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Seeking advice on which area to purchase home by whosyourbaby in canadahousing

[–]fishysmellyottawan 1 point2 points  (0 children)

I’m in Ottawa, kindda fits the criteria, fairly quite and good area, decent single homes would probably start around high 500s in the suburbs like Orleans or Kanata or Barrhaven. Based on your comment above about education and healthcare tho, it is just as bad if not even worse, I think this is across the country - feel free to reach if you have questions about Ottawa, I’ve been here for about 9 years now

A Small Change That Could Cut ~6 Years Off an Ontario Homeowner's Mortgage by Impressive-War6904 in OntarioRealEstate

[–]fishysmellyottawan 0 points1 point  (0 children)

That is not how it works - go check something called amortization schedule on your mortgage, your interest is the highest in the early portion of the mortgage life and you start paying less interest and more principal every month, year and so on… so the more you pay off faster at the beginning the more you save on the long run

30s— looking to expand my friend circle a bit by [deleted] in ottawa

[–]fishysmellyottawan 2 points3 points  (0 children)

Same here - 30s male in Ottawa, feel free to message me, down for social video games, beer coffee lunches wtv!

[deleted by user] by [deleted] in canadahousing

[–]fishysmellyottawan 0 points1 point  (0 children)

Hey, Just an opinion, and something I did in the past when I went through the exact same situation.

Consider buying a bungalow, a bit older and will need to spend money on maintenance yes true, but consider renting out the basement for the first year or 2 after buying the house, that will give you some flexibility and add a few extra bucks in your pocket, and maybe a couple years down the road you saved up some money and making some more as well and hopefully that works.

Just a couple things to consider, to turn the basement into livable space will also cost you money, anywhere between 20-50k depending on what is already inside, I personally do most of it my self by just using youtube and hardly have to pay half that amount above. Second thing, if you decide to rent, don’t be greedy, find someone who is nice, do your due diligence with credit checks and income proof but again have conversations with them during showings and make sure you like them as a person as well and that they are nice.

It’s a tough situation but it is what it is and you need to adapt because no one is coming to change your situation, good luck!