Bought my first house.

[Pietro]

It's only a townhouse but my first and belongs to me. Well, I put 25% down ($400,000 total price) that I was saving for years and must pay the bank on a 20 year term with option to lower it if I contribute higher monthly payments.

Just a happy man. Feels great, anyone had the same euphoric feeling when buying your first house?.

 

[Stoner]

Congrats.

 

[Art Mann]

Welcome to Mortgage Manor, Pietro. ;/Waving://

 

[HOF]

Congratulations! Make weekly or bi-weekly payments if you can. If you can make a lump sum 5K payment annually for 10 years and watch your investment grow.

 

[oldguyzer]

I wish I still had my first house. It seems so cheap now, compared to overwhelming then! HOF's right...accelerate your payments any way you can. Play with some of the mortgage calculators on the InterWebNet to see what even a small change can do in the long run. And congratulations! Welcome to the treadmill :biggrin2:

 

[Cardinal Fang]

Congrats and welcome to Debt.

 

[Madman]

You never really own it, property taxes , if it's not a freehold then you have maintenance fees, then there are the repairs, God have mercy if you get a cranky neighbor, or if the government wants to run the 407 or another highway through it and decides to expropriate the land... besides that congrats!:YMPARTY:

 

[Art Mann]

Well, aren't you a fun guy.

Ignore him, Pietro.

In this case he's just a fungi.

 

[Madman]

Art, did you just call me a mushroom??

Pietro, if you start seeing Fungi on the front lawn you're watering too much and go across the border to pick up the good Weed n Feed!!

 

[RAWD]

Congrats Pietro!

It's a big step becoming a homeowner! You should be proud.

 

[Bridgette_xo]

Congratulations

 

[peace]

Well, aren't you a fun guy.

Ignore him, Pietro.

In this case he's just a fungi.

...but Art, Madman is doing a huge favour by preparing Pietro and he needs to know the pitfalls of owning a home. Now can I have some weed n feed please. ps. Congrats Pietro.

 

[-b]

Good for you...Pietro
Have fun ......

MM will come over to do the Lawn as a Housewarming Present.....Funky & Music

 

[peace]

and MM may bring his apple pie too!

 

[L._s.]

Less money for hoes now. Idiot!!!!

Did you see the recent OECD report that Toronto has the most overvalued real estate in the world (2nd).

https://www.theglobeandmail.com/rep...t-overvalued-in-oecd-ranking/article12357717/

Just kidding - Congrats on the purchase. I was lucky enough to buy my house in the mid 1990s - so my house has nearly trippled in value but it is all relative, except for 1st time home buyers.

You should be proud - that is an accomplishment. All the best with the new house.

 

[Raiden]

Less money for hoes now. Idiot!!!!
.

LMAO, so true, damn mortgages!

 

[Snail]

Congrats on your first true asset.

 

[Pietro]

Thanks all for advises. Just looking forward to an asset accumulating to bigger things.

 

[Robintheboywonder]

Thanks all for advises. Just looking forward to an asset accumulating to bigger things.

It's your principle residence. If it doubles in value and you sell it and buy another home you will be just shifting assets, unless of course when you're old, sell it and go into an old age home or take your money and move to the US where you can still pick up a bargain.

 

[Baz]

Pietro, good for you. Home ownership is one of the best things you can do, we all need a roof over our heads and it is something you can be proud of. Do your best to pay it off as quickly as possible. There is no advantage to prolonging your mortgage but you can use your home equity to invest in other very good investments that will generate income and at the same time some tax savings.