate them and collect rain water from the roof. I was not born wealthy and I have learned being a minimalists most of the time can reap greater rewards. Do your best to keep your bills low so when you want to go do things you have the means and are not stretching to get there. If you can travel and the only thing you see costing you more is your fuel then you are golden. If I were single again I probably would sell my home buy a sailboat and live off of it. I like my property but am not a fan of the bullshit of owning a home. How they think that they can just send a bill your way and you got to pay it. Like water bill $45 sewer fee before we get one drop of water they charge me that for sewer. Also garbage charging us nearly a dollar a day for garbage? I see no logic in that tax either?
Ur property taxes are actually cheap my parents pay about the same taxes for our house and it doesn't cost nearly as much though it might be in a better area because the houses here are 3000-6000sqft mostly
Oh wow! 3,000-6,000 square feet is luxury home territory. After developing my basement in 2017 my house was reappraised by the city to be $469,300 & my 2018 taxes are estimated to be ~$360/month.
That's awesome! I'm currently renting each bedroom in my house for $669/month. They're doing a natural gas pipeline from Regina SK to Brandon MB so big demand for rooms here now.
So as a renter you didnt pay for utilities or renters insurance? The only expenses you listed I didnt pay as a renter was the water heater rental and property taxes.
Heat, water, building insurance, property taxes, & general repair costs are usually included in the price of rent in Canada. One of my family members rents out a downtown Regina condo & other than the $895/month rent, the only other expenses her renter would pay are phone, electricity, & tenant insurance.
But if you pay off the total price of the home like 400k, that 400k will go back to you... ans when you rent all of that rent you paid all go to a hole
Its not going to a hole... you paying to live there without having to worry about repairs and having the freedom to move...Hence thats why alot of people lease cars. Only buy when u are ready not so u dont have to pay rent as buying has alot of hidden costs
Prior to owning a home, I didn't own a phone at all (I still remember getting my first Motorola Crazr in 2009 when I bought my first condo). I needed one for replying to housemate ads & to give to billing companies. I guess ever since that moment, I always associated the need for a phone with owning a home. I expense 10% of my phone bill whenever I claim the rental income on my taxes. You're right though, if I rented instead I'd probably still need a phone anyway :)
I was actually really lucky with my first property (a 3 bedroom townhouse). I only had $16K as a down payment & bought it for $155K in 2009. I then sold it for $229K in 2014 & got a $114K cheque. The prices have since deflated considerably in Regina. Identical units in that condo complex are now listing for $138K! At least my current house (bought in 2015) was under-priced at the time & fortunately in 2018 it's still worth about the same as I bought it for.
4:40 that is the only key piece of data here. Everything else is irrelevant to anyone else. As a rule to live and die with, you never want your total accommodation costs to be more than 1/3 of your take-home income. The other 2/3 allows you not to be house-poor and actually enjoy the pride of owning a house.
It was definitely a risk buying this house. Fortunately I was able to develop the basement with additional bedrooms. I should really do a "5 years later" update. Lots of expenses & income amounts have fluctuated.
I should do an update soon. I've made some pretty good strides in making lump sum payments in the past year. The monthly cost has changed quite a bit ;)
True about the furniture, however home improvements/repairs are a significant cost. I'm almost done developing the basement & I've spent about $36K in 2017 alone on the construction. The good news is that home prices have risen in Regina & my house is now worth about $407K :D
I spent almost nothing furnishing my home. Most is family handdowns and thrift store finds, and even free stuff off craigslist (you'd be surprised what people get rid of when they have to move).
OMG. $60K is like Chevy Tahoe money here here in Regina (sales tax alone is 11%). That's crazy! How much could a house rent in that neighbourhood? Here's what a $60K house gets you here: www.realtor.ca/Residential/Single-Family/19243910/831-Princess-ST-Regina-Saskatchewan-S4T3Y1-Washington-Park
LandonGendur dude that's crazy I followed the link.. but yeah my brother picked up his home in a private neighborhood in a town called hastings with a hockey rink, basketball court, baceball field and a swimming pool within short walking distance in 2015 for 58k total but they had to have a local cop patroll the neighborhood every night due to high crime. He eventually moved out due to that and also high taxes, the need to apply for government permits and mainly he couldn't ride his off road toys without talking them out of town. I heard of things up were you are can get crazy pricey but there is a lot of opportunity to make cash with flipping real estate like Condos. I'm only 19 and saving up a 20% down payment on a small brick house I want but the popular homes up here are ranch style with a lot of land that can easily start at 200k and yeah a SUV here can easily run you 60k do to their popularity. and rent can be as low as 250 for a condo to 450 for a town house. Its cheaper to rent than to own up here but you are basically throwing your money out the window for lackluster homes and basic amenities. I cant add links but I would show you some pics.
I can only imagine! I've heard that Vancouver has some of the costliest property in the world. Is it just because there's no more room to build anymore?
I just came back from a family event this weekend & Vancouver's housing came up as a hot topic. It is truly insane. There's virtually no other place in Canada that's as hyper-inflated as that market.
I'd take that over California, studios are about 1550-1600 not including bills, one bedrooms about 1800-1850 and two bedrooms are about 1950-2200 mind you this is just for an apartment. My husband's family pays over 3,000 just for their mortgage for their tiny two bedroom in a pretty crappy area. (._. ) I'll take owning a home outsa state over this crap anyday... It's getting bad out here all because they are building the stadium here too. The housing shortage and overcrowding doesn't help either.
Parts of California are certainly crazy. Then again Canada's Vancouver & Toronto are still pretty nuts too. High demand cities tend to command high demand prices.
@@landongendur I'm talking about just the Ghetto not even in LA just the outside of it. If you're in the city an apartment could easily cost you 7000 a month for a one bedroom. There's gang violence and lots of crime yet the prices are crazy out here like 800,000 in Hawthorne, Inglewood Gardena South Bay is even worse
I think if I were to ever move to the USA, I'd consider Kansas City. Abundant freeways to easily get around around & the homes there seem really reasonable.
I'd probably go with a storage unit. Selling a house usually as a 4-5% commission fee attached to it & a storage place usually comes with its own insurance coverage of some type :) Enjoy your extended trip!
i'm currently in pre-approval for a $275,000.00 with 3 something interest rate house with 5% downpayment so $13,750.00, on a 30 years term, estimate PITI is at $1747.63...but $261,250.00 divided by $1747.63 a month should only take 147 months to pay off not 360 months to pay off...do you know why? because 1747 for 360 months is like 3 times more then the house value
i just did some calcs with 15 years term because im not sure itf its a 30 years term or 15 years and with 15 years it seems way more reasonable (40k) with 30 years its (360k) in interest alone...so i texted the agent to make sure its 15 years lets see what he says
yes the estimated piti right now is 1747.65 so it probably is 15 years and at 2.7% interest...my agent hasn't replied back yet...1100 for 360 months would be almost 400k, that sounds insane , that would be 130k in interest that can't be right...
My mortgage is now $165/week & I have 162,000 owing @ 2.69% interest. About 1/2 of each payment goes to the principal & the other 1/2 goes to the interest.
I *highly* recommend putting 20% down (or higher). Where I live there is Canadian Mortgage Housing Corporation (CMHC) that insures lenders where borrowers put less than 20% down. Their fees are steep! I only planned to put 15% down on my first place in 2009 (a $155K condo) & I remember the CMHC fee was MORE than just putting down the extra 5% to get me to 20%!! Closing costs in Canada are less expensive than other countries. My lawyer fees for this house were $1,500 & the land titles/transfer/mortgage registration/etc. were $720. I also paid $182 for a home inspection.
Plus, you don't really "OWN A HOME" what you own is a damned mortgage which gives you the right to live in the unit. Just stop making your monthly payment and you will see REAL QUICK who owns that house.
True. It's still pretty amazing that I'm currently (2018) making $3,335/month in rental income off a house I don't even own. It's like saying "You don't own that car! Stop making your car payments & you'll see real quick who owns that car". Well if the car payment is $300/month but you're getting $600/month renting the car out, who cares? My mortgage is now down to $160K & the house was recently reassessed as being worth $469K (granted I think it's a bit high). Even if I sold the place for $400K tomorrow & paid a realtor $20K in commission, that's a $220K cheque for me... all while having housemates pay for my mortgage all these years. ;)
Obviously.You’re living in a household unit the bank mostly paid for.No reason to think otherwise. Eventually though the idea is you will in time.Its the land itself that you never truly own.Property tax is basically a land rental fee that keeps going up and never goes away.
