Good post Ed.
Trying to buy my first home (my own). Researching like mad. Suffering info overload. Need focus, advice.
- Thread starter JonnyK
- Start date
Hello Johnathan,
1.) When purchasing a property new, or used, you will always need a lawyer. The fee when purchasing a house is not very expensive at all. Approx $800-1200. Most people your age spend more on tv`s these days.
2.) As a purchaser, you won`t be paying a realtor any money. That is the seller`s responsibility.
3.) A new property will require you to pay about $8000-10000 for closing costs due to levies and all kinds of fees to the city. Take a look at the contract and make sure you get these capped, but they are inevitable.
4.) Delays for new builds are common & will you be living rent-free while the house is being built??? These are costs that you will have to factor in when analyzing your deal.
Bottom Line: I would buy a property that has basement apartment potential. Spend the money you would on the new house and invest in creating this rentable space, rent it out for 12-24 months or however long you wish and save your money for another future purchase if you want to get into real estate.
No matter what you buy, you will only make money by adding value to a property you own (time, money, income)
1.) When purchasing a property new, or used, you will always need a lawyer. The fee when purchasing a house is not very expensive at all. Approx $800-1200. Most people your age spend more on tv`s these days.
2.) As a purchaser, you won`t be paying a realtor any money. That is the seller`s responsibility.
3.) A new property will require you to pay about $8000-10000 for closing costs due to levies and all kinds of fees to the city. Take a look at the contract and make sure you get these capped, but they are inevitable.
4.) Delays for new builds are common & will you be living rent-free while the house is being built??? These are costs that you will have to factor in when analyzing your deal.
Bottom Line: I would buy a property that has basement apartment potential. Spend the money you would on the new house and invest in creating this rentable space, rent it out for 12-24 months or however long you wish and save your money for another future purchase if you want to get into real estate.
No matter what you buy, you will only make money by adding value to a property you own (time, money, income)