Don't forget any profit made on your principal residence is tax free. If you think about it that's a chunk of change NOT going into the govts hands when you later sell. I've watched my residence go up by almost a 3rd in 6 years. It a house mind but when I retire I plan to sell and move, getting about half the equity out when I go "small town" and rebuy. Nice chunk to be able to invest for income later. It ofsets the interest being paid in my opinion.
Loft buying in toronto
- Thread starter jw01
- Start date
Leslieville is the a similar area. The Junction is getting hot but not much in the way of condos yet. All of those areas are far enough away from the core to feel like a community but close enough to be part of the city life.A very interesting discussion as I have myself looked into lofts or condos in general in the downtown area, and recently visited an acquaintance who had a condo in East Liberty Village and just loved the area. Can anyone recommend similar downtown areas that would be good ones to purchase a condo, sorry dont mean to hijack this thread.
One option could be to rent for a year, while you consider your other options. This would give you a chance to confirm the lifestyle & location is right for you. What you picture may not be reality. After a year, if you like the area, buy. If you don't, try another area.
Buy a place that will suit your needs for the long haul. Selling and buying is expensive. Every extra year you stay in your place spreads out those fees over more years.
Staying in your place for the long haul is the secret to getting ahead of a mortgage so that the principal really starts coming down. The mistake many people make is buying a place that fits their current lifestyle, but being forced to move when a predictable change in circumstances happens, like having a baby, starting a home business, getting a live in girlfriend, etc.
Staying in your place for the long haul is the secret to getting ahead of a mortgage so that the principal really starts coming down. The mistake many people make is buying a place that fits their current lifestyle, but being forced to move when a predictable change in circumstances happens, like having a baby, starting a home business, getting a live in girlfriend, etc.