This house was definitely a lot definitely a lot due to its features, size, & location. Keep in mind that you can purchase a 900 square foot 2 bedroom apartment-style condo near the University of Regina for around $100K right now which was unheard of a few years back (I remember the same units selling for $200K in the early 2010s). The downside is that the condo fees alone are pushing close to $400/month. Still, a pretty nice deal; mortgage payments would be low :) House prices in Regina have deflated considerably. My house was probably worth ~$425K at one point (the current tax assessment value is $469K with the basement done), but according to home price indexes it's worth pretty much the same as it was in 2015. The good news is that I currently have 3 housemates that are paying a total of $1,950/month in rent.
That would make sense if it was a rent-share situation. However since I own the property, it's the local rental market in Regina that determines what a housemate is willing to pay for rent. Right now (in 2017) $600-650/month for a room is pretty much the maximum a prospect renter is willing to pay. The exciting part is that my basement is currently being developed with 2 more bedrooms & they are huge (one is 15'x10' & the other is 13'x12'). I anticipate them to rent for $650 each. I'm also flirting with the idea of renting out the master bedroom (with it's own private bathroom) on the main floor $750/month. If all goes well, that would all add up to $3,250/month - a nice profit to help pay down the mortgage. I intend to make a new update video once the basement is done :)
I saved $16,200 & bought my first place (a condo) for $155K back in 2009. Local housing experienced significant appreciation so I managed to sell the place for $229K in 2014. After paying off my 1st mortgage & realtor fees, I had a about $114K left :)
That's too high for me. Cincinnati condo for $25,000 TOTAL COST. $700 property tax per year, $235 condo fees per month with heating and water and pool included. Here's an sample if you think i'm just making up cheap numbers- 4900 Chalet Drive #808, Saint Bernard, OH 45217
Holy crap! that's less money than what a lot of used cars cost in Canada!! How much would a 2 bedroom like that rent for? My house is now worth $407K & I have about $150K in equity - so I could cash out of my place & buy several units there if they can rent for good money!
Hmm... a red flag if the bank owns the property. It sounds like they couldn't get a sufficient cash-flow out of it. Here's an example of one of the cheapest 2 bedrooms in Regina ($115K) - 32 47 Centennial ST, Regina, Saskatchewan S4S6P8. It's located just across the street from the University of Regina.
Toronto's prices are seriously out of control. I suspect that the extra taxation for foreign buyers in Vancouver is causing an influx of investors to purchase Toronto homes. Yikes!
You're welcome & I'm glad you enjoyed! I should really do an update though as 2 extra rentable bedrooms in the basement are nearly completion (should add $1,300/month in extra income) plus I just hired cleaning staff to come once a month... yikes! ;)
It was tough. My initial thought was to put 20% down but it didn't meet underwriting requirements. Even after putting 27% down, I still had to provide a 'guarantor' to get an approval from the lender. The rate is 2.69% fixed until renewal in the year 2020. It's low enough where any extra money I have performs better in the stock market than it does paying down the mortgage :)
Hi , do u know what is maintenance fee include for duplex or codon , why it so expensive price range from 250 to 400 per month just for maintenance fee?
Good question. I think it's because labour charges for lawn care & snow removal are expensive. It costs nothing to shovel my grass & lawn care is maybe $300/year. Also no reserve fund to contribute to.
Good point. Fortunately I developed the basement & now have 4 rooms rented for a total of $2,659/month. More than enough to cover my entire housing expenses.
Tastee Motive. Privacy as we know it today is a very modern concept. Anthropologically speaking, humans have been fine for thousands of years living close to one another/as a group. I’m not saying it’s ideal in today’s standards, but this sort of level of privacy is not necessary to be happy and content in life.
lol i mean you could of built a decent house for 100k. and you pay gas/electricity furniture phone and everything when you rent. its cheaper to own a house rather then rent considering you have more options. i rent an apartment we pay roughly 1200 total and thats just rent and electricity/gas, so for owning a 300k+ house it kind of has its benefits.
Most apartments in Regina have natural gas heat & hot water included with the rent. My house fortunately now has a developed basement with 3 more bedrooms. With 5 housemates in total, the place generates $3,335/month which is real nice. You'll be shocked to hear that my insurance thinks the 'replacement cost' of my house (given the current local labour rates) is $458K! And that's just the building; the lot can't burn down! :O Yet a person can buy a brand new self-contained 225 square foot travel trailer for $24K. It's pretty nuts.
yea. your Replacement cost value is 458k becuase that includes removal of debris, labor. permits, material and everything else needed. i do insurance inspections and people always wonder why a 120k house is insured for 280k-350k and thats becuase all the contents. as well as everything else needed to rebuild the house to be exactly the same....a house built pre 1950s will be insured alot more specifically because they would have to replace the same material used to build the original structure.
That makes a lot of sense. Brand new 1500+ 1 storey homes with a basement sell here in Regina for $600K+. Personally if my house ever became a total loss, I'd see if I could just get the $458K cheque & sell the 50' lot seperately to a developer. That way I could buy a new home right away instead of going through the hassle of a rebuild.
yes you would get the 458k but you would still be responsible with removing the debris at least. it would be a hazard to surrounding areas and if someone wondered onto the area it would be your responsibility if anything happens! which is why you want liability insurance. for that guy who falls on your grass breaks an ankle. they would sue your home insurance instead of you.
Already there. $2M in liability coverage (I wanted $5M but the max offered was $2M) & a $6,000 'voluntary medical payment' option :) In fact I just read an article about how Regina police only offered a bystander that was bit by their canine unit $853 for the ordeal. I was like "Jeesh, I can afford more than that. Why does the city offer so little?".
I'm actually looking at a way to capture rainwater & using a pump to water the lawn. Renting water heaters in Regina is very common since they only last about 6 years if not maintained. I suppose I could check to see how much it would cost to buy it out...
Yikes! Sounds like Muenchen Germany is running out of room to build affordable homes? I just came back from a road trip to Vancouver Canada & $350K wouldn't even buy a lot in a struggling neighbourhood there :(
Holy smokes! That's only $750 Canadian. My city can't even balance the books with our taxes (we're running a deficit). How does your city pay for schools, fire/police, parks, roads, etc when taxes are that cheap?
I worked at a call centre for an insurance company from 2012-2017. I needed a 9-5 job to qualify for the mortgage. Currently I'm just living off of rental & investment income. I developed my basement with more bedrooms & I now have 5 housemates that generate $3,200+/month in income. Gives me the freedom to travel :D
I plan to do a road trip through eastern Canada once the weather warms up. Debating on whether I should cross the border & check out New York City too :) Most of my housemates pay me by email money transfer so I collect rent even when I'm away.
Great question. This is my 2nd home. My first place was a 3 bedroom townhouse condo that I bought for $155K back in 2009 with a $16.2K downpayment. Then I sold the condo in 2014 for $229K. After paying off that mortgage & realtor fees I got a $114K cheque :)
Ms Holcomb how come one American says to 1k mortgage is OK , the other says he can't save even 100dollars for a trip, and you see families living in RVs losing their homes. I live in Slovakia. Average netto monthly salary is 550dollars. We can't even live nicely. I could take a 30 year long mortgage of 100k, build a crappy little bungalow or buy old house and restore it. And pay 300eur monthly, energy bills 200eur, clothing, food, gas, internet etc... You are basically fucked till old age.
Oh wow, Slovakia! I was just in Hungary a few weeks ago for a vacation, so I was very close to you. I even met a Hungarian man in his 20s on the bus; he said the same thing - the average income for a villager was only 300 Euro a month! From what I experienced, Western Europe has only recently become capitalist since 1989 & the middle class is developing, but very slowly. Definitely a major challenge. I would probably have to start with a very small house & rent out rooms to help pay the bills in order to live & afford it there. In Canada, capitalism is a very unforgiving concept. Some people can make quite a bit of money & afford a nice home. Others are susceptible to spending too much or are unable to make enough money; unfortunately they will struggle financially.
Glad you mentioned the cost of living in Slovakia. I was thinking of leaving the USA for western Romania or Southern Poland until I noticed the cost of a house similar to what we would have in the USA. An 1800 sq ft house was close to 200K USD. And it needed work. Southern Poland seems to be the same. In fact, the 200K USD price was on the low side. Many would be twice that in Poland, Hungary and Romania. From what I saw, there is not much of a market for houses in the areas I looked. Only a few people could afford such a house so most are tiny village houses that are cheap or ultra expensive villas that start at 500K USD and go up rapidly from there. But, as has been noted, the former 'eastern bloc' countries just threw off the yoke of communism and the USSR only a generation ago. So there are economic teething pains when changing from one type of economy to a capitalist type. In the USA, it has gone too far toward unrestrained capitalism. Our middle class has a few migrating into the upper class and many slipping into poverty. Thus the reason why it is getting impossible for many to retire here. Many are moving to south and central America but for me, I just do not like that heat or that latino culture. I am a mix of Polish and Hungarian so I would rather be in that culture then south of the US border. Still, I will probably just end up staying where I am in Florida. Just wish I could find good perogies, gwumpkies and Goulash here.
