Question about buying a home

[October2008bride]

Thanks guys - I think we would have had a chance at this one (even with the low offer) if the 2 other offers didn''t come in.

I used to believe something better would come along, because we made an offer on another place in Feb and lost it and something better DID come along!! But now I feel like NOTHING can be better.

Haha...this will be a good experiment. PS will be a great place to track my idea of ''the best house ever'' and we can see how it progresses!

I also agree that prices will fall once the spring is done. I am more than fine waiting but everyday I hope that the perfect house doesn''t come along yet because I know if I see it, I will have to try to buy it, when the practical part of me knows prices will go down after the spring.

We all know it isn''t the practical side of me that wants to buy a house though - that is all emotion right?

 

[Bia]

I''ve never purchased my own home but I remember when FI was looking for his, he asked for my help. We saw a lot of co-ops, but the very first one we saw was the one that I fell in love with (had a fireplace, high ceilings, moldings, big windows). It was also out of his price range. It was such a rollercoaster of emotions for us. We loved it, but knew we weren''t going to get it (that''s so hard!). THEN, by some miracle, the offer that was originally accepted fell through and he got it!

I''m not saying that to get your hopes up. I just mean that shopping for a home is exciting and nerve-wracking and fun and sad and so many things. You will find the home that is exactly what you want. And you have time on your side because prices will continue to go down for awhile.

Chin up

 

[Burk]

So sorry it didn''t work out. It can be emotionally draining looking to purchase a new home. We are currently in the process of building and I feel the same way! I''m sure there will be a *perfect* house come along in good time. Please share pics when it does!

 

[October2008bride]

Date: 4/30/2009 11:03:17 AM
Author: Bia
I''ve never purchased my own home but I remember when FI was looking for his, he asked for my help. We saw a lot of co-ops, but the very first one we saw was the one that I fell in love with (had a fireplace, high ceilings, moldings, big windows). It was also out of his price range. It was such a rollercoaster of emotions for us. We loved it, but knew we weren''t going to get it (that''s so hard!). THEN, by some miracle, the offer that was originally accepted fell through and he got it!

I''m not saying that to get your hopes up. I just mean that shopping for a home is exciting and nerve-wracking and fun and sad and so many things. You will find the home that is exactly what you want. And you have time on your side because prices will continue to go down for awhile.

Chin up

That is funny - because that is what happened here! We saw it, it sold the next day, and the deal fell through so we got a ''second'' chance on it.

Maybe a third will come by? haha

Thanks for checking in on me. I''m still pretty sad about the house but part of me feels relief for not having to spend the money! haha

 

[kama_s]

October, I was going through MLS today (well, with my neighbor because she was looking to buy a condo and then we ventured into houses...annyywwayyss), and I found the listing to the second house!!

I have to say though, the neighborhood isn''t all that good. It gets really sketch in that area past 10pm...I actually wouldn''t want to walk alone around there at night. Just wondering if you''ve been around the area at night....I actually feel a little terrified a few blocks down even during the day time. Anyways, just my opinion.

 

[October2008bride]

Date: 5/1/2009 12:34:21 AM
Author: kama_s
October, I was going through MLS today (well, with my neighbor because she was looking to buy a condo and then we ventured into houses...annyywwayyss), and I found the listing to the second house!!

I have to say though, the neighborhood isn''t all that good. It gets really sketch in that area past 10pm...I actually wouldn''t want to walk alone around there at night. Just wondering if you''ve been around the area at night....I actually feel a little terrified a few blocks down even during the day time. Anyways, just my opinion.

Yeah - I know the area isn''t perfect - however it is being revitalized and those new condos are going up 3 blocks away (occupancy October of this year). We were willing to take the chance since the house was under valued by quite a bit and the area is improving. The street itself is great.

I wouldn''t choose to live in that area for just any house, but we loved it, and knew that over the next 5-10 years there would be a huge transition. Because we aren''t thinking kids (possibly at all) and I don''t walk home late at night, we were willing to live through the transition phase because having a 3000 square foot house in downtown Toronto would be pretty great when the area improves and we go to sell.

We had spent a lot of time there at night to make sure we felt okay. Most of the houses on the street are owned by doctors/lawyers/etc and only once in a while did we see anyone who didn''t live there walk down the street. Sure, a few blocks over it isn''t as nice but we felt the risk was worth it (I don''t mean actual risk, but more the risk of buying in transitioning neighbourhood for the potential to make $$ down the road.

