https://youlookfab.com/welookfab/topic/dream-property-for-sale---syc-for-a-year Style Advice for Fashion Lovers en-US Thu, 30 Apr 2026 00:47:15 +0000 http://bbpress.org/?v=1.0.2 q https://youlookfab.com/welookfab/search.php https://youlookfab.com/welookfab/topic/dream-property-for-sale---syc-for-a-year#post-899402 Fri, 05 Apr 2013 06:01:54 +0000 rae 899402@https://youlookfab.com/welookfab/ I am on Team Isabel. There are lots of hidden costs, especially if you are not handy with little plumbing repairs and such. I don't know if it is the same in Canada, but there are also property taxes to look into.&nbsp;<br /><br />You seem to have a great relationship with your sister, and you are very generous with her, but I would also suggest talking to an advisor of some kind about this. I feel like rent is such a common issue on People's Court and those things. Did <i>you</i> pay rent anywhere while you were in med school? Rent seems like such a standard expense... even the parents I know who house their college-age children require rental payments.&nbsp; https://youlookfab.com/welookfab/topic/dream-property-for-sale---syc-for-a-year#post-898716 Thu, 04 Apr 2013 16:57:36 +0000 Isabel 898716@https://youlookfab.com/welookfab/ Lyn, &nbsp;good move to look around and not become too emotionally attached.&nbsp;<br /><br />I was thinking, instead of dating a lawyer....how about ONE date with a financial advisor ? &nbsp;It might be a good consideration for you. &nbsp;Just one hour with a fee based advisor just to run the numbers. Wear one of your really cute dresses. &nbsp; LOL&nbsp;<br /><br />Anyway, I am glad that you are taking some more time to look around and think about this.&nbsp;<br /><br /><br />XXXXXXXXXX https://youlookfab.com/welookfab/topic/dream-property-for-sale---syc-for-a-year#post-898387 Thu, 04 Apr 2013 06:32:17 +0000 lyn* 898387@https://youlookfab.com/welookfab/ I have a lovely relator who pointed out some flaws in the building I had not considered, and is suggesting that for square footage and bigger bang for my buck, I should look at some older buildings. My old condo was a 1974 and simply lovely, but I had to move away for work (that and the weird delusional stalker from downstairs).<br /><br />I look forward to seeing the new round of properties (we have about another six lined up) and my sister is really excited to see a few.&nbsp;<br /><br />As for the legal aspects, I think I might include a clause (through a lease agreement) that while my sister is in a pre-approved university program (no basketweaving!) her rent will be a nominal amount (say $10/mth). That way, she is still paying, but I'm not being a cruel sister. https://youlookfab.com/welookfab/topic/dream-property-for-sale---syc-for-a-year#post-898044 Thu, 04 Apr 2013 00:52:49 +0000 Anonymous 898044@https://youlookfab.com/welookfab/ <i></i>I would just draw an actual lease document for your sister, to have her as a formal tenant. Some courts could see your living arrangement as owning the property jointly,&nbsp;unless you want to share the ownership.<br /><br />I have always chickened out of buying a larger property, But yes, there could be a lot of hidden costs. Just make sure you have some sort of cushion saved up.<br /><br />Also, don't be afraid of adjusting your lifestyle. It can be done. There have been times in my life where I had to live out of my mom's loose change (and it is NOT a methaphor), because I had a goal in mind. I am about to do it again, because I want to give my daughter a chance to finish undergrad school as debt free as possible.&nbsp;<br /><br />How many more clothes can we possibly need , eh?<br /><br /> https://youlookfab.com/welookfab/topic/dream-property-for-sale---syc-for-a-year#post-897959 Thu, 04 Apr 2013 00:03:35 +0000 ironkurtin 897959@https://youlookfab.com/welookfab/ I think you should buy it.<br /> https://youlookfab.com/welookfab/topic/dream-property-for-sale---syc-for-a-year#post-897956 Thu, 04 Apr 2013 00:01:12 +0000 Isabel 897956@https://youlookfab.com/welookfab/ OK, I am back and just read Rainsin's post. I agree with her concern. It is very , very difficult to really stretch for a house without having established yourself a bit better and then being house poor. Your parents are also very smart to not support this as your father is retiring soon.&nbsp;<br /><br />I also want to point out that it is not just the cost of the house. You have to insure it, your electricity, heating bills, snow removal, maintenance costs and so on , will go up&nbsp;&nbsp;need to be included too. You need an emergency fund for something like a boiler leak or a roof leak. &nbsp;Being a doctor, you should &nbsp;probably carry an umbrella liability policy on your house. It adds up to so much more than swinging the mortage. Also, what if your sister gets her degree and moves out ? &nbsp;What if your car doesn't make it another year ? &nbsp;With you working such crazy hours will you really cut back on coffee a sizeable amount ? &nbsp;You leave yourself housepoor with very few options.