Dear Cd's,

It's that time in our life, when living in your own place seems more satisfying than renting(not to forget that cost of buying a house will catch up with rent in a good 20 years).:

So, slowly and gingerly we have started dusting the free home buying brochures and guides(which previously were used for making the chappathis on.. )

But, where do we start? Questions are plenty with few answers.
Deep down there is a fear of sustaining the new monthly payments Versus hanging onto our jobs, getting good interest rates, tapping into right buying market, avoiding bad neighborhoods.
Not to mention the fact that we are probably taking on the biggest debt of our lives.
The Good news is, there are so many of us in the same boat.
As they say strength is in numbers, let’s all put our collective heads together and reach our “dream homes” safely and economically.

I propose that we use this thread to:
1) Inform and guide ourselves about the tips and tricks (so to speak) involved in home hunting.
2) As an online journal to Pen all our experiences here for the benefit of future home hunters.
3) Guard ourselves against being overpriced or misinformed or undersold by consulting each other.
4) Coordinate with all the experts on this forum like amit, narula, pramod etc.


Who knows? Maybe we can all create a Canadian desi home community.

Please PM me if you need to discuss privately.

Best of luck,

seenappa

I agree on this idea.Count on my vote

Good going Jagmag,

First, let’s start with the BASIC list of requirements for a new home. Here is mine.

1) Budget between 150K and 250K Only.
This will be my first (starter) home. A learning platform for all good, bad and ugly experiences of home owning.

2) A two floor freehold town home: A single floor condo will feel like i am living in my present Apartment. I might as well feel like i have moved to my own place.

3) Location, Location, Location!!
Markham or Brampton or Richmond hill etc. (i keep hearing that Mississauga, etobicoke, Scarborough are considered bad neighborhoods .Is it true?)
Good neighborhoods mean good schools, safety and good returns on future home sale.

4) Not older than 5 years.
I have heard of horror stories from friends of a roof replacement costing 20K or burst pipes costing a paycheck.

Do correct me on the above and would love to see if all of you are on the same page.

seenappa

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Originally posted by seenappa

3) Location, Location, Location!!
Markham or Brampton or Richmond hill etc. (i keep hearing that Mississauga, etobicoke, Scarborough are considered bad neighborhoods .Is it true?)
Good neighborhoods mean good schools, safety and good returns on future home sale.

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Are you there?

Its always my dream to have had my home nearby where i work. Given a choice i would like to use public transit system to my work which has not happened so far. I like Mississauga have been staying here for almost 4 years now though i work in Markham/ Richmond hill border (hwy 7 & leslie). My wife had worked in mississauga she like this place too currently she is on employment insurance. I am not able to make a decision about making a move to Markham/ Richmond hill.
A) checked the prices of townhouses overthere over the roof. i can stretch myself upto 250,000. Need guidance on location. I dont mind driving few kilometers though if i have to live in adjoining towns (vaughan,richmond hill etc)
B) I am also not able to decide how to select my Agent. Like just grab the newspaper and call an agent?(which realestate company i should choose) like how to decide on agent and what services can i expect from him? i have lot of misconceptions about choosing an agent and signing a buyers aggrement etc or not to do so. i need some guidence on that line?
C) How to decide on a mortgage? Walk in the bank where i have an account and just agree to the %rate they have decided. or take services of mortgage broker? What fees they charge?
D) Need some guidence on mortgage terms. What are pros & cons going with fixed as opposed to variable rate mortgage? Need some technical guidance on that line.

Hi Jagmag & Senappa,

I am in the same boat and have a timeframe for myself until April 2007 to decide a place and close around July 2007. My preference is also in the same viscinity as Jagmag, but I see some shortcoming as follows - under your points:

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Originally posted by jagmag

Its always my dream to have had my home nearby where i work. Given a choice i would like to use public transit system to my work which has not happened so far. I like Mississauga have been staying here for almost 4 years now though i work in Markham/ Richmond hill border (hwy 7 & leslie).

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My wife had worked in mississauga she like this place too currently she is on employment insurance. I am not able to make a decision about making a move to Markham/ Richmond hill.
A) checked the prices of townhouses overthere over the roof. i can stretch myself upto 250,000. Need guidance on location. I dont mind driving few kilometers though if i have to live in adjoining towns (vaughan,richmond hill etc)

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Quote:

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B) I am also not able to decide how to select my Agent. Like just grab the newspaper and call an agent?(which realestate company i should choose) like how to decide on agent and what services can i expect from him? i have lot of misconceptions about choosing an agent and signing a buyers aggrement etc or not to do so. i need some guidence on that line?

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Quote:

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C) How to decide on a mortgage? Walk in the bank where i have an account and just agree to the %rate they have decided. or take services of mortgage broker? What fees they charge?

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Quote:

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D) Need some guidence on mortgage terms. What are pros & cons going with fixed as opposed to variable rate mortgage? Need some technical guidance on that line.

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Quote:

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Originally posted by jagmag

B) I am also not able to decide how to select my Agent. Like just grab the newspaper and call an agent?(which realestate company i should choose) like how to decide on agent and what services can i expect from him? i have lot of misconceptions about choosing an agent and signing a buyers aggrement etc or not to do so. i need some guidence on that line?
C) How to decide on a mortgage? Walk in the bank where i have an account and just agree to the %rate they have decided. or take services of mortgage broker? What fees they charge?
D) Need some guidence on mortgage terms. What are pros & cons going with fixed as opposed to variable rate mortgage? Need some technical guidance on that line.

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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/