 

[kama_s]

That makes perfect sense. You''re right, a house that big in downtown or even suburban downtown would go for at least 2x that. And I wasn''t aware of all the development. Good decision. And it''s so incredibly close to downtown too. I really hope the other deal falls through.

 

[October2008bride]

Thanks Kama - I do appreciate you looking out for me. Those are definitely the discussions hubby and I had though.

It won''t fall through - and chances are even if it does, the other bidder will get it since I get the sense we were the lowest bid. Ah well.

At least now I know that Victorian houses are up my alley

 

[kama_s]

Ahh, if you love Victorian houses, the annex would be right up your alley. I wish I could afford a house in that neighborhood...why couldn't I be born 20 years ago?!!!

I was looking into houses in the Forest Hill-St. Clair-Eglinton area and a simple 3 bedroom house fetches upwards of 1.5 million. It was so disheartening to see, because I definitely dont want to move to the GTA area AND want to be as close to downtown as possible AND want a nice big house.

I hope you find a nice house soon. I have my fingers crossed for you.

 

[October2008bride]

Date: 5/1/2009 12:50:41 PM
Author: kama_s
Ahh, if you love Victorian houses, the annex would be right up your alley. I wish I could afford a house in that neighborhood...why couldn''t I be born 20 years ago?!!!

I was looking into houses in the Forest Hill-St. Clair-Eglinton area and a simple 3 bedroom house fetches upwards of 1.5 million. It was so disheartening to see, because I definitely dont want to move to the GTA area AND want to be as close to downtown as possible AND want a nice big house.

I hope you find a nice house soon. I have my fingers crossed for you.

Yeah the Annex is expensive - don''t know if we could afford in there. We are focusing on Cabbagetown, Riverdale and the Danforth.

I feel like we are in a middle price range - smaller houses that are totally renovated or a bit bigger but need a tonne of work. Sigh.

Ah well - our time will come!

Are you house hunting?

 

[kama_s]

Those are nice areas. I know what you mean about the middle price range, it''s going to be the same for us. It''s difficult to own a spectacular home this young...unless you come from family money. Like you said, when it''s time, it''ll happen! Are you currently renting?

Re: house hunting, I am but I shouldn''t be. We wont be looking into a house for another 3 years. At that point we decide if we want to continue living in Toronto or move back to Montreal. I just have what Mr. Kama calls the ''curiosity itch'' - I always start looking into things much in advance and get increasingly antsy about it until it''s finally time. Besides, I really do love condo living...for now!

 

[October2008bride]

Yep we rent in a condo right now - it is great and a 7 minute walk to work so I love it!

I think that because we are a bit older we are sort of skipping the ''starter home'' which is why we don''t want to buy something that is too small that we will grow out of in 2 years, you know?

We are not in a rush to buy, but I am getting tired of house hunting so if it takes a year I might go crazy!!

I follow this blog www.greaterfool.ca and it makes me feel better about holding out on the house

 

[kama_s]

Date: 5/1/2009 5:28:31 PM
Author: october2008bride
Yep we rent in a condo right now - it is great and a 7 minute walk to work so I love it!

I think that because we are a bit older we are sort of skipping the ''starter home'' which is why we don''t want to buy something that is too small that we will grow out of in 2 years, you know?

We are not in a rush to buy, but I am getting tired of house hunting so if it takes a year I might go crazy!!

I follow this blog www.greaterfool.ca and it makes me feel better about holding out on the house

Nice! Same with our condo, I used to walk to work, but now we live a little further out, so I just take the streetcar!

I think it''s wise to skip the ''starter home'', I personally think it''s a waste of money...what with land transfer fees, realtor fees and taxes. We''re going to get the ''family house'' as our first as well, even though it might be too big for the two us until we start family planning. The only thing keeping me at bay is the thought of cleaning 3000+ sq ft...I find it a chore with my 1300!!!

I feel you on the hunting. So far I''ve helped search a house for my mum and twice condos for us. It''s lots of fun, but can get really exhausting - especially if you''re spending all your free evenings and weekends checking out places! I really really really hope you find something nice soon!

Great blog, btw!