&nbsp;<br /><br />I think that you absolutely need to find a safer place to live. That is a NEED. &nbsp;Maybe you could ask to rent the place with a first option to buy in a couple of years. &nbsp;In the meantime, save as if you had a mortgage. Then start looking around. &nbsp; https://youlookfab.com/welookfab/topic/dream-property-for-sale---syc-for-a-year#post-897933 Wed, 03 Apr 2013 23:45:46 +0000 Raisin 897933@https://youlookfab.com/welookfab/ You've gotten sound advice on living with your sister if you do go ahead with this. &nbsp;My concern is that it sounds like the purchase of this property will put you in the house poor category, at least a bit. &nbsp;What sort of percentage of your take home pay would this represent? &nbsp; I can understand needing to move to a safe area and that being close to work will improve your situation, but getting into too large a house payment is a bad idea. &nbsp;Also consider that if you are not paying it off within the term, the interest rate will likely go up. &nbsp;Can you afford 5,6,7 .... 10% interest? &nbsp;You may have considerd see things already, but I'm just going by the fact that you say your discretionary spending would be hit hard, so I'm wondering if its too much house on your budget. &nbsp; https://youlookfab.com/welookfab/topic/dream-property-for-sale---syc-for-a-year#post-897574 Wed, 03 Apr 2013 18:30:59 +0000 Isabel 897574@https://youlookfab.com/welookfab/ Hmmmm...I want to respond to this after I mull it over a bit and have a little more time to write.<br /><br />For now I just want to say that one should&nbsp;<b><i>never&nbsp;</i></b><i></i>think of one's primary and sole residence as an investment. An investment involves risk. &nbsp;Your home, your shelter should not involve any risk. &nbsp;There are also very few things in life that are a once in a lifetime opportunity. Even one's spouse, for example....did I just say that out loud ? https://youlookfab.com/welookfab/topic/dream-property-for-sale---syc-for-a-year#post-897560 Wed, 03 Apr 2013 18:20:19 +0000 lyn* 897560@https://youlookfab.com/welookfab/ Drat. I knew I should have dated a lawyer! :p https://youlookfab.com/welookfab/topic/dream-property-for-sale---syc-for-a-year#post-897532 Wed, 03 Apr 2013 18:02:54 +0000 Gaylene 897532@https://youlookfab.com/welookfab/ I'd second Dianthus' advice about keeping the situation legally straightforward, especially since it is a family situation. As long as the everything is clear, both of you can enjoy the benefits of living together and being sisters. <br /><br />Since owning property is a major investment, I'd talk to a lawyer to make sure that everything is in order; he/she might advise having your sister pay rent from the start, even if it is a nominal amount. <br /><br />Buying a property at your age can be a smart move as long as you do it wisely. <br /> https://youlookfab.com/welookfab/topic/dream-property-for-sale---syc-for-a-year#post-897252 Wed, 03 Apr 2013 14:06:06 +0000 Transcona Shannon 897252@https://youlookfab.com/welookfab/ Lyn - I think Dianthus has provided excellent advice on how to work the situation with your sister. I personally think a sound property purchase is a wise investment. Add in the safety factor and a more convenient location, and I see this as a great opportunity.<br /><br />If you're worried about your spending being cut in half, you already have a fabulous wardrobe. Look at what you're finding in the back of the closet these days? Sometimes you need to look at the long range goal and success rather than the short term happiness factor of a new dress, you know? https://youlookfab.com/welookfab/topic/dream-property-for-sale---syc-for-a-year#post-897217 Wed, 03 Apr 2013 13:32:02 +0000 anya 897217@https://youlookfab.com/welookfab/ My humble opinion, based on many cases around me is that one brother is sometimes the "provider" and the other one is the "free spirit" not compromising on their dreams and taking time to learn their craft not working summers part time . It's important to negotiate clear boundaries, so not to get into a situation where she feels she's paying to much and you feel she's' paying to few.<br />&nbsp;I wish you luck on the porperty ladder!&nbsp; https://youlookfab.com/welookfab/topic/dream-property-for-sale---syc-for-a-year#post-897116 Wed, 03 Apr 2013 11:17:04 +0000 cheryle (Dianthus) 897116@https://youlookfab.com/welookfab/ It is rare circumstances that make investing in real estate a risky venture and you&nbsp; have already investigated those risks.&nbsp; The interest rates are as low as 2.99% for a closed mortgage so you can get a guaranteed payment amount for 4-5 years which is also very positive.<br /><br />As to the sister, I would calculate a reasonable amount for rent/room and board rather than have her contribute to the mortgage and upkeep as this could lead to issues about ownership and the potential claim of a share in the incremental value when you decide to sell.