I used to work for a bank earning $30K/year to buy my first property for $155K in 2009. I sold that place in 2014 for $229K. I then worked for an insurance company earning $40K/year to buy my current house. I quit my job in 2017 & started living off of the rental income completely. My house's basement is now developed & at full capacity the top + bottom floor generates $3K+ every month.
Take the mortgage out of the equation... All the rest you have to pay anyway. My parents hard working migrants, saved and bought the house cash. No freebees then
@@landongendur If you don't mind me asking, how much do you make a year(Gross yearly/monthly take home)? This video was very helpful in truly see what "real" cost would be in owning a home. I'm looking to purchasing my first home soon and videos like yours have helped me prepare for my budget.
How in the world did you get a mortgage saying you have 2 renters? No bank would give you a mortgage on something as undependable as renters. They could move out at any time.
Great question! It was actually something that caused a major hiccup with my financing & had to be 'pushed through' at my bank's underwriting department. At the time of this video I was employed & earning $3,750/month, before taxes. Most Canadian banks look at TDSR (Total Debt to Service Ratio) & GDSR (Gross Debt to Service Ratio). My TDSR was right at the 45% threshold. The issue was my GDSR (Gross Debt to Service Ratio) which is the mortgage & property tax alone; it would've been 37.1% with my home purchase - higher than the 35% threshold. Without getting into too many details, some 'creative financing' had to be accomplished. It was a risk that worked out though; as of 2018, my basement has since been developed & the rental income is now $3,200+/month. My mortgage payment is even a bit less now.
The problem with RUclips videos especially these types of videos are that they are usually only relevant to a country, for example almost everything you mention, one pays even when you are renting a house in my country apart form the tax. Another example would be the Infinity Bank concept, once again not relevant in my country, but these videos should learn and know they have an audience from all over the world and should hopefully know that they must specify ".the real cost of owning a home in .....country name.....". Then I would know not to waist my time.
Fair and true enough, but he did show very near the beginning the original MLS listing from the computer, and you can see the name of the community... Uncle Google knows a lot... I apologize for my sarcasm in advance, I'm having a bad day.
no it was just that, as you might imagine, I was picturing you recovering from disability, in a lounger, with your head missing :) Great video btw. nice to have a realistic picture of the costs
It shows even without the Chinese running their housing ponzi's home prices can rise quickly when interest rates are negative. Ben Bernanke caused the entire thing and where I live we have some jackass named Stephen Poloz who would do the exact same thing if it wasn't for Trump telling him to hike the Bank of Canada rate.
LandonGendur I am just a Factory worker but saved hard in my early years and managed to put 200000 down on my first home. Ordinary people can still buy houses here ... you just have to be a very good saver. Although you can live just as good without a house. It's a very large financial responsibility and it's not meant for everyone. Having lived in Canada and now living in Switzerland I have come to see that not owning a house is not the end of the world. In the end we are all slaves...either to the landlord or to the banks and if you don't pay your property taxes then the house is gone to!!
It is such a detailed informative video. Only thing I would suggest is clear your mortage debt faster. You have gained a lot of equity on the house plus you must be having a good rental income after so many years. But it is always good to be debt free first. I am thinking of buying a house in Canada. I am looking at Windsor right now because of low prices and good weather. Do you know any such hot markets in Canada?
I reduced the mortgage quite a bit over 4 years. In hindsight I wish I put that extra money towards the stock market instead though. My mortgage is only at 2.69% & the S&P 500 has performed much higher returns. Windsor is good, but the real steal is in Calgary. Houses that were $700K there have dropped to $450K. When the economy picks up, the prices should go shooting back up.
Ha! My water bill this month was $158. The city of Regina charges a flat $65/month just for being connected to water and sewer. Anything above that $65 is actual usage. We use about 7,000 gallons per month now with 6 adults living here. The clothes washer alone is used almost daily & sometimes we have to run the dishwasher twice a day.
Already on it :) I'm just at the tail end of developing the basement (just need flooring, doors, and trim) so I'll soon have room for 2 more housemates at $650/month each. That will bring the total rent to $2,500/month. I'm also toying with the idea of renting out the master bedroom for $750/month - bringing a potential total rent of $3,250/month! Stay tuned for updates!
Similar to if a person bought a car with financing instead of leasing. You still have ownership of the car's title & can choose to sell it anytime. My house is now worth about $407K so if I sold it today I'd have about $151K left after paying off the mortgage & realtor fees. I don't intend of selling anytime soon; the house is now generating $2,547/month off of 4 housemates. Soon to be a 5th housemate once the last basement bedroom is complete :)
Regina's housing market actually peaked in 2013. It deflated to a low in 2015 (coincidentally when I bought my place). We're back at 2013 levels now in 2017. My house is now (October 2017) worth ~$407K
This is true. However that's the same with hiring a company privately; they build things & keep their profits too. Unless a person lives on leased land, property taxes are compulsory with home ownership around here.
$350K? For that money I can get a Brand New Construction with complete basement, 4 bedrooms, 2 baths 3,000 square ft house where I live. Location, location location!
Yeah, it's pretty crazy here. I recently got a hood ornament shipped to me from Sturgis Michigan & it came wrapped in local real estate classifieds. I couldn't believe the *mansions* a person could get for $350K! Although one has to consider that $350K CAD is only $267 USD. Regina is actually one of the cheaper western Canadian cities. It gets pricier when you look at places like Calgary & Edmonton. Vancouver is completely out of control - $350K would probably get you a leaky 1 bedroom apartment style condo with $600/month strata fees. Rents are pretty high too & push up the prices for housing. I have a friend that rents a 1 bedroom + den apartment in Regina's "Harbour Landing" neighbourhood for $1,200/month. Only water is included in that price.
You know what's even crazier? I just renewed my home insurance & they pegged the replacement cost of my house at $442K! Apparently new construction in Western Canada is $260/square foot these days. I also checked into hiring someone to develop my basement & labour alone was $60/hour. Needless to say I'm developing it myself! ;)
If you have an internet at home I suget to have MagickJack internet phone for just $39 US you can have one year of phone service in your home ..that's about $415 CAN saving per year..chears
New updated expenses for 2020:
ruclips.net/video/qgpVtNDmUEo/видео.html
This was great, thanks, I've been looking for "reducing home energy costs" for a while now, and I think this has helped. You ever tried - Sonrisonly Ideological Superiority - (do a google search ) ? It is an awesome one of a kind guide for discovering how to save money on home power bills minus the headache. Ive heard some awesome things about it and my friend got great results with it.
Nice job breaking down all the expenses. Thanks for sharing
You're welcome. I'll need to do a new one soon as a lot has changed in just 2 years. lol
Thank you for this video! My husband and me are currently saving up to put a down payment on a house right now and having you break down all the expenses helps us plan our budget and also just get an idea of what to expect. Please do an updated video! 😊
This video is super helpful... sometimes we don't pay attention to the details in cost and this info really brings you back to basics...awesome!
Thank you 😊
I’m currently selling my house 🏡
I discovered that being an owner is tough however my husband and I purchased a brand new house in FL, the house I hated it ended up selling about a year and half
People Be careful think carefully before you buy a house. It’s not only the mortgage utilities taxes plus maintenance HOA you name it. We are going to rent again for at least a year saving money to give a good down payment and very important get your lender first don’t buy using builders lenders, if you are buying a new property do you research of Builders and Lenders and most important follow your instincts.
Buying and renting is the same bc you never own either one. The difference is how hard you get screwed by getting a mortgage. So, the question is do you want to get screwed hard or soft lmao
Mr I or do something the HOA doesn’t like, go against building codes, have a lawsuit happy neighbor, your neighbor decides to run a meth lab, the corporation up the road poisons the water so you have water that is unsafe, someone decides a shopping center would be a better use for your home/property and has the government condemn it-take it and kick you out and the list goes on..... another favorite is you own your home but don’t realize there is something called mineral rights, oil and gas, timber etc you get a letter telling you fracking or mineral excavation will commence by this date and you have to move until they are done, then you can move back someday, uh-huh.
