Posted on: 08-07-05 03:51:24
Calling all seniors for suggestions and advise.
I will be moving to toronto very soon along with my family. I have some savings with which i can manage to buy a timepass house (two bed apartment) immediately on landing. This will save me from renting and I can peacefully look for jobs without worrying what will happen if i cannot support the rent after three or four months. When things get better (hopefully) in a year or so, I can shift to the dream home with the normal mortgage routine, close to school and the usual stuff.
Does this make sense or the above is not possible. Are there any legal hassles? How can I get the money to canada if I buy my house.
Appreciate your suggestions.
i think initially u should look for a job after reaching canada.
after getting job u should look for a house. u cannot say where
u r going to get job.
so far taking money to canada i think there is no problem.
i think a permanent immigrant can take foriegn exchange
upto us$100000 once in a life time . better u check with rbi
website
u saying u buy a decent house after about one year.i wish u
that u would do that. this are not so rosy there. i went twice
there and came back. though i am planning to go there third
time.u must prepared for the hard time. iam not discouraging
you. canada is a good country to live in.
in what occupation u r here in india.and what ur earnings are?
Thanks for ur replay . I dont work in India ,I am an NRI.
I work in the Telecoms . Well I know the situation is not rosy even in the IT field. Initially u need to struggle unless u r very lucky. u need to have canadian work experience before u make it.
Quote:
Orginally posted by M4
Calling all seniors for suggestions and advise.
I will be moving to toronto very soon along with my family. I have some savings with which i can manage to buy a timepass house (two bed apartment) immediately on landing. This will save me from renting and I can peacefully look for jobs without worrying what will happen if i cannot support the rent after three or four months. When things get better (hopefully) in a year or so, I can shift to the dream home with the normal mortgage routine, close to school and the usual stuff.
Does this make sense or the above is not possible. Are there any legal hassles? How can I get the money to canada if I buy my house.
Appreciate your suggestions.
First of all, while it might seem like a good idea to buy a house (time pass 2 bed room apt) to avoid the tension of job searching but it does not seem to be very practical as very rarely you will find to buy a house for immediate possession. Even if a house is vacant, still it might take 15-20 days and for that time you would still need to have some sort of temporary accommodation. By hurrying in buying the house or apt. you would not be able to research the area and you do not know where you will land the job in your field and it could be very time consuming or rather impossible in certain circumstances to do a to and from work daily.
Secondly, if you are having the money to buy the house without mortgage, (you will need at least $125 to 150 K to buy a time pass apt) then why you have to worry about not having able to pay rent because if you do not spend the money in buying the house, you will have ample of money to pay rent for more than 2 years even without having a job. However, if you put some down payment (minimum 35% of the cost of the house / apt.) and take the mortgage, then you would have to worry for mortgage and taxes payments after 5-6 months if you do not land up a job of your liking or in your field.
Thirdly, there are other expenses involved in selling the house ( as you plan to switch for your dream house later) which could be 5-7 % of the selling price of the house and I do not think you will have 10% appreciation in a span of 1 year to break even for the selling costs.
The best situation would be to research and apply for jobs even before coming to Canada. Once you land here, rent for some time, look for job in your field and then decide to buy the house in the location which suits your needs.
If you need any help or advice in this matter, please feel free to pm/email me.
Good luck.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Thats a great piece of advise from Pramod. I think you should listen and try to adhere by it
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We will find a way or we will make one
Certainly that was valuable Info from Pramod
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Ashish