&nbsp; <br /><br />My son is only a few years younger than you are and he and two friends are co-buying a home.&nbsp; They negotiated terms for the maintenance and repairs as well as a commitment for the minimum duration the arrangement will be in place and the allocation for both investment and increased value when they dispose of the property.&nbsp; One finance major, one CA and one lawyer.&nbsp; :)<br /> https://youlookfab.com/welookfab/topic/dream-property-for-sale---syc-for-a-year#post-897029 Wed, 03 Apr 2013 04:52:12 +0000 Jules 897029@https://youlookfab.com/welookfab/ Honestly as someone with some experience of shift work, sleep is very important! It sounds like shifts will be part of your sister's life and yours going forward. Combine your shift disparities with insomnia from fear and I think this move is worthwhile. Actually, just to feel safer in your home it is probably worth it, but the shift thing also contributes. I'm assuming that the new place will make it easier for your sister to come and go without waking you. https://youlookfab.com/welookfab/topic/dream-property-for-sale---syc-for-a-year#post-896879 Wed, 03 Apr 2013 01:26:27 +0000 lyn* 896879@https://youlookfab.com/welookfab/ Thanks, Mo!<br /><br />I told her that I expect her to pay 50% of the marketshare rent as soon as her first paycheque comes in, and it's due on the first of the month.&nbsp;<br /><br />In that way, I will take care of things like fees and utilities, but she will be helping me out with the monthly payments I told her I also expect her to help out with groceries and incidental expenditures for the home, including any renovations we may choose to do (but it would have to be a mutual decision - I couldn't decide I needed marble showers, or something. HAHA)<br /> https://youlookfab.com/welookfab/topic/dream-property-for-sale---syc-for-a-year#post-896875 Wed, 03 Apr 2013 01:23:09 +0000 Mo 896875@https://youlookfab.com/welookfab/ I would think about this as your own investment in real estate and not what fits you with your sister living with you. &nbsp;Hopefully that is a temporary arrangement? &nbsp;Buying property is usually a sound investment and a safer neighborhood sounds like an equally motivating reason.<br />Will your sis feel like this is now 'her' place too, and resist moving on? &nbsp;If so, you should demand a portion of the mortgage each month. &nbsp;Not to be mean, but if you don't set boundaries from the get-go, it can be very hard to renegotiate terms later, especially with those closest to us. https://youlookfab.com/welookfab/topic/dream-property-for-sale---syc-for-a-year#post-896870 Wed, 03 Apr 2013 01:18:24 +0000 lyn* 896870@https://youlookfab.com/welookfab/ Hey All,<br /><br />Just when I thought about saving up some money, there comes an amazing opportunity to buy into one of the properties I have been eyeing for a long time. The location is wonderful to get to work (10 min to one hospital and 5 minutes to the other), and there are (gasp) TWO bathrooms and TWO parking spots! It's great for my sister and I to live together! Also, it is in a safer neighborhood than where I am currently living (broken in to my place x2 now, so it's kind of annoying, especially when I have to keep on replacing my television; I hide my laptop before I go to work so they haven't taken that yet).<br /><br />The catch is, my parents are not interested in supporting the move financially, which I understand. I jiggled my budget a little bit in my You Need A Budget (thanks MaryK!) and I can afford the house swap, but I would need to seriously cut down my own spending money. I can definitely still afford to eat and things like this, but I basically need to half what I expense on clothes and coffees, and things like this.&nbsp;<br /><br />I am a little bit bummed that the reason why I need to move into this other place is basically my sister works shifts (nursing school), so she sometimes gets up at 0500 and wakes me up too, or gets in at 0100 and wakes me up. Ditto for the extra parking space. I sort of feel that I should ask her to contribute somewhat (as she isn't contributing financially right now), but she doesn't have a job, and has no money of her own.&nbsp;I would also have to delay buying a car, for at least a year, but I'm sure my car can last a year.&nbsp;<br /><br />I suppose investing in property is a good idea - I have done my research and the property is a sound one. The market is not super inflated right now, and also the developer is a good one. The people living there quite enjoy it. I suppose that I can always sell property, but it's hard to sell used clothes for the same return! HAHA.<br /><br />Should I sacrifice my spending money and a bit of my savings for this swap? I think the most major thing is the neighborhood switch - I am starting to have pretty bad insomnia because I keep on thinking people are breaking into my apartment again.