Get A Mortgage Pre-Approval Before You Buy a Home in Oakville-Burlington

Get A Mortgage Pre-Approval Before You Buy a Home in Oakville-Burlington

http://homeloansontario.ca/pre-approved-mortgage-burlington-oakville-milton.htm Get A Mortgage Pr-Approval Before You Buy A Home in Oakville, Mississauga, Mi…
Video Rating: 0 / 5

Question by Fransico Delamonte: Assuming me and my roomies want to settle down for a couple years, is an apartment or a house/condo better?

Best answer:

Answer by internet browser
that depends on whether or not your roomate is your friend or lover…If friend then it would be better to settle in to an apartment; if lover then depending on the relationship you might explore the option of purchasing a house or condo

Add your own answer in the comments!

5 Comments

  1. well, buying is usually better than renting because you’ll be able to build equity.

  2. A house would be best. It will give you each the space that you need. And in some areas, renting a house is the cheapest way to go, it seems it would be the other way around, but not always.

  3. depends where you live, which city…but probably a condo for you guys…a house is too much work

  4. Well it would be a better idea to buy seeing that if you rent that it’s like throwing money away but if you get a house that is contract for deed then it’s more like your spending money on something that can eventually be yours. And if you choose not to stay there then you can rent it and make money

  5. To evaluate rent or buy, you should first consider the “equivalent mortgage” from your current rent payment. To calculate that, you need you and your roommate’s tax bracket.

    Let’s say both of you are on 35% bracket and you pay $ 1000 total for rent. Since mortgage interest (under $ 1M mortgage) and property taxes are tax deductible, your 1000 rent money can be roughly equated to $ 1538 (1000/0.65). So if you get a mortgage that’s around $ 1538, then it’s financially equivalent to paying the rent. If the mortgage is higher, then you’re paying for the “emotional feeling” of home ownership. If the mortgage is lower, then you’re getting a bargain compare to your current rent.

    Do think twice about whether you want your roommate to be a joint owner of a real estate property. When you want to sell, both need to agree. The situation might be even tougher, if both of your names are on the mortgage, but he/she cannot make the monthly payment. If something goes wrong, both your credit scores will be jeopardized.

Comments are closed.