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geetee posted:Why only 5 years? From what I understand, you should lock down these lows rates for as long as possible. (I'm assuming the rates in Canada have dropped like they have in the US.) Canadian mortgages don't allow you to lock in for longer than 5 years. Well that's not entirely true, you can go nuts and lock in for 10 years but the guaranteed rate will skyrocket. In Canada we get new mortgages every year/few years based on a long term amortization schedule. To the guy above, with a 950 mortgage you're fine unless you both have a problem with going out to eat and partying it up often. If you can't manage that mortgage on that budget, you can't manage any mortgage.
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May 8, 2009 16:41
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geetee posted:Ah, interesting! I hope that costs less than what refinancing costs in the US? After the term is up, there is no cost to refinance, it's a part of the cycle. The costs are insane if you want to break your 5 year/3 year whatever term. What really sucks rear end is interest is not tax deductible.
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May 8, 2009 17:51
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As a Canadian, I have to wonder what all these 'closing costs' are for USA buyers. I don't know it just seems like extra ways to screw buyers when buying a home. In Canada you have legal fees to transfer the title (About $1k) and possibly real estate agent commission and that's it. Up here the lawyers handle any escrow issues, what else do you need to pay for?
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Jun 10, 2009 20:53
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Econimically depressed or not, that's only $375 a month in interest payments. What are rents like out there, $400? I guess it's a lot of money in an economically depressed area, but if one could afford to put away $500 a month towards such a mortgage and their work is stable, then they're doing ok.
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May 6, 2010 16:57
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gvibes posted:Keep in mind that your "equity" could be invested in something with returns, so there is an opportunity cost as well. Investing your equity for 7-8% would also require you to obtain a mortgage for the amount you just invested, reducing possible gains if your mortgage is in the 3-5% mark. Having 100% equity on your home gaining 1-3% appreciation also gains against the current mortgage rates in interest saved. Is the leverage worth the risk?
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Feb 24, 2011 19:50
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quaint bucket posted:long story short: If they give you notice they can show when they like. But you have no obligation to leave or clean up so well.
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Apr 12, 2011 02:21
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sanchez posted:daggerdragon, I'd really like to see some photos when your kitchen is done, some of the stuff in your list is a result of luck and can't reliably be repeated (flooring and appliances) but the cabinets in particular sound very interesting. I don't know how much materials are where you are, but here a finished cabinet from Ikea is way cheaper than just buying the raw particle board and paint or melamine foil. Let alone the work to cut and joint perfectly cut pieces. The same goes if you want to buy finish quality plywood for stronger cabinets. It's really no different than furniture making where you build something because you enjoy the process and holding on to the finished work whereas anything commercially built will always be cheaper and more professionally finished than a new-DIY. If you're a carpenter with all the tools then it's a different story entirely.
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Oct 5, 2011 18:14
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FISHMANPET posted:The Ikea brand counter tops are pretty bad, they don't have corner pieces, so you just bump the front of one counter against the end of another, and there's a weird plastic piece that goes in between. I'm not sure if Ikea offers custom made laminate counters (mine has a bunch of granite and stuff), but if they don't go to a Home Depot or something and get them there. You'll spend a bit more, but they'll be a lot nicer. Yeah Ikea lacks real corner laminate counters, but on the flip side their corner joining pieces look better than a lot of cheaply done custom laminate counters where they join the laminate on a 45 angle anyways. Good laminate will use a larger sheet of formica rather than join two on a 45. The other plus when I used an Ikea counter a few years ago was that the whole slab was a true 1 1/4" (or was it 1 1/2") thick rather than most which are 3/4" thick with a built-up edge profile.
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Oct 5, 2011 18:19
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