Currently i am renting a apartment, total cost is $ 1150 monthly,

I have very good credit but have no down payment , how can i buy a condo with zero down ,

Have a full time job for last 5 years

Looking for a simple 2 bedroom condo where my monthly mortgage including everything should be $ 1200 something.

Buying a condo with hope that it will appreciate at least 5 % or atleast not depreciate in value

Any possibilities , any tips will be appreciated

thanks

This is only one such point to bear in mind. So, start with it and develop your purchasing of any property, from there.

1) The Single Family Dwelling has a large tax base and if you are looking to get into the more affluent areas, your property tax will be HIGH. So, find out what it is first, before you think of getting into one such location.

2) Against: The Condos have a fee, a Maintenance Fee, generally it will amount to the same as owning a SFD. because the owner of a Condo wants to maintain it well and also have sufficient staff and Concierge and security etc., etc., which gets priced in. But you need all of these plus some in the current day living. AND you live worry free.

3) Please see my posting previous to this one in the previous thread. Where in I say that you go into a Municipality where they will permit you to have a SECOND Basement Apartment which will permit you with a second source of revenue to fund the project. It will be well worth your while to do some research into it.

4) Last but not the least, there is an affordability factor, which is, the total income that you and your partner or the whole family generates within the house and what is the percentage that they will permit you to use? (Say 42% of the total disposable income. There again there are Mortgage Brokers who will bend the rules to provide you with all of these and then will throw into the kitty an additional 5% of the total value of the property for you to what ever the hell you want to use it for.

The Ball is in your court. The Call is yours.!! You have to read a lot upon it or study the situation and Do your Due Diligence well, before you sink YOUR dollar.

HEY,IF I MAY ADD, you can live free in this country if you know how!!. Only you got to find out HOW?

You came to the right place. You will prosper well by picking other peoples' brain. More power to you.

FH.

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Quote:

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Originally posted by Kacchu

Currently i am renting a apartment, total cost is $ 1150 monthly,

I have very good credit but have no down payment , how can i buy a condo with zero down ,

Have a full time job for last 5 years

Looking for a simple 2 bedroom condo where my monthly mortgage including everything should be $ 1200 something.

Buying a condo with hope that it will appreciate at least 5 % or atleast not depreciate in value

Any possibilities , any tips will be appreciated

thanks

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Condo cost should not be over 100K in order to have a 1200 $ expenditure every month including everything.

Quote:

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Originally posted by Kacchu

Currently i am renting a apartment, total cost is $ 1150 monthly,

I have very good credit but have no down payment , how can i buy a condo with zero down ,

Have a full time job for last 5 years

Looking for a simple 2 bedroom condo where my monthly mortgage including everything should be $ 1200 something.

Buying a condo with hope that it will appreciate at least 5 % or atleast not depreciate in value

Any possibilities , any tips will be appreciated

thanks

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Growing Old Is Mandatory ..Growing UP is Optional

Before you seriously consider or finalize any purchase deal, make sure you calculate the cost of ownership versus your current monthly rent; Cost of ownership includes property tax, condo fees, all utilities etc, including interest payment on the expected mortgage. If there is a large difference between the two in favor of rent, then you are probably better off renting. Also, markets are on their way to collapse soon so that should also be taken into consideration. People keep saying in 2-3 months, everything is going kaput.

If you have zero bucks to put down, you are a serf and a debt-slave so banks would like you if you have a solid employment that can be expected to weather the oncoming collapse.

First search for the properties in a price range. Say 250-300 K range. Then inquire if they are a candidate for an additional Basement Apartment. If they are, then go and take a look. If selected, then take a Re-modeller and see what it will cost to get it ready for rental. Then see who will provide you with a mortgage. Then follow a good routine to get completed. Do it yourself if you are a HANDY MAN. Then go for a second home and do it yourself. Most of us are NOT. Hence the problem and a few do not how how to remodel. There ends the story and the projects. No one to provide help or be a mentor? WHY??!!

Here is a search system..: I use the same for Brampton.
http://www.mybramptonrealestate.com/Homes_From_300000_-_350000/page_2624831.html

http://www.mybramptonrealestate.com/Home_from_150000_-_250000/page_2613709.html

The OP is a five year veteran and has a few good bucks to put down and now needs help to get started. So, provide him with good help and if you are nearby drop in and give him first hand details as to how to go about it and may be a cup of java to top it, in good sincerity.

A try is worth it. We always can build a slow but sure system to help our own Desies.

FH.
For An Apartmrnt in a high rise...

Edit..:
From the list 239,900 ..
$239,900 - 8 Lisa St 608, Brampton, ON L6T4S6
ID: W3451216 Beds: 2 Baths: 2Square Ft.: - Year Built: - Style: ApartmentTop Location In Brampton. This South-East Facing Unit Features 180 Degree Panoramic View Of The City Line And Cn Tower, ... **** FOR DETAILS, PICTURES AND MORE INFO CLICK ON THE LINK ****

http://www.century21.ca/asharpal.singh/Property/ON/L6T4S6/Brampton/8_Lisa_St_608

xxxx

Suite Potential..:
http://www.mybramptonrealestate.com/Brampton/Ontario/Homes/TorbramBalmoral_Drive/Agent/Listing_189412674.html


fh

I am looking in city of toronto, and looking for mortage like say $ 1200( including mortgage, condo fees, insurance etc)

Not sure if this is possible

Quote:

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Originally posted by GlobalIndian

................. If there is a large difference between the two in favor of rent, then you are probably better off renting. Also, markets are on their way to collapse soon so that should also be taken into consideration. People keep saying in 2-3 months, everything is going kaput.

If you have zero bucks to put down, you are a serf and a debt-slave so banks would like you if you have a solid employment that can be expected to weather the oncoming collapse.

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