Am I crazy to buy a house?

[paperchopper]

Forget the house or the condo, just take your downpayment, bury it in a garden, and water it twice daily.

In about 6 months you'll see a money tree sprouting, and in two years time you'll have made a 200% ROI.

"The Money Tree, making RE Speculators Richer Than Their Wildest Dreams Since 2002!"

 

[urbandreamer]

Just buy a house in the USA, they're on sale really cheap. Actually, buy a few hundred acres, near a medium sized town. Hold until you can redevelop into suburban mcmansions. Earn 100,000% on your money over 30 years.

Texas maybe?

 

[Admiral Beez]

Buy the house. You can rent out half of it to pay some of the mortgage. A condo goes down in value over time; a Victorian home only increases.

Doesn't have to be a Victorian either. My 1920 house in Cabbagetown is Georgian, and while doesn't entirely match the Victorians around it, suits the neighbourhood nicely, and has increased nicely in value since 1998 when we bought it.

 

[Roy G Biv]

Doesn't have to be a Victorian either. My 1920 house in Cabbagetown is Georgian, and while doesn't entirely match the Victorians around it, suits the neighbourhood nicely, and has increased nicely in value since 1998 when we bought it.

From 1997 - 2010, my Victorian appreciated at just under 5%/annum.

 

[cdr108]

From 1997 - 2010, my Victorian appreciated at just under 5%/annum.

i must say that is on the low side for TO, especially if your Victorian is in Cabbagetown IIRC.

from 1997 - 2010, TO R/E has appreciated by 125 -150% in most areas vs. your 80%.

 

[ponyboy]

I know a couple who recently purchased a house in parkdale, relocating from a downtown condo rental, and they started to regret it even before moving in. They may have been following the wishes of their parents before knowing and asking themselves the key questions. I hope it works out for them.

Houses are a lot of work, and currently are pricey by historical standards (so are Condos!). If these things don't bother you -- other big issues are whether you can afford it if interest rates rise (do the math), how stable is your job, and do you see your space needs increasing a lot in the near future. Also, I would never buy a house requiring a commute to work of more than 10-15 minutes -- all that extra time and stress driving isn't worth it to me. I prefer to be in walking/biking distance, but realize that isn't possible for everyone.

TV shows like "income property" almost always put a positive spin on it. My experience is that it costs a lot to reno homes in this town, with more downside than upside surprises. I've owned since 2002. Why not rent something nice and spend your extra time and money on hobbies and honeys?

 

[Pauline Frost]

You're not crazy, you're genius. It's good to know that even in your young age, you wanted to own a house. Owning a property is not that easy, seeking for a realtor is a good step to achieved your dream home. In my case, I didn't even have to lift a finger. Noble Black, my realtor is the best at taking care of all the processes for me.