saving 10 lakhs
Jump to Page:
< Previous [ 1 ] [ 2 ] [ 3 ] [ 4 ] [ 5 ] [ 6 ] [ 7 ] [ 8 ] [ 9 ]
Posted on: 16-04-04 11:09:34
Some good points there, Wisernow. I agree with you that the place you live in shouldn't be looked purely as an investment tool, rather there are a lot of other factors to be considered. There's this mad rush amongst desis to buy right now and the reason for that I think is everybody else is buying.
And Sunil, I agree. Not only are those extra curricular activities necessary, I wonder what else there is to do here if you don't indulge in those. I'd rather save 5k less every year and enjoy these things than otherwise.
-----------------------------------------------------------------
Are you there?
Quote:
Orginally posted by Mishtar India
Quote:
Orginally posted by chandresh
Well each has his perspective of lower middle class perhaps. When I came to Canada and saw the apartments which rent for about 1000-1200 per month, I almost decided to leave the country immediately - because the peple told me that these are some of the best apartments - and I was used to living in much better apartments in Singapore/Indonesia.
comeone now chandresh ...you know you are streching it ...you were ready to leave the country...and go where ? india?
i realize that you are a person of good taste and like to live in nice places but so does everyone ....i could have believed you if i was still outside canada , now i am here and i just rented a beautiful waterfront apartment in a great bldg, highrise in downtown toronto ( harbour square next to westin) for less than 1500 . i also looked at some 1200 apts but none were so bad that would make me feel like leaving the country !!!...and i have also stayed in many nice countries and places before ....or maybe i have a poorer taste than you !!
as for buying or renting it is a matter of personal choice and no one can comment on what the other is doing ...but i'd like to get your response to my earlier post in the same thread on buying a house vs renting .
i'd appreciate your views on it because want to start looking for a more permanent place..
is it a right thing or not ?
No fair!!
I'm paying $1,450 in rent for a new place, plus ALL those dayom utilities and I still don't like the area I live in. The complex is great, just immediately outside the complex is plain old yuck. Chandresh is rite, I hate the apartment facilities here in Canada. Anything under 1.2k is SO rat-infested it's hard to breathe. If anyone knows of a nice (pref new) place in suburbia that's under 1.5k including utilities, pls. do let me know. as for buying a house, we built our first house when we were 22 in the US, and in a few years we had just about enuf. Grass grew faster than you can say Weed, the place was so huge (we thought we'd start a family but kept delaying, so three outta four bedrooms went vacant permanently) that we barely knew what was in each of the rooms, and the heating, a/c, water, trash pick-up, sewer and what not bills were just the icing on the cake, compared to the taxes, pmi and monthly maintenance. Then when we wanted to move to take up a new job, we were stuck having to sell the house ourselves and the realtor took whatever equity we'd manage to build up (interest rates were still high then). So while we loved our house, having to juggle all those things was really HARD and it's so much more easier now to just pay one or two bills in "rent including utilities" type deals. It leaves you with so much more time on your hands! You should really be REALLY serious about maintaining a house before buying into one. It's not easy I tell ya!
-----------------------------------------------------------------
i am back 
ummm, btw, a CAD$70k income should put u in the 35/37% tax bracket if I'm not mistaken. That's what it is in the US, and I figure it'd be about the same here. So a net income of somewhere around 3.5 to 3.8ish (I don't know if they have FICA/OASDI and state income taxes and what they take out for social security around here, but maybe something close to what the US has since it's patterned on roughly the same model)...
so let's say 3.5 net, with a monthly mortgage of 1.2 plus taxes and escrow another 300 brings residential expense to 1.5 (trying to compare it to a rental situation where utilities are not paid)... for a couple w/o kids.