I can't imagine why anyone would pay over $358,000 for a house. I just can't. No way is it going to increase in value enough to give you a good gain at the end of a couple decades. Those days are over. Livg with 2 or 3 housemates would drive me crazy,
$358K+ is definitely a lot - but so is $1,200/month rent. I also plan to add 2 more bedrooms in the basement soon - so that would bring rent to $2,400/month.
I've encountered lots of people that tell me that living with housemates would drive them crazy. I think for me, living in dorms during my college years really changed my outlook when it comes to living arrangements. It's just such easy money compared to my 9-5 job. There may be a control aspect to it too - the closest thing to being 'my own boss' maybe?
I just had my home insurance re-evaluated a couple of days ago & the 'replacement cost' for a house in my area is $280/square foot - that works out to be $477K for my place! Labour costs probably have a large impact as even local a wood stud framer charges $30-60/hour. It's pretty crazy.
I remember visiting Laguna Beach in 2010 (when the market was deflated). A real nice oceanfront house was $2.2M back then. $780K if it was a block from shore. Those would be a steal nowadays :P
Where do you live? In a cardboard box? Where I live the average house is about one and a half million dollars.
Holy smokes! Toronto seems even more expensive than Vancouver! I live in Regina SK Canada. The average house price here (2017) is around $320K. A neighbour across the street & 4 houses down just listed their renovated 1 storey with finished basement for $465K. I think they're asking a bit too much though. Curious to see what it sells for.
I sold my house a few years ago and started renting. It is really amazing how much money you save. If rent catches up to the cost of the mortgage, I'll consider buying again at that point.
You make a good point. If I lived by myself, it would make a lot more sense to rent something inexpensive.
Eric D LIVE and "own" an off the grid house.
@@landongendur well said.
Suppose it’s time to buy again
@@everythingyousayiscorrect exactly 😆
You are so young yet so responsible.some people older than you would of just wasted it all.you are a smart young man.
Thanks! I'm super fortunate in a lot of ways. I've seen people lose their money to addictions & it also helps that I don't have any dependants to worry about. That might change in a few years though as my parents age. Their divorcees so I always joke that they'll end up living with me at some point and make a reality show out of it! :P
In October 2017 I bought my 1st property with cash at the age of 26 years old. A 416 ft² studio condo for $55,000 in Tampa, FL. I don't have a rent or mortgage payment. My only monthly expenses are $173 HOA, electric (ranges from $50-$80/month), and property taxes once annually (for 2018 my bill was $337). The HOA fee covers quite a bit:
Ground Maintenance, Pest Control, Trash Removal, Community Pool, Building Exterior, Maintenance/Repairs, Manager, Water/Sewer, Escrow Reserves Fund, Building Insurance, and an armed nighttime security.
This very cheap living arrangement allows me to save over 60% of my monthly income.
That's awesome! Definitely if I didn't want rental income I'd go for an inexpensive studio/bachelor condo instead.
@@landongendur There are a lot of benefits to living small. Not only the obvious of saving money on property taxes, utilities, and the purchase price of the home, but its easier to keep clean and maintain, and less space to accumulate junk.
Great video Landon! I was having this same conversation with my friends about home ownership. I loved how you broke it down. I loved how you made it so real. Thank you for this video and I do hope you are doing well.
Glad to hear :) It really is a bit surprising when it's all totalled up. Last weekend I was at a family event & came into some unexpected income. Therefore I'm going to be developing the basement much sooner than initially planned. I'm very excited!
LandonGendur Landon this is great to hear!
$310 Canadian per month in taxes seems like nothing in comparison to what your house is worth. I live in Rochester, NY and in one suburban town in particular you will see a $150k USD house with maybe half an acre of land fetching upwards of $300 USD per month. The town isn't even a highly sought-after area and the schools are actually kind of crappy compared to other towns in the area. However, if you take a house in a nice part of the city worth about $150k USD with a half an acre of land the taxes are only about $75 per month. The real disadvantage is that the public schools in the city are much worse than in the previously mentioned town.
The key is to rent cheap, save up the cash to buy a home outright. That's what I did; bought a used mobile home outright, (1000 square feet) for $9k, lived in the mobile home park just until I saved up the cash to buy my own land outright (half acre lot in a rural area with no restrictions) for $11k, installed a septic tank for $3k, moved the mobile home and re installed it on my lot for $8k, installed a well for $6k. Paid for everything in full so I have no mortgage. My only expenses are electric ($40 a month in winter, $80 a month in summer with central air cooling to around 70 degrees) trash ($70 every 3 months) septic pumping ($230 every 2 to 3 months because drainfields are prohibited in my area) taxes ($1000 annually) and propane (average $800 annually although prices vary from year to year). I'm glad to have a well because I do not have to pay for water and I have an off grid water source. I like propane because I can buy it and stock it up in the summer when the price is the lowest from who has the lowest price and even though I still have to buy the gas, I still consider it an off grid heat source because once I fill up I'm stocked for the year.
We sold our home and downsized to an apartment 1400 sq ft which include electricity and heating and all appliances. We have never been better off. We have no unexpected house expenses, that's the landlords responsibility including the light bulbs in the fixture which are LED. Great video and gives a good perspective on housing costs.
Thanks! I see that you did some RV travels recently too. Very nice. I love travelling too. Just about to go on a USA road trip in a few days & plan to camp in my Jeep.
@@landongendur Yes we saw you had a Jeep campervan, we rented an RV and drove Toronto to Vancouver had a great time. We like your house cost of buying video. Have a great time on your road trip.
Thank you for this! I'm renting a room till I'm 40
I'm honestly thinking of cashing out & renting a room too.
Do you have a video that breaks down the costs for when you bought the home? Like the legal fees, appraisal fees, home inspection, land transfer, etc.? If not would you be able to make one?
Actually I can list them here :)
Lawyer Fees - $1,500.00
Land titles/transfer/mortgage registration/etc - $720
Home inspection - $183.75
Sewer inspection - $120.00
Appraisal fees are rare in Canada - banks usually don't request them unless a house priced out of whack compared to others in the neighbourhood.
Thanks! :D
That would be a good vid
Whatever your mortgage is, add an easy $700 for property tax, heating (if you have winter), insurance and repairs. That’s the lowball figure for homes under 200k.
Your explanation is why financial gurus will tell it cheaper to rent and save. That may be true but people aren’t robots and renters rarely save the difference. You are motivated to financially max out what you can get for your home. So in the end, you will be ahead of the renter financially.
I hope so!
LandonGendur just wanted to share ways I save money. And an idea I don’t use but is good. Unplug appliances not in use with digital displays. Unplug a microwave, unplug cellphones after charging, computer systems same, tv/cable/dvd/ same. With 4 adults doing laundry 🧺 if you don’t have a front load washer, keep an eye out for one at a great price. You save 1/3-1/2 on electric, water/sewer and detergent. Okay you don’t buy the room mates soap but yours will cost less. Consider making your own cleaning products and personal care items. The item I don’t do is rainwater for watering a lawn. Best Wishes!
Wow, you should really do an update video. And make it longer, you’re a dream go to watch and listen to!
Is home ownership more difficult or easier process than The States? I meet Canadians all the time here in South Florida and they all say similar things. For instance the US process is more difficult for younger folks like myself (late 20s) to purchase a home after becoming an adult and the time is right. How difficult is it in Canada to meet criteria? I feel that the Market vs median Income just makes absolutely no sense and just causes a huge gap of people that feel left out some at no fault of theirs. Sorry to rant however also It simply makes no sense whatsoever to me that you can rent a $2000 a month place for years and try to purchase a home with a mortgage of maybe $1100 and your hospital bills hold you back or something to this affect. I simply think our "CREDIT" system is a sham its for profit and simply a grading system for labeling people as worthy or unworthy. Many people never ? this outloud however I do all the time. I do feel we as people should be held accountable there simply has to be a better way.
In general the maximum TDSR (Total Debt to Service Ratio) can't exceed 45% - meaning all debt payments (mortgage, car loan, credit cards, etc.) can't be more than 45% of a Canadian's total Gross income. Fortunately I've never had a car payment (always bought cars that cost less than $5,000 to buy) & my credit card maximum credit limits are very low.
I find it strange that getting a 25 year mortgage for a house (an asset that generally doesn't depreciate) is more difficult than getting an 8 year loan for a new $95,000 Ford Raptor (a vehicle that does depreciate) at a truck dealership.
