The Home-ownership Thread

[darksabre]

We're definitely not looking to be in a neighborhood with rentals. I'm going straight middle burbs unless something interesting shows up. I'm shooting for Cleveland Hill/near the Airport/Maryvale/Cheektowaga schools. East of Harlem, north of Walden, west of Transit. I would also venture in to Sloan but that's a little farther south than I want to be. I figure a home there isn't going to see too much change in value over the time I'm in it, and if I want to move out to a school I like more when kids are ready then we'll have enough in to the house to do that. I suspect kids wont be happening for at least another 5 years, so I've got 10 years before schools are a major issue. 

I'm intrigued by the South Buffalo housing market and the boom that is supposedly coming, but frankly I just am not that interested in living in South Buffalo. 

Totally agree with the bolded, but the TV goes in the man-cave.

 

Also:  it goes on the wall.  You can get a good mounting bracket for $30 on Amazon, and it's a very easy DIY project.

 

This info is usually in the RE listings.

 

Also, since property taxes vary from town to town, I would contact the town government office.  There is usually a town treasurer or tax assessor you can speak with on questions like this.

 

 

There is alot of local rule.  NY law requires only that assessed values are done equitably.  Some communities re-assess at time of sale, and your purchase price will likely be the new assessed value.  Other communities do it on a schedule.  And others have their own pattern of determining assessed value.  And I think some communities still don't use 100% for tax purposes, so you have that variable as well.

 

I would go in assuming your assessed value will be the greater of current assessed value or your purchase price.

That's kinda the impression I've been getting. So really I just need my realtor to know how the property tax is being assessed wherever I'm buying. 

[Weave]

We're definitely not looking to be in a neighborhood with rentals. I'm going straight middle burbs unless something interesting shows up. I'm shooting for Cleveland Hill/near the Airport/Maryvale/Cheektowaga schools. East of Harlem, north of Walden, west of Transit. I would also venture in to Sloan but that's a little farther south than I want to be. I figure a home there isn't going to see too much change in value over the time I'm in it, and if I want to move out to a school I like more when kids are ready then we'll have enough in to the house to do that. I suspect kids wont be happening for at least another 5 years, so I've got 10 years before schools are a major issue. 

 

I'm intrigued by the South Buffalo housing market and the boom that is supposedly coming, but frankly I just am not that interested in living in South Buffalo. 

 

You'd be surprised by the number of rental properties in those areas.  Demand that your realtor identifies rentals in the neighborhood you are considering so you know what is there.  They won't be apartments, or even doubles, that are being rented, they are houses.  So they won't be obvious in a drive by.

[darksabre]

You'd be surprised by the number of rental properties in those areas.  Demand that your realtor identifies rentals in the neighborhood you are considering so you know what is there.  They won't be apartments, or even doubles, that are being rented, they are houses.  So they won't be obvious in a drive by.

Just out of curiosity, how is it that my realtor would come to have that info? 

[Weave]

Just out of curiosity, how is it that my realtor would come to have that info? 

 

Alot of property owners use realty services to find renters.

[Samson's Flow]

Gonna skip individual posts and say good stuff here everyone, much appreciated.

 

I have a question: when is a house value assessed for property tax purposes? I see expensive homes paying historically low property tax and cheaper homes paying significantly more, and everything in between. Is there a way I can predict what my property taxes will be on a house?

There is a big uproar in the Elmwood Village as the city announced that they were considering re-assessing all the houses in that neighborhood. A lot of the homes over there are still assessed at really low value and have not been updated to the current market value of the neighborhood. So a lot of owners have had significantly lower taxes than the home value and are now worried their cover will be blown.

 

I don't know if that is an area you are looking in, but something to consider.

[darksabre]

There is a big uproar in the Elmwood Village as the city announced that they were considering re-assessing all the houses in that neighborhood. A lot of the homes over there are still assessed at really low value and have not been updated to the current market value of the neighborhood. So a lot of owners have had significantly lower taxes than the home value and are now worried their cover will be blown.

 

I don't know if that is an area you are looking in, but something to consider.

I couldn't possibly afford a home in the Elmwood village even if I wanted to. It's a black hole on the map when I put my search in on Redfin :lol:

Alot of property owners use realty services to find renters.

Ah. I wasn't sure if there was a GIS/parcel data service or something they could query. 

[Weave]

 

Ah. I wasn't sure if there was a GIS/parcel data service or something they could query. 

 

I am sure they have online tools as well.  It is their business to know the makeup of a neighborhood.

[Doohicksie]

We're definitely not looking to be in a neighborhood with rentals. I'm going straight middle burbs unless something interesting shows up. I'm shooting for Cleveland Hill/near the Airport/Maryvale/Cheektowaga schools. East of Harlem, north of Walden, west of Transit. I would also venture in to Sloan but that's a little farther south than I want to be. I figure a home there isn't going to see too much change in value over the time I'm in it, and if I want to move out to a school I like more when kids are ready then we'll have enough in to the house to do that. I suspect kids wont be happening for at least another 5 years, so I've got 10 years before schools are a major issue.