3.5 net take-home
(1.5) mortage
(0.5) basic water, gas/heat, electric, sewer utilities
(0.1) phone
(0.1) tv/cable
(0.5) internet
(1.0) groceries & dining out
(0.2) gas/commute
(0.3) single car payment
(0.2) car insurance
(0.5) misc entertainment/travel/social life exps
(0.5) misc home/decor/furniture/remodeling etc exps
= leaves you in the hole about 2 grand a month! 
And you still haven't budgeted for that bird nesting in your range hood, or the Roto-Rooter plumber who charges $45 an hour just to come look at the pipe and give an estimate, or the kitchen drain that you poured Draino in to unplug and didn't realize it corroded the metal inside so now your dishwashing is on the floor, or the basement leak that turned into a flood even though you're not in a flood zone, or the sod that wouldn't take root and had to be reinstalled, or the yard that didn't grow and had to be reseeded, or the garage door that got dented by accident, or the roof you fell thru while exploring the attic... and all this in a brand new built-from scratch home
Take it from me, don't buy a house on just a 70k income unless someone else is paying your mortgage for you or leaving you a tax-free legacy. It's not worth the headache. We had a higher income touchwood, but still, it was a LOT of hassle running chores from work, before work, after work AND on weekends just to keep the house in order. And even though people tell you you're building equity, when the market goes down, or goes nowhere at all, it really sucks.
-----------------------------------------------------------------
i am back
Hi guys....I find all the threads posted on this site and discouraging .This looks like a Horror story for canada aspirants. Why dont u guys try for a Job in India..even if you can save Rs 500,000 in india...its a much better life style in india...
A few corrections.....
3.5 net take-home - ****WRONG**** - It is AT LEAST 4.3 , for 70K with claim code 1 you get take home of $50812 / yr. (CCRA supplied program for 2004)
(1.5) mortage
(0.5) basic water, gas/heat, electric, sewer utilities **** WRONG**** more like 0.3
(0.1) phone
(0.1) tv/cable
(0.5) internet ******* WRONG ****** 500$ for internet???????????
(1.0) groceries & dining out
(0.2) gas/commute
(0.3) single car payment
(0.2) car insurance
(0.5) misc entertainment/travel/social life exps
(0.5) misc home/decor/furniture/remodeling etc exps
Do the math right.... 1.5K /mth mortgage is on the higher side. I don't have any comments about 1K for groceries and dining out NOR 0.5K for home "remodelling" but 0.5 for internet seems a tad too high. Reevaluate the cost , 70K is sufficient.
^ yup, u r rite about the "internet" part being wrong, sorry, I was thinking from my point of view ( since we have a home office, I just lump all home office costs into "internet"
.
for the rest, I'm sure the numbers look rite, maybe not for everyone tho. even in our rental townhome, we pay about $500 monthly in utilities for just two people, so I'm sure that'll be the same in a purchased house for us atleast. dining out and stuff to 1k ho hi jata hai even if we eat at home most meals, I guess it depends on where and different people have different lifestyles. we don't entertain much at home but we do spend a lot on ourselves. home decor and stuff is if u have furniture/appliances etc you've bought on installments or credit - got to pay for them sometime rite? and again, I guess it depends on what kind of things u buy, eg. namebrand or generic etc. we have a club membership as well, I didn't put that in coz it's under business expenses (so lump it under "internet", it's $180 a month for a couple, so maybe for a single person would be less. it really all depends on yr lifetstyle I guess. about the 4k after taxes, like I said, I don't really know the tax codes here, but in the US that was the net after taxes for a 70k income.
1.5 mortage is on the high side? really? didn't know that. oh well...
-----------------------------------------------------------------
i am back
oh i forgot, u guys don't pay medical/dental/vision here or have flex ben plans... no wonder my numbers are off. we paid a lot for health insurance there, so my net income numbers will naturally be less..
-----------------------------------------------------------------
i am back
Advertise Contact Us Privacy Policy and Terms of Usage FAQ Canadian Desi © 2001 Marg eSolutions Site designed, developed and maintained by Marg eSolutions Inc. |