How funny. I thumbed up this video already a few years ago. I'm back watching it putting all the little things I can find on my Excel spreadsheet
Glad to share. I should really do an updated version now that it's been 5 years later 👍🏻
Just property tax alone cost too much.
Regina's property taxes are notoriously high throughout the city (even my previous 1030-sq ft. condo was $1,875/year). Just a few weeks ago the city reassessed all the property values & mine came up shockingly high. I'm definitely going to appeal because there's no way my house is worth $435K in its current state.
...and property taxes for the 2017 year are in. $335.50/month now.
That's pretty reasonable compared to the US.
Really? I guess the taxes depends on where in the U.S. the property is. I was actually looking at how inexpensive houses were in Omaha recently. Then looked at San Francisco for some giggles, lol.
LOL. Omaha where I can by your house for less than $120,000? Comparing tax amount to the value of the house, it's more expensive than SF!
Good video. Some things to think about when money is tight. By renting, those extra costs
you would put into the house, you could invest in something, or at least put in a savings account.
I agree! I was initially paying down the mortgage, but rates are so low that I put extra cash in a mutual fund 😊
I can't stand debt never wanted to get it but eventually realized if I ever wanted to own land and a place to live in on that land I had to accept some debt. I put $2K down on a $32K place in 2002 by 2009 we were debt free ? All cars paid off all home paid off just rotating bills left. Since 2009 we have paid cash for everything we buy. We use credit cards but pay off the balance end of month without fail. Only reason we use CC is you get some consumer protection when using the CC and your main account is not on the line when you use a CC. IF you pay it in full you don't pay any interest.
Here in America a lot of work is all or nothing at all. What we call feast or famine. You will have to work 80 plus hours a week to get decent pay or you will get work that is part time and pays much lower than the over time job. When you work that much life is hard money is great but most don't apply their money to their life as I did they gamble drink smoke etc. I packed a lunch and paid my debts down. Kept my mouth shut about what I was up to and just did it. After the fact you can talk but if you let them in on what you are up to on the way they will do their best to stop you.
The powers that be hate people that get debt free they see you as a potential threat.
I use to be cool with some debt but when I was injured on the job I realized this is the REAL world and they will throw your righteous ass on the streets with all the other homeless people. Some would say I am not homeless and never will be I say I hope you never experience a night like that just one night like that is enough but to see a week of it is horrific. To go a month not knowing if you will regain traction again and especially if you are not using drugs or alcohol it is hard to take.
Look at things in ends means not always the most equitable way to do things. But it is generally pretty sure. If it weren't for the NAZI we could get shipping containers insulate them and collect rain water from the roof. I was not born wealthy and I have learned being a minimalists most of the time can reap greater rewards.
Do your best to keep your bills low so when you want to go do things you have the means and are not stretching to get there. If you can travel and the only thing you see costing you more is your fuel then you are golden.
If I were single again I probably would sell my home buy a sailboat and live off of it. I like my property but am not a fan of the bullshit of owning a home. How they think that they can just send a bill your way and you got to pay it. Like water bill $45 sewer fee before we get one drop of water they charge me that for sewer. Also garbage charging us nearly a dollar a day for garbage? I see no logic in that tax either?
Several times I considered living in an RV or camper van. Very inexpensive but not really possible with Canada's winters.
Informative video! Thank you!
Glad you liked! I have an updated 2020 edition video too.
Perfect! I'll check it out as well!
we have the same expenses but the difference i dont have roommates, I love my privacy but probably i will be renting out the house very soon.
Ur property taxes are actually cheap my parents pay about the same taxes for our house and it doesn't cost nearly as much though it might be in a better area because the houses here are 3000-6000sqft mostly
Oh wow! 3,000-6,000 square feet is luxury home territory. After developing my basement in 2017 my house was reappraised by the city to be $469,300 & my 2018 taxes are estimated to be ~$360/month.
My mortgage is $290 per month. For 2000sq ft.
That's awesome! I'm currently renting each bedroom in my house for $669/month. They're doing a natural gas pipeline from Regina SK to Brandon MB so big demand for rooms here now.
cool. I was considering putting in a downstairs bathroom so I could rent out my basement. The tidbit about the basement window is good to know though.
Awesome. Rental income is nice to have. In hindsight I should've put in 3 basement windows instead of 2.
Great video Buddy. Cant wait to buy a house to build a Koi pond in the backyard.😎😎
So as a renter you didnt pay for utilities or renters insurance? The only expenses you listed I didnt pay as a renter was the water heater rental and property taxes.
Heat, water, building insurance, property taxes, & general repair costs are usually included in the price of rent in Canada. One of my family members rents out a downtown Regina condo & other than the $895/month rent, the only other expenses her renter would pay are phone, electricity, & tenant insurance.
Around where I live it would be 1'000 taxes
2018 taxes were just shy of $4,500. Some houses on Lee Place a few blocks away are paying over $6K.
But if you pay off the total price of the home like 400k, that 400k will go back to you... ans when you rent all of that rent you paid all go to a hole
Its not going to a hole... you paying to live there without having to worry about repairs and having the freedom to move...Hence thats why alot of people lease cars. Only buy when u are ready not so u dont have to pay rent as buying has alot of hidden costs
Alumnikiid im a handyman and i dont need to hire someone
How did you prove to the bank you were going to have housemates for your additional income, what did they require as proof?
Lengths On Lock $100,000. Down payment
Why did you include phone bill as owning a home?
Prior to owning a home, I didn't own a phone at all (I still remember getting my first Motorola Crazr in 2009 when I bought my first condo). I needed one for replying to housemate ads & to give to billing companies. I guess ever since that moment, I always associated the need for a phone with owning a home. I expense 10% of my phone bill whenever I claim the rental income on my taxes. You're right though, if I rented instead I'd probably still need a phone anyway :)
That's alot of money to save and put down. It's still expensive. Alot of people can't afford that. Guess wevwill keep renting!
I was actually really lucky with my first property (a 3 bedroom townhouse). I only had $16K as a down payment & bought it for $155K in 2009. I then sold it for $229K in 2014 & got a $114K cheque.
The prices have since deflated considerably in Regina. Identical units in that condo complex are now listing for $138K! At least my current house (bought in 2015) was under-priced at the time & fortunately in 2018 it's still worth about the same as I bought it for.
2000 usd is approx R20 000 South African Rand(Minimum), and that's a salary of someone with a University Degree in South Africa. hmm interesting....
Very good info thanks so much!!!
I'm sixteen, but I'm trying to mentally prepare myself.
Thanks for the video bud! Much appreciated
4:40 that is the only key piece of data here. Everything else is irrelevant to anyone else. As a rule to live and die with, you never want your total accommodation costs to be more than 1/3 of your take-home income. The other 2/3 allows you not to be house-poor and actually enjoy the pride of owning a house.
It was definitely a risk buying this house. Fortunately I was able to develop the basement with additional bedrooms. I should really do a "5 years later" update. Lots of expenses & income amounts have fluctuated.
@@landongendur Good for you, bro. Did not mean to criticize you but more like giving the idea to other viewers. Thanks for sharing your story anyways
Great video, thanks for the educational aspect!
I should do an update soon. I've made some pretty good strides in making lump sum payments in the past year. The monthly cost has changed quite a bit ;)
Can't include furniture in expenses, since most renters buy that too.
True about the furniture, however home improvements/repairs are a significant cost. I'm almost done developing the basement & I've spent about $36K in 2017 alone on the construction. The good news is that home prices have risen in Regina & my house is now worth about $407K :D
I spent almost nothing furnishing my home. Most is family handdowns and thrift store finds, and even free stuff off craigslist (you'd be surprised what people get rid of when they have to move).
A house like that in a private neighborhood in Pennsylvania US is like 60k easy.
OMG. $60K is like Chevy Tahoe money here here in Regina (sales tax alone is 11%). That's crazy! How much could a house rent in that neighbourhood?
Here's what a $60K house gets you here: www.realtor.ca/Residential/Single-Family/19243910/831-Princess-ST-Regina-Saskatchewan-S4T3Y1-Washington-Park
LandonGendur dude that's crazy I followed the link.. but yeah my brother picked up his home in a private neighborhood in a town called hastings with a hockey rink, basketball court, baceball field and a swimming pool within short walking distance in 2015 for 58k total but they had to have a local cop patroll the neighborhood every night due to high crime. He eventually moved out due to that and also high taxes, the need to apply for government permits and mainly he couldn't ride his off road toys without talking them out of town. I heard of things up were you are can get crazy pricey but there is a lot of opportunity to make cash with flipping real estate like Condos. I'm only 19 and saving up a 20% down payment on a small brick house I want but the popular homes up here are ranch style with a lot of land that can easily start at 200k and yeah a SUV here can easily run you 60k do to their popularity. and rent can be as low as 250 for a condo to 450 for a town house. Its cheaper to rent than to own up here but you are basically throwing your money out the window for lackluster homes and basic amenities. I cant add links but I would show you some pics.