 

I'm intrigued by the South Buffalo housing market and the boom that is supposedly coming, but frankly I just am not that interested in living in South Buffalo.

 

 

 

That's kinda the impression I've been getting. So really I just need my realtor to know how the property tax is being assessed wherever I'm buying.

I went to Maryvale.... lived near UCrest Fire Hall.

 

This one looks to be right in your wheelhouse...

Edited March 2, 2018 by Anordning

[Samson's Flow]

I couldn't possibly afford a home in the Elmwood village even if I wanted to. It's a black hole on the map when I put my search in on Redfin :lol:

Ah. I wasn't sure if there was a GIS/parcel data service or something they could query. 

:lol:

 

I thought you had mentioned you were looking more in the burbs before (and I see your post upthread now), but I thought that was relevant to your appraisal question, even if not specifically applicable to your situation.

[sabills]

Home ownership sucked today. To hell with shoveling that 2 tons of white .

[Samson's Flow]

Home ownership sucked today. To hell with shoveling that 2 tons of white ######.

It was sticky white too.

 

 

#phrasing

[LTS]

A few other things to keep in mind.

 

First, unless you are moving into a neighborhood where no one ever has kids, make sure your property is kid friendly.  It may not matter for you, but it may matter to the people you want to buy your house when it comes time to sell.  This is really true across the board.  Unless you know you are never leaving the house you want to consider that the house will sell again.

 

Also consider your payment, not only today, but next year when they reassess your property value.  Find out when assessments were last done and the trend they've shown.  You won't enjoy it when you're 1.5 years into your house and your taxes take a big jump because they've jumped the value of your house.  Also consider the rising costs of the neighborhood.  If it's well established you will be pretty insulated, especially in Rochester/Buffalo.  However, if your area is going to undergo a radical change and become popular you're going to see a rise in home values and along with that a rise in assessments and taxes and because in NYS our taxes are awesome that will be the biggest part of your house payment.

 

Of course the good news with a house that rises in value is that you can sell it.  So, as long as you are willing to depart your abode when opportunity knocks it might make sense to find that location and hope for the best.  When I bought my first home we bought into a 1960's built subdivision.  However, the areas around us were all being developed with homes that were $50-$80k more in starting price than our home value.  In 5 years my home value jumped $30k just for proximity.  We rode that wave for a bit too long and I ended up only selling the house for $20k more than we paid for it.... but it was a payday that we rolled into our current house.

 

I think the safest thing to say is that this house is not going to be your house forever.  So plan for it that way.

Edited March 2, 2018 by LTS

[Sabres Fan in NS]

Where ever and whenever you buy the goal should always be to pay off the mortgage ASAP.  Never mind this 30 year business, which is not a thing in Canada anyway.

[darksabre]

Where ever and whenever you buy the goal should always be to pay off the mortgage ASAP.  Never mind this 30 year business, which is not a thing in Canada anyway.

How do you buy houses without 30 year mortgages? 

[Sabres Fan in NS]

How do you buy houses without 30 year mortgages? 

 

The most (standard? ... it has been a long time since we had one ... when we moved to NS we bought our house for significantly less than what we sold ours in Toronto for and we had paid that down very significantly ... we were blessed / fortunate in that regard) common in Canada is a 25 year amortization period, but the typical term is 5 years.  Then you refinance and technically get a new mortgage.

 

Like I said, it has been a while, but that is what I remember.

 

My parents had a 30 year mortgage.  I do know that such things do not exist in Canada anymore and haven't for years and years.

Edited March 2, 2018 by N S

[Samson's Flow]

How do you buy houses without 30 year mortgages? 

In Canada? With Powdered Jellies and Apologies.

[Sabres Fan in NS]

In Canada? With Powdered Jellies and Apologies.

 

:nana:

[Samson's Flow]

:nana:

Happy 11,000 post you hoser. :thumbsup:

[Gramps]

The most (standard? ... it has been a long time since we had one ... when we moved to NS we bought our house for significantly less than what we sold ours in Toronto for and we had paid that down very significantly ... we were blessed / fortunate in that regard) common in Canada is a 25 year amortization period, but the typical term is 5 years.  Then you refinance and technically get a new mortgage.

 

Like I said, it has been a while, but that is what I remember.

 

My parents had a 30 year mortgage.  I do know that such things do not exist in Canada anymore and haven't for years and years.

 

That kinda sucks for the buyer if you originally locked into a low interest rate and the rates are climbing. Plus, who pays the closing costs on a new mortgage every 5 years ? Or does the bank work some magic and you just get a new payment ? 

Edited March 2, 2018 by Gramps

[darksabre]

The most (standard? ... it has been a long time since we had one ... when we moved to NS we bought our house for significantly less than what we sold ours in Toronto for and we had paid that down very significantly ... we were blessed / fortunate in that regard) common in Canada is a 25 year amortization period, but the typical term is 5 years. Then you refinance and technically get a new mortgage.

 

Like I said, it has been a while, but that is what I remember.

 

My parents had a 30 year mortgage. I do know that such things do not exist in Canada anymore and haven't for years and years.

