My family is monving from US to Toronto. We currently own our first home for 2 yrs. My husband is planning on giong back to college. I wanted to use our equity off the house to help pay for living expenses. He wants to invest it in buying another home. Any suggestions or thought processes to point out on making a good decision? I will proably by working and his school is mostly paid for, we have 2 children. Beacuse he will be in school i feel our finances will be challenged and am afraid to buy a house adn the responsibility that goes with it in case there is a problem. Would love to hear feedback.......
2006-12-30 16:00:37 · 7 answers · asked by **twin** 4 in Business & Finance ➔ Renting & Real Estate
Check out the current real estate market in Toronto. As far as I have heard it was as wild as the california gold rush with the median home prices going through the roof. I would suggest checking out a local real estate investment club and find out what they suggest.
Most likely they will suggest waiting a couple more years, renting, then get ready to buy at the low end of the market. Good luck!
2006-12-30 16:04:55 · answer #1 · answered by Anonymous · 2⤊ 0⤋
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2016-09-10 02:26:00 · answer #2 · answered by Caryn 3 · 0⤊ 0⤋
You really have to do your research on the local market in Toronto. Some areas are just too costly and it makes sense to rent. Others areas are great for purchasing homes.
Do your research, get to know the area well. About six months should be enough time, 12 months is plenty. Then, make a decision. Also, be aware, are prices rising or decreasing. You may be able to find a good bargain in 6-12 months that doesn't exist today.
Good luck!
2006-12-30 17:53:42 · answer #3 · answered by MovetoLatinAmerica 3 · 2⤊ 0⤋
in case you and your husband paintings finished time and don't have the time to look after all the topics the homestead could have with the recent renters, fee fairly much less hire and have them comply with fixing something which will reason issues. you will likely finally end up paying for new stuff interior the long-term if there is not any scientific care to them, yet renting is a huge complication, on the different hand the hire $ is likewise solid.
2016-10-28 19:02:39 · answer #4 · answered by lobos 4 · 0⤊ 0⤋
How long will you be in Toronto? If it is longer than 3 years, buy. If less, rent.
2006-12-31 05:17:43 · answer #5 · answered by Mary 3 · 0⤊ 0⤋
Rent To Own Home - http://RentToOwnHome.uzaev.com/?PZZA
2016-07-11 21:36:57 · answer #6 · answered by ? 3 · 0⤊ 0⤋
Yes, "sexy appraiser" has a good answer, i was reading a book about it one time and it advised to rent in an area for 3yrs, then if you liked the area, to buy!!
2006-12-30 16:17:38 · answer #7 · answered by musicman 5 · 2⤊ 0⤋