School / property taxes rarely, if ever, go down, and for many people, property tax at least is rolled into their mortgage payment. Home improvements that add living space can make your property taxes go up as well (though you likely don't care about this if you're doing this sort of work to begin with).
When rent goes up (which it generally doesn't over the course of an agreement)... you simply pack up and move.
Granted, the place I got was cheap for the area. And Vegas is cheap in general... But the scale goes up both ways. High rent = high mortgage areas.
it's one of the reasons I'm super happy about it.
But no matter how you swing it.. Even if you're paying the same as renting, or even slightly more... you own the house, can do what you want with it, and it builds an asset.
You can't sell your apartment when you move out and end the rental lease.
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The downside to this has to be remembered to. You own that house but you are not guaranteed that you will be able to sell it. I have a number of friends who now own two houses because they purchased one and then had to move for a job but due to the 2008 shenannigans are underwater enough they basically can't really sell their old houses for the forseeable future unless they are willing to just write them off totally.
If you are moving jobs frequently renting has the advantage is you can know how fast you can get out of your lease guaranteed. You are not gaining equity but you are also not hanging a liability around your neck like an albatross either.
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Last edited by Tyrianth; 2016-09-19 at 08:02 PM.
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Going on this, you are more likely to get vacated than your house getting destroyed (in some parts, and opposite in others of course) so depending on where you live and who you are as a person it might be better to buy than to rent. Also considering if you resell your house later on when you are about to move you might gain money from selling. I won't say lose because that entirely depends on how long you live there, rent you will never get back on moving so that is just a pure loss.
Not on THIS planet. Nowhere is that a thing. Your mortgage is an investment to them. They do not want their investment seized by the government for lack of taxes being paid.
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There is no tax waiver for first time home buyers, sorry. It simply does not work the way you think it does.
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https://canadamortgageblog.wordpress...you-pay-yours/
You are talking about Option 1. Option 2 and 3 are both viable and legal options outside of your mortgage. Stop talking out your ass.
Here's another site that discusses the option of paying it through the mortgage:
http://www.ratehub.ca/blog/should-yo...your-mortgage/
Here's a bank explaining the benefits of paying your taxes through your mortgage:
http://www.tdcanadatrust.com/mortgag...operty_tax.pdf
Last edited by Tyrianth; 2016-09-19 at 08:08 PM.
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Rules are clearly different. My Taxes and Insurance are not part of my mortgage payments, I pay them separately to the city and my home/auto insurer.
I did have to have the home and title insurance though to get my mortgage. So there is that of course. But they're all separate payments.
You are right in that no lender is going to issue a mortgage to someone without home insurance though lol.
Sorry, I forgot they sort of wing it up in Canadia. This thing you do up there is not a thing down here. And it looks like it's only a thing up there because the government mandates the option and covers for you when you fall. I should never discount the fact that governments can step in and change the natural equation.
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No, I am still correct, in a way. No bank will willingly loan you money without escrowing the taxes and insurance. Where I was wrong, was to not consider that government can step in and provide the safety net the bank would require from the borrower. The logic I was using still remains, there are ways that finance works and ways that it doesn't. It takes government stepping in to make it different.