Thanks so much
Glad you enjoyed. I did an update video in 2020. Sold the place in 2021.
this is depressing coming from a girl who lives in Vancouver ;)........you are very lucky! :p.......it's literally impossible to own a home here :/
I can only imagine! I've heard that Vancouver has some of the costliest property in the world. Is it just because there's no more room to build anymore?
I just came back from a family event this weekend & Vancouver's housing came up as a hot topic. It is truly insane. There's virtually no other place in Canada that's as hyper-inflated as that market.
same in Toronto!
I want to make an eastern Canada trip soon & check out Toronto. Definitely want to see an open house or two there.
he started out smaller purchase made money and moved up =- nothing lucky about it.
I'd take that over California, studios are about 1550-1600 not including bills, one bedrooms about 1800-1850 and two bedrooms are about 1950-2200 mind you this is just for an apartment. My husband's family pays over 3,000 just for their mortgage for their tiny two bedroom in a pretty crappy area. (._. ) I'll take owning a home outsa state over this crap anyday... It's getting bad out here all because they are building the stadium here too. The housing shortage and overcrowding doesn't help either.
Parts of California are certainly crazy. Then again Canada's Vancouver & Toronto are still pretty nuts too. High demand cities tend to command high demand prices.
@@landongendur yep sad but very true... lol
@@landongendur I'm talking about just the Ghetto not even in LA just the outside of it. If you're in the city an apartment could easily cost you 7000 a month for a one bedroom. There's gang violence and lots of crime yet the prices are crazy out here like 800,000 in Hawthorne, Inglewood Gardena South Bay is even worse
I think if I were to ever move to the USA, I'd consider Kansas City. Abundant freeways to easily get around around & the homes there seem really reasonable.
@@landongendur are you sure??? There are tornadoes there and it's kinda in the middle of nowhere lol like courage the cowardly dog
i may be going a way for a long time, should I get a house for or I use a storage unit? it will probably be 4-10yrs. what should I do?
I'd probably go with a storage unit. Selling a house usually as a 4-5% commission fee attached to it & a storage place usually comes with its own insurance coverage of some type :) Enjoy your extended trip!
I couldn't stop laughing when you were like, I have to water the grass
Honestly, that lawn uses a lot of water. Every 15 minutes of watering uses 1,500 litres. Compare that to a 10 minute shower which is only 25 litres.
i'm currently in pre-approval for a $275,000.00 with 3 something interest rate house with 5% downpayment so $13,750.00, on a 30 years term, estimate PITI is at $1747.63...but $261,250.00 divided by $1747.63 a month should only take 147 months to pay off not 360 months to pay off...do you know why? because 1747 for 360 months is like 3 times more then the house value
i just did some calcs with 15 years term because im not sure itf its a 30 years term or 15 years and with 15 years it seems way more reasonable (40k) with 30 years its (360k) in interest alone...so i texted the agent to make sure its 15 years lets see what he says
I highly suspect that what you described is 15 year amortization. $261,250 over 30 years @ 3.2% is ~$1,100/month. Over 15 years it would be ~$1,800.
yes the estimated piti right now is 1747.65 so it probably is 15 years and at 2.7% interest...my agent hasn't replied back yet...1100 for 360 months would be almost 400k, that sounds insane , that would be 130k in interest that can't be right...
My mortgage is now $165/week & I have 162,000 owing @ 2.69% interest. About 1/2 of each payment goes to the principal & the other 1/2 goes to the interest.
How much do you recommend to save to buy my first home? Also, can you include other fees besides the down payment that I need to pay? Thank you.
I *highly* recommend putting 20% down (or higher). Where I live there is Canadian Mortgage Housing Corporation (CMHC) that insures lenders where borrowers put less than 20% down. Their fees are steep! I only planned to put 15% down on my first place in 2009 (a $155K condo) & I remember the CMHC fee was MORE than just putting down the extra 5% to get me to 20%!!
Closing costs in Canada are less expensive than other countries. My lawyer fees for this house were $1,500 & the land titles/transfer/mortgage registration/etc. were $720. I also paid $182 for a home inspection.
Plus, you don't really "OWN A HOME" what you own is a damned mortgage which gives you the right to live in the unit. Just stop making your monthly payment and you will see REAL QUICK who owns that house.
True. It's still pretty amazing that I'm currently (2018) making $3,335/month in rental income off a house I don't even own. It's like saying "You don't own that car! Stop making your car payments & you'll see real quick who owns that car". Well if the car payment is $300/month but you're getting $600/month renting the car out, who cares?
My mortgage is now down to $160K & the house was recently reassessed as being worth $469K (granted I think it's a bit high). Even if I sold the place for $400K tomorrow & paid a realtor $20K in commission, that's a $220K cheque for me... all while having housemates pay for my mortgage all these years. ;)
LandonGendur you own it. Don’t listen to jealous people
Obviously.You’re living in a household unit the bank mostly paid for.No reason to think otherwise.
Eventually though the idea is you will in time.Its the land itself that you never truly own.Property tax is basically a land rental fee that keeps going up and never goes away.
That is a lot of money to own a home every single month. I don't think I would be able to do that.
This house was definitely a lot definitely a lot due to its features, size, & location. Keep in mind that you can purchase a 900 square foot 2 bedroom apartment-style condo near the University of Regina for around $100K right now which was unheard of a few years back (I remember the same units selling for $200K in the early 2010s). The downside is that the condo fees alone are pushing close to $400/month.
Still, a pretty nice deal; mortgage payments would be low :)
House prices in Regina have deflated considerably. My house was probably worth ~$425K at one point (the current tax assessment value is $469K with the basement done), but according to home price indexes it's worth pretty much the same as it was in 2015.
The good news is that I currently have 3 housemates that are paying a total of $1,950/month in rent.
Why don't you split the monthly housing by 3? That way you don't have to pay $1,032 and only pay $730.
That would make sense if it was a rent-share situation. However since I own the property, it's the local rental market in Regina that determines what a housemate is willing to pay for rent. Right now (in 2017) $600-650/month for a room is pretty much the maximum a prospect renter is willing to pay.
The exciting part is that my basement is currently being developed with 2 more bedrooms & they are huge (one is 15'x10' & the other is 13'x12'). I anticipate them to rent for $650 each. I'm also flirting with the idea of renting out the master bedroom (with it's own private bathroom) on the main floor $750/month.
If all goes well, that would all add up to $3,250/month - a nice profit to help pay down the mortgage. I intend to make a new update video once the basement is done :)
Nice video! Thanks!
Glad you liked it 😊.
Hey man, I really appreciate your 100% honesty. Finance should be not so taboo to talk about. Thanks!
Where did you get 100,000 dollars from for the down payment
I saved $16,200 & bought my first place (a condo) for $155K back in 2009. Local housing experienced significant appreciation so I managed to sell the place for $229K in 2014. After paying off my 1st mortgage & realtor fees, I had a about $114K left :)
Depends how much money you have in your bank account.
That's too high for me. Cincinnati condo for $25,000 TOTAL COST. $700 property tax per year, $235 condo fees per month with heating and water and pool included. Here's an sample if you think i'm just making up cheap numbers- 4900 Chalet Drive #808, Saint Bernard, OH 45217
Holy crap! that's less money than what a lot of used cars cost in Canada!! How much would a 2 bedroom like that rent for? My house is now worth $407K & I have about $150K in equity - so I could cash out of my place & buy several units there if they can rent for good money!
Not sure if anything is wrong or they just couldn't handle the mortgage of $25k. There is a short sale there.
Hmm... a red flag if the bank owns the property. It sounds like they couldn't get a sufficient cash-flow out of it. Here's an example of one of the cheapest 2 bedrooms in Regina ($115K) - 32 47 Centennial ST, Regina, Saskatchewan S4S6P8. It's located just across the street from the University of Regina.
Where I live the entire condo complex in Cincinnati would cost less than one condo apartment here in Toronto.
Toronto's prices are seriously out of control. I suspect that the extra taxation for foreign buyers in Vancouver is causing an influx of investors to purchase Toronto homes. Yikes!
