Comfortable cost of living
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I am an indian chartered Accountant. What are the chances of me getting into accounts or finance profession there? I am landing in April 2008. Got the PR. Is it absolutely necessary to get the canadian qualification?
How to live in an "unbuilt" home? What does it mean? Please explain.
Quote:
Originally posted by subbu1962
How to live in an \"unbuilt\" home? What does it mean? Please explain.
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There are a few good Builders in this Town. They buy LAND and with the help of an Archetect, they design and plan to build dwellings that are permitted to suit the Zoning Rules where the land is located. It could be High Rise Rentals, Condos, Single Family dwellings, Link Houses etc., etc., what ever is suitable for that location. They also develop the lands by levelling, drainage, bringing in Water Mains, Sewers, Lighting, Cable, Phone and of course POWER Mains, parks and play grounds and parking too.
Now the Builder, after getting the City Planning Approval, Environmental studies and what not, goes to the Bankers and wangles a few bucks, after providing them with the business plan and an understanding that he is going to make a few bucks with it.
The homes, condos or the dwellings in general that are not built yet, are called \"UnBuilt\" - home-condo or a dwelling. Articles: Some Good and some Bad and I have provided a check list and what you should know and do, in case you are about to get involved into one.
http://www.usatoday.com/money/perfi/housing/2005-06-20-unbuilt-usat_x.htm
http://www.heraldtribune.com/apps/pbcs.dll/article?AID=/20061219/BUSINESS/612190535&ref=patrick.net
http://www.bbbhou.org/home_family/unbuilt.htm
Hope this gives you a clear understanding of the subject matter.
So, be guided accordingly.
Freddie.
Quote:
Originally posted by subbu1962
How to live in an "unbuilt" home? What does it mean? Please explain.
It need not be so complicated.
Unbuilt home could also simply mean that a builder has just got a bunch of lots released from the city to build homes. There will be a bunch of floorplans and lots that you can choose from. You initially give them a deposit and the builder will build the home for you which can take anywhere from 4-12 months or even more. The advantages are:
1) You get to choose the floor plan you like, you can make customizations (upgrades) as per your liking (e.g a separate basement enternace), you also get to choose the color/quality of carpet, windows, cabinets, appliances etc.
2) You have time till you get the house to save additional amount to pay for your mortgage.
That said when you buy a house your primary goal should be to look for something to live in and seconday goal should be to use the house as a investment tool.
Also dont be house poor. A lot of desis do this mistake,
I know of a friend who bought a big detached home for approx 330K. He still dosent have the money to furnish the house fully, he has no money for entertainment (restaurants/movies), he cannot buy your latest flat screen TV, lives paycheck to paycheck after mortgage payments.
He put 20K in upgrades and his totaal closing cost was 360K. Sure the house value has gone up to around 400K now but how much profit has he made, if he sells the house for 400K using a full service mortgage broker he would have make less than 20K, also once he sells this house he will have to buy something else which would also have appreciated.
In this new house he will have to pay closing costs, buy appliances curtains possible some furniture.
The first advice would be to make 100% contribution to your RRSP+RESP. Remeber interest on these invenstments are not immediately taxable. If 1000$ = max RRSP + max RESP + Savings
then you are ok unless you have a high end lifestyle.
You can use the savings as investments or for that trip to Mexico or visit friends in india etc.
Also irrespective of if you have a house you should keep anywhere from 450$-1000$ every month for big home/other expenses. This can be for the new plasma TV or alloy wheels for your car or new home furniture.
House poor in a big house can be a very frustrating experience.
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Live and Let Live
Posts: 5775
Location: God's own country
Posted on: 11-10-07 10:37:16
Location: God's own country
Posted on: 11-10-07 10:37:16
Chittesh,
Being in this line, This is what I always advise friends.
Whn you buy a big house, try to rent out the basement or let the owner live in the basement and rent out rest of the house. Even if you get $600 or so, this can help you for paying Hydro/ property tax/ Insurance.
I have seen that a lot of desi's just keep the basement for storing Junk. A finished basement can be made for as little as 10K and you are wise even if you were to borrow from your LOC to do this.
Hope this helps.
TK A
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I am a Gents and not a Ladies.
Quote:
Originally posted by tamilkuravan
Chittesh,
Being in this line, This is what I always advise friends.
Whn you buy a big house, try to rent out the basement or let the owner live in the basement and rent out rest of the house. Even if you get $600 or so, this can help you for paying Hydro/ property tax/ Insurance.
I have seen that a lot of desi's just keep the basement for storing Junk. A finished basement can be made for as little as 10K and you are wise even if you were to borrow from your LOC to do this.
Hope this helps.
TK A
As this Thread is on Comfortable Cost of Living -
On the contrary to whay you said TK, I believe in opposite. Buy what you can afford & what you can enjoy. Its your Home. Don't rush in. Take time to zero in.
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Mumbai Maazi Ladki ...
Quote:
Originally posted by Maharaj
Quote:
Originally posted by tamilkuravan
Chittesh,
Being in this line, This is what I always advise friends.
Whn you buy a big house, try to rent out the basement or let the owner live in the basement and rent out rest of the house. Even if you get $600 or so, this can help you for paying Hydro/ property tax/ Insurance.
I have seen that a lot of desi's just keep the basement for storing Junk. A finished basement can be made for as little as 10K and you are wise even if you were to borrow from your LOC to do this.
Hope this helps.
TK A
As this Thread is on Comfortable Cost of Living -
On the contrary to whay you said TK, I believe in opposite. Buy what you can afford & what you can enjoy. Its your Home. Don't rush in. Take time to zero in.
I fully endorse this. precisely yes.... it all depends on, whether you want a HOUSE or a HOME. We bought the house with lots of similar concenrs and plans to rent out the basement, but today we are more then happy to consume each and every corner of this home and enjoying it.
regards,
Vj.
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