Comments on: So I’m unexpectedly looking at buying a place this weekend; what are you doing?

By: Foreign Buyers

Foreign Buyers — Tue, 08 Sep 2009 09:52:48 +0000

[...] Zimmerman (check out her blog if you haven’t read it yet, it’s good stuff) was recently considering buying a place she found at a good price (especially compared to the Vancouver market she was used to). Myself, [...]

By: Potato

Potato — Wed, 19 Aug 2009 14:57:29 +0000

I’m way late since you already made your decision. Nonetheless, I can’t pass on an opportunity to pimp my own site

I was discussing (yes, again) the whole rent-vs-buy issue and reminding people that you’ve got to take into account all the factors when making that decision. So if “a few hundred more a month” to buy is say $300, and then another say $250 for the utilities that were included in your rent, then you would also build $20k in equity over 3 years if you saved the difference while renting… and you wouldn’t have the transaction fees or put yourself at the mercy of the prime rate! Of course, it doesn’t sound like this is quite an apples-to-apples comparison (it sounds like the potential buy was nicer than your rental from all the pros you listed, which isn’t too surprising since the market in Yellowknife shouldn’t be as overheated as Toronto or Vancouver)… but still, good to take all the factors into account, and not rush into things!

For Yellowknife I think the reason there are a lot of pre-fabs is that the permafrost/ground doesn’t lend itself to excavation/basement foundations, though I don’t know if by “mobile home” you mean prefabs, or homes that actually have wheels on them.

By: Big Cajun Man

Big Cajun Man — Mon, 17 Aug 2009 15:18:06 +0000

It’s easy to fall in love quick and hard, but when it comes to real estate and big ticket purchases, move with the speed that makes you feel comfortable and that you can stand.

I’m not living in Yellowknife so I can’t really comment

C8j
Big Cajun Man´s last blog ..Computer Virus Scan is it a Scam?

By: Wooly Woman

Wooly Woman — Mon, 10 Aug 2009 15:29:13 +0000

Being a southcoast person who lived through several winters (in Prince George, more daylight than in Yellowknife!!) I would wait until you know you want to stay there AND you know the market better. But that is the prettiest darn mobile home I have ever seen!!! And I understand, I fall in love at first sight with real estate all the time
Wooly Woman´s last blog ..Birthstory

By: Warren

Warren — Sun, 09 Aug 2009 20:17:32 +0000

Nice looking place, but in 2019 it will look so 2009.

I’m with the majority here. Also, interest rates are dirt cheap right now and will not likely stay that way. When crunching your numbers, make sure it works for you if rates were to climb a couple of points.

Good luck on making your decision.

By: Squawkfox

Squawkfox — Sun, 09 Aug 2009 19:37:12 +0000

I’m with Four Pillars and Mr. Cheap on this one. I’d pass for all the reasons they’ve mentioned. Besides, don’t you still own a condo in Vancouver? Who needs all that risk with so much moolah tied up in real estate especially since you’re iffy on staying in Yellowknife. Keep life simple and flexible while you live there and give yourself the option to MOVE BACK TO BC without being held back by needing to sell a mobile. It’s less expensive to move to another apartment if you’re lusting for laminate. My 2cents.
Squawkfox´s last blog ..July Roundup: The Buck Stops Here Edition

By: Stephen Rees

Stephen Rees — Sun, 09 Aug 2009 18:10:02 +0000

“look and feel” is something that you can create for yourself – it is not intrinsic to the property. Don’t be suckered in by BOSE sound systems and persian runners

Do the math carefully – its not just the monthly payments vs rent

Discount the idea of building up equity, since prices can go down as well as up

Know more about the local market first and don’t be rushed into a decision

And here I am giving advice to a money coach!
Stephen Rees´s last blog ..Richmond: Bike lane experiment begins

By: MJ Ankenman

MJ Ankenman — Sun, 09 Aug 2009 17:00:26 +0000

Thanks for the shout out! The place looks gorgeous. In BC it is possible to arrange that the seller hold back some money from the transaction in trust for work that has to be done. There is usually a time frame on the “hold back.” The fact that there is going to be a $50,000 K assessment sometime in the future should be reflected in the price.

Good Luck and Happy Decision Making!!

By: Megan

Megan — Sun, 09 Aug 2009 16:06:57 +0000

There are many, many things to consider, but I have to say that prices for mobile homes in Yellowknife are indeed mind-blowing if you’re used to the prices anywhere else. (Actually, you could say that about ALL homes in Yellowknife, but it’s especially obvious for trailers.)

They do appreciate. In the six years I’ve been here, I’ve seen the going prices skyrocket. Right now, we’re in a bit of a slump: prices are lower than they were last year.

I don’t like the idea of rushing to meet a deadline that was imposed by the seller, though. Your own deadline, sure.

And you can absolutely trust the inspector. We have passed on two houses because of the reports he gave us. He is worth every penny he charges. Make sure you go with him for the inspection. When we started to renovate our house (a trailer!), we had him over for a consultation.
Megan´s last blog ..Overheard

By: jennifer inch

jennifer inch — Sun, 09 Aug 2009 15:53:40 +0000

Hi Nancy – I responded on FB…agree with not rushing, and you should investigate infrastructure issue carefully. BUT, mobile homes here DO appreciate. Ours on School Draw increased 100K in 4 yrs. Partly market spike, of course., but still. These aren’t ‘trailer parks’ up here. 50% of the town is mobile/modular due to building costs.
cheers, and happy hunting – or scoping, until you’re sure you want to stay. (Hope you do!)
JJI

Comments on: So I’m unexpectedly looking at buying a place this weekend; what are *you* doing?