Loved this video! thanks for sharing :)
You're welcome & I'm glad you enjoyed! I should really do an update though as 2 extra rentable bedrooms in the basement are nearly completion (should add $1,300/month in extra income) plus I just hired cleaning staff to come once a month... yikes! ;)
LandonGendur Yes please do! :) I would love to see
Regina huh thank you for the info
Great video! Would love to hear how you were able to get loan on one income? Did you get a good rate?
It was tough. My initial thought was to put 20% down but it didn't meet underwriting requirements. Even after putting 27% down, I still had to provide a 'guarantor' to get an approval from the lender.
The rate is 2.69% fixed until renewal in the year 2020. It's low enough where any extra money I have performs better in the stock market than it does paying down the mortgage :)
Hi , do u know what is maintenance fee include for duplex or codon , why it so expensive price range from 250 to 400 per month just for maintenance fee?
Good question. I think it's because labour charges for lawn care & snow removal are expensive. It costs nothing to shovel my grass & lawn care is maybe $300/year. Also no reserve fund to contribute to.
My natural gas bill is $14.00 for 1500 sq ft house . Just bragging.
Nice! Mine was $32.73 this past July. It was $168.05 in December 2015 though.
How would you like to spend around $600 per month on heat for 5 weeks. That's what I paid in Massachusetts about 8 years ago.
the mary needs to heat the house to 25 degrees...
Holy! Was that electric heat?
yo ya price of hose in new jersey
Curious. Are you still in this home?
Sure am. Did an update video a few months ago too.
Rent keeps going up and eventually mortgages gone be cheaper so I’m buying a crib
True. Still at the same house & now all 5 extra bedrroms are renting for a total of $3,200+/month!
Lol it’s 2021 and we can’t refer to this video for costs anymore lol.
Good thing I did an update video: ruclips.net/video/qgpVtNDmUEo/видео.html
Also, sold the house in 2021 for $421K.
Great Video, word of advise, don’t buy a home where it’s mortgage payment is more than a 1/3 of your monthly income.
Good point. Fortunately I developed the basement & now have 4 rooms rented for a total of $2,659/month. More than enough to cover my entire housing expenses.
LandonGendur yeah but basically your living with 4 people Bro. Zero privacy. Might as well just rent an Apartment
Tastee Motive. Privacy as we know it today is a very modern concept. Anthropologically speaking, humans have been fine for thousands of years living close to one another/as a group. I’m not saying it’s ideal in today’s standards, but this sort of level of privacy is not necessary to be happy and content in life.
lol i mean you could of built a decent house for 100k. and you pay gas/electricity furniture phone and everything when you rent. its cheaper to own a house rather then rent considering you have more options. i rent an apartment we pay roughly 1200 total and thats just rent and electricity/gas, so for owning a 300k+ house it kind of has its benefits.
Most apartments in Regina have natural gas heat & hot water included with the rent. My house fortunately now has a developed basement with 3 more bedrooms. With 5 housemates in total, the place generates $3,335/month which is real nice.
You'll be shocked to hear that my insurance thinks the 'replacement cost' of my house (given the current local labour rates) is $458K! And that's just the building; the lot can't burn down! :O
Yet a person can buy a brand new self-contained 225 square foot travel trailer for $24K. It's pretty nuts.
yea. your Replacement cost value is 458k becuase that includes removal of debris, labor. permits, material and everything else needed. i do insurance inspections and people always wonder why a 120k house is insured for 280k-350k and thats becuase all the contents. as well as everything else needed to rebuild the house to be exactly the same....a house built pre 1950s will be insured alot more specifically because they would have to replace the same material used to build the original structure.
That makes a lot of sense. Brand new 1500+ 1 storey homes with a basement sell here in Regina for $600K+.
Personally if my house ever became a total loss, I'd see if I could just get the $458K cheque & sell the 50' lot seperately to a developer. That way I could buy a new home right away instead of going through the hassle of a rebuild.
yes you would get the 458k but you would still be responsible with removing the debris at least. it would be a hazard to surrounding areas and if someone wondered onto the area it would be your responsibility if anything happens! which is why you want liability insurance. for that guy who falls on your grass breaks an ankle. they would sue your home insurance instead of you.
Already there. $2M in liability coverage (I wanted $5M but the max offered was $2M) & a $6,000 'voluntary medical payment' option :)
In fact I just read an article about how Regina police only offered a bystander that was bit by their canine unit $853 for the ordeal. I was like "Jeesh, I can afford more than that. Why does the city offer so little?".
Great video! Thank you!
Glad you liked. I keep telling myself that I need to make a new one with updated dollar figures. A LOT has changed with the house :P
Watering the lawn is a waste of money...
Renting a water heat WTF ROFL!
I'm actually looking at a way to capture rainwater & using a pump to water the lawn. Renting water heaters in Regina is very common since they only last about 6 years if not maintained. I suppose I could check to see how much it would cost to buy it out...
Come in Muenchen Germany, for 350.000 usd u ll get 60 m2 old apartment.
Yikes! Sounds like Muenchen Germany is running out of room to build affordable homes? I just came back from a road trip to Vancouver Canada & $350K wouldn't even buy a lot in a struggling neighbourhood there :(
Holy smokes! That's only $750 Canadian. My city can't even balance the books with our taxes (we're running a deficit). How does your city pay for schools, fire/police, parks, roads, etc when taxes are that cheap?
What do you do for a living? Just curious. It's a nice house.
I worked at a call centre for an insurance company from 2012-2017. I needed a 9-5 job to qualify for the mortgage.
Currently I'm just living off of rental & investment income. I developed my basement with more bedrooms & I now have 5 housemates that generate $3,200+/month in income. Gives me the freedom to travel :D
Wow! Very impressive.
LandonGendur fantastic about 900$+ cashflow, go for a rental house next! No1 can stop you!
expensive to own a house but worth the freedom you have now( renting and living)
I plan to do a road trip through eastern Canada once the weather warms up. Debating on whether I should cross the border & check out New York City too :) Most of my housemates pay me by email money transfer so I collect rent even when I'm away.
How did you save 100k
Great question. This is my 2nd home. My first place was a 3 bedroom townhouse condo that I bought for $155K back in 2009 with a $16.2K downpayment. Then I sold the condo in 2014 for $229K. After paying off that mortgage & realtor fees I got a $114K cheque :)
Ms Holcomb how come one American says to 1k mortgage is OK , the other says he can't save even 100dollars for a trip, and you see families living in RVs losing their homes. I live in Slovakia. Average netto monthly salary is 550dollars. We can't even live nicely. I could take a 30 year long mortgage of 100k, build a crappy little bungalow or buy old house and restore it. And pay 300eur monthly, energy bills 200eur, clothing, food, gas, internet etc... You are basically fucked till old age.
Oh wow, Slovakia! I was just in Hungary a few weeks ago for a vacation, so I was very close to you. I even met a Hungarian man in his 20s on the bus; he said the same thing - the average income for a villager was only 300 Euro a month!
From what I experienced, Western Europe has only recently become capitalist since 1989 & the middle class is developing, but very slowly. Definitely a major challenge. I would probably have to start with a very small house & rent out rooms to help pay the bills in order to live & afford it there.
In Canada, capitalism is a very unforgiving concept. Some people can make quite a bit of money & afford a nice home. Others are susceptible to spending too much or are unable to make enough money; unfortunately they will struggle financially.
jij bent sws nederlands
Glad you mentioned the cost of living in Slovakia. I was thinking of leaving the USA for western Romania or Southern Poland until I noticed the cost of a house similar to what we would have in the USA. An 1800 sq ft house was close to 200K USD. And it needed work. Southern Poland seems to be the same. In fact, the 200K USD price was on the low side. Many would be twice that in Poland, Hungary and Romania. From what I saw, there is not much of a market for houses in the areas I looked. Only a few people could
afford such a house so most are tiny village houses that are cheap or ultra expensive villas that start at 500K USD and go up rapidly from there. But, as has been noted, the former 'eastern bloc' countries just threw off the yoke of communism and the USSR only a generation ago. So there are economic teething pains when changing from one type of economy to a capitalist type. In the USA, it has gone too far toward unrestrained capitalism. Our middle class has a few migrating into the upper class and many slipping into poverty. Thus the reason why it is
getting impossible for many to retire here. Many are moving to south and central America but for me, I just do not like that heat or that latino culture. I am a mix of Polish and Hungarian so I would rather be in that culture
then south of the US border. Still, I will probably just end up staying where I am in Florida. Just wish I could find
good perogies, gwumpkies and Goulash here.
LOL, GUYS what is the name of the state again?