That seems... Extremely weird?

[Drunkard]

You'd pay a metric ton less in interest with a 15 year mortgage vs a 30 year mortgage (plus own the home twice as fast) but you're monthly payment would be about a third higher, and since you guys probably don't want to live next to a meth lab you're better off locking in a 30 year fixed rate while they are still near historic lows at a payment you can reasonably afford in a better home/area.

 

Depending on your mortgage contract you can always make additional payments later and apply them directly to principal to knock term off down the road when your careers are more established and you can afford to do so.

Edited March 3, 2018 by Alkoholist

[Doohicksie]

:lol:

 

I thought you had mentioned you were looking more in the burbs before (and I see your post upthread now), but I thought that was relevant to your appraisal question, even if not specifically applicable to your situation.

 

Love the new avatar and screen name.  Well done.

You'd pay a metric ###### ton less in interest with a 15 year mortgage vs a 30 year mortgage (plus own the home twice as fast) but you're monthly payment would be about a third higher, and since you guys probably don't want to live next to a meth lab you're better off locking in a 30 year fixed rate while they are still near historic lows at a payment you can reasonably afford in a better home/area.

 

Depending on your mortgage contract you can always make additional payments later and apply them directly to principal to knock term off down the road when your careers are more established and you can afford to do so.

In the position I'm in (10 years from retirement),  we're getting a 15 year mortgage but paying extra to pay it off in 10.  The difference in interest rate amounts to $7/month in our payment, but if something *does* come up we can drop down to the minimum (15 year amortization schedule) payment for a payment or two.

Edited March 3, 2018 by Anordning

[Ducky]

The most important thing is too pay the most extra you can at the beginning of the mortgage. all things being equal. Don't forget, most areas of Canada has much less expensive real estate than the Buffalo area.

[Sabres Fan in NS]

Happy 11,000 post you hoser. :thumbsup:

 

Thanks, you 'honourary hoser', but this is my 11,000 .......  ;) ....... you damn yankees always forgetting the 'u' .........  ;)

 

That kinda sucks for the buyer if you originally locked into a low interest rate and the rates are climbing. Plus, who pays the closing costs on a new mortgage every 5 years ? Or does the bank work some magic and you just get a new payment ? 

 

Oh yeah, it does.  The banks and mortgage companies are all the mafia up here.  Fees to discharge mortgage ... fees to set up new mortgage ... fees to gamble on the rates.  The 5 year term is the average, but it can be as short as 6 months, but those are typically 'open' mortgages where you can pay as much principal as you want / can.

 

That seems... Extremely weird?

 

See above ... it's the mafia, but not the nice Sicilian mob from the good ol' days.

 

The most important thing is too pay the most extra you can at the beginning of the mortgage. all things being equal. Don't forget, most areas of Canada has much less expensive real estate than the Buffalo area.

 

This may be true, but they are generally in the uninhabitable parts of Canada .........  ;)

+++++

 

We are thinking of making a play for this one ...

 

https://www.viewpoint.ca/cutsheet/201803830/1

 

It is very near Crystal Crescent Beach (see map), which is one of the nicest beaches in NS and would rival, IMO, any beach in the world.

 

https://www.google.ca/maps/uv?hl=en&pb=!1s0x4b5a0fdd0a91ef15:0x2f49376ed32b2a1a!2m22!2m2!1i80!2i80!3m1!2i20!16m16!1b1!2m2!1m1!1e1!2m2!1m1!1e3!2m2!1m1!1e5!2m2!1m1!1e4!2m2!1m1!1e6!3m1!7e115!4shttp://www.novascotia.com/see-do/outdoor-activities/crystal-crescent-beach-provincial-park/1865!5scrystal+crescent+beach+-+Google+Search&imagekey=!1e1!2shttp://catalogue.novascotia.com/ManagedMedia/10836.jpg&sa=X&ved=0ahUKEwitgZaVq9DZAhVSF6wKHWd1C5YQoioIxwEwDw

Edited March 3, 2018 by N S

[Gramps]

 

 

We are thinking of making a play for this one ...

 

https://www.viewpoint.ca/cutsheet/201803830/1

 

It is very near Crystal Crescent Beach (see map), which is one of the nicest beaches in NS and would rival, IMO, any beach in the world.

 

https://www.google.ca/maps/uv?hl=en&pb=!1s0x4b5a0fdd0a91ef15:0x2f49376ed32b2a1a!2m22!2m2!1i80!2i80!3m1!2i20!16m16!1b1!2m2!1m1!1e1!2m2!1m1!1e3!2m2!1m1!1e5!2m2!1m1!1e4!2m2!1m1!1e6!3m1!7e115!4shttp://www.novascotia.com/see-do/outdoor-activities/crystal-crescent-beach-provincial-park/1865!5scrystal+crescent+beach+-+Google+Search&imagekey=!1e1!2shttp://catalogue.novascotia.com/ManagedMedia/10836.jpg&sa=X&ved=0ahUKEwitgZaVq9DZAhVSF6wKHWd1C5YQoioIxwEwDw

 

Wow - waterfront for 215K  ?