Regina (pronounced Ree-gine-ah) SK, Canada ;)
Before I actually looked at my phone I thought I was about to watch full house lol
-LILLANO
Oh my goodness! This would be one odd 'Full House' with all the housemates, that's for sure!
Great video!
Thanks! I keep telling myself that I need to do an update soon! Quite a bit has changed in 3 years! :D
Property tax in florida is three times that much plus no house on it lol
What? Why would taxes be high in Florida? :O
LandonGendur
:O I don't know!!!!
Witchcraft!
Wow what is it that you do for a living that get to a house like that?
I used to work for a bank earning $30K/year to buy my first property for $155K in 2009. I sold that place in 2014 for $229K.
I then worked for an insurance company earning $40K/year to buy my current house. I quit my job in 2017 & started living off of the rental income completely. My house's basement is now developed & at full capacity the top + bottom floor generates $3K+ every month.
Take the mortgage out of the equation... All the rest you have to pay anyway. My parents hard working migrants, saved and bought the house cash. No freebees then
Excellent point! This is exactly why I bought a house in the first place - make money off of something I need to live in anyway :)
Bro you pay 2300 overall but have two people also paying ? Your absolutely killing it Lmaoo
A lot has changed. I'm now making $2,641/month off of 4 housemates 👍
@@landongendur If you don't mind me asking, how much do you make a year(Gross yearly/monthly take home)? This video was very helpful in truly see what "real" cost would be in owning a home. I'm looking to purchasing my first home soon and videos like yours have helped me prepare for my budget.
I was clearing $550/week at the time of the video. I've since quit my 9-5 job & I'm grossing $608/week with 4 rented rooms.
You have most of those expenses if you rent too
A "damned if you do, damned if you don't" situation.
Canadian dollars to be clear?
Yes, Canadian dollars. I sold the house for $421K in May 2021.
Nice
So who told you to buy a $400,000 house?
Nobody told me. I did it with my own free will :P
Like having children if you think too hard about the cost of a house you'll never do it.
...until you get some equity in the house. Then you're hooked! :P
How in the world did you get a mortgage saying you have 2 renters? No bank would give you a mortgage on something as undependable as renters. They could move out at any time.
Great question! It was actually something that caused a major hiccup with my financing & had to be 'pushed through' at my bank's underwriting department.
At the time of this video I was employed & earning $3,750/month, before taxes. Most Canadian banks look at TDSR (Total Debt to Service Ratio) & GDSR (Gross Debt to Service Ratio). My TDSR was right at the 45% threshold. The issue was my GDSR (Gross Debt to Service Ratio) which is the mortgage & property tax alone; it would've been 37.1% with my home purchase - higher than the 35% threshold.
Without getting into too many details, some 'creative financing' had to be accomplished. It was a risk that worked out though; as of 2018, my basement has since been developed & the rental income is now $3,200+/month. My mortgage payment is even a bit less now.
Well that's a good deal then since they allowed it. Good for you!
The problem with RUclips videos especially these types of videos are that they are usually only relevant to a country, for example almost everything you mention, one pays even when you are renting a house in my country apart form the tax.
Another example would be the Infinity Bank concept, once again not relevant in my country, but these videos should learn and know they have an audience from all over the world and should hopefully know that they must specify ".the real cost of owning a home in .....country name.....". Then I would know not to waist my time.
Fair and true enough, but he did show very near the beginning the original MLS listing from the computer, and you can see the name of the community... Uncle Google knows a lot... I apologize for my sarcasm in advance, I'm having a bad day.
I was looking at his eyebrows
'disability' = "like, decapitated or something and can't pay my mortgage paymemt" lmao
Lol. Yeah, I cancelled that coverage soon after making this video. The rental income would flow in regardless ;)
no it was just that, as you might imagine, I was picturing you recovering from disability, in a lounger, with your head missing :) Great video btw. nice to have a realistic picture of the costs
you my neighbour! thank you man =)
Greetings from Saskatchewan :) Glad you enjoyed!
Am getting more money so I can get a house is it daily pay? Or a year????? Pin this lpz
I live in Switzerland and a house costs min 1 million
Wow, that's quite a bit - it's all about location & demand I suppose. Is there still a lot of people that are able to buy a house in Switzerland?
It shows even without the Chinese running their housing ponzi's home prices can rise quickly when interest rates are negative. Ben Bernanke caused the entire thing and where I live we have some jackass named Stephen Poloz who would do the exact same thing if it wasn't for Trump telling him to hike the Bank of Canada rate.
LandonGendur I am just a Factory worker but saved hard in my early years and managed to put 200000 down on my first home. Ordinary people can still buy houses here ... you just have to be a very good saver. Although you can live just as good without a house. It's a very large financial responsibility and it's not meant for everyone.
Having lived in Canada and now living in Switzerland I have come to see that not owning a house is not the end of the world. In the end we are all slaves...either to the landlord or to the banks and if you don't pay your property taxes then the house is gone to!!
people still use telephones??
Sure do. Utilities need a phone number. I never had a cell phone until I bought my first place.
It is such a detailed informative video. Only thing I would suggest is clear your mortage debt faster. You have gained a lot of equity on the house plus you must be having a good rental income after so many years. But it is always good to be debt free first. I am thinking of buying a house in Canada. I am looking at Windsor right now because of low prices and good weather. Do you know any such hot markets in Canada?
I reduced the mortgage quite a bit over 4 years. In hindsight I wish I put that extra money towards the stock market instead though. My mortgage is only at 2.69% & the S&P 500 has performed much higher returns.
Windsor is good, but the real steal is in Calgary. Houses that were $700K there have dropped to $450K. When the economy picks up, the prices should go shooting back up.
You have a $95 a month WATER bill?!?! Do you have a football field in your back yard that you're watering?
Ha! My water bill this month was $158. The city of Regina charges a flat $65/month just for being connected to water and sewer. Anything above that $65 is actual usage.
We use about 7,000 gallons per month now with 6 adults living here. The clothes washer alone is used almost daily & sometimes we have to run the dishwasher twice a day.
Dig a well and tell the city to shove that fee up it's ass.
So about $2,000 per month?
Already on it :) I'm just at the tail end of developing the basement (just need flooring, doors, and trim) so I'll soon have room for 2 more housemates at $650/month each. That will bring the total rent to $2,500/month. I'm also toying with the idea of renting out the master bedroom for $750/month - bringing a potential total rent of $3,250/month! Stay tuned for updates!
Why do they say owning when the bank has it to own it you would have paid it off .
Similar to if a person bought a car with financing instead of leasing. You still have ownership of the car's title & can choose to sell it anytime.
My house is now worth about $407K so if I sold it today I'd have about $151K left after paying off the mortgage & realtor fees.
I don't intend of selling anytime soon; the house is now generating $2,547/month off of 4 housemates. Soon to be a 5th housemate once the last basement bedroom is complete :)
I see the same catastrophe happening again that occurred in 07-09
No, it'll be worse.
Regina's housing market actually peaked in 2013. It deflated to a low in 2015 (coincidentally when I bought my place). We're back at 2013 levels now in 2017. My house is now (October 2017) worth ~$407K
you pay tax for the city to build things, they make a profit and you get none
This is true. However that's the same with hiring a company privately; they build things & keep their profits too. Unless a person lives on leased land, property taxes are compulsory with home ownership around here.
$350K? For that money I can get a Brand New Construction with complete basement, 4 bedrooms, 2 baths 3,000 square ft house where I live. Location, location location!
Yeah, it's pretty crazy here. I recently got a hood ornament shipped to me from Sturgis Michigan & it came wrapped in local real estate classifieds. I couldn't believe the *mansions* a person could get for $350K! Although one has to consider that $350K CAD is only $267 USD.
Regina is actually one of the cheaper western Canadian cities. It gets pricier when you look at places like Calgary & Edmonton. Vancouver is completely out of control - $350K would probably get you a leaky 1 bedroom apartment style condo with $600/month strata fees.
Rents are pretty high too & push up the prices for housing. I have a friend that rents a 1 bedroom + den apartment in Regina's "Harbour Landing" neighbourhood for $1,200/month. Only water is included in that price.
You know what's even crazier? I just renewed my home insurance & they pegged the replacement cost of my house at $442K! Apparently new construction in Western Canada is $260/square foot these days.
I also checked into hiring someone to develop my basement & labour alone was $60/hour. Needless to say I'm developing it myself! ;)
If you have an internet at home I suget to have MagickJack internet phone for just $39 US you can have one year of phone service in your home ..that's about $415 CAN saving per year..chears
Thank you! I'll have to check that out :)