Friday, May 28, 2010

A HOUSE!!

Well...almost. Sort of. I made an appointment at my bank yesterday to go over my investments and whatnot with my account manager, who's a lovely lady. I made a small downward adjustment to my auto-deposit to my TFSA (EFund), inquired about laddering within my RRSP - she said it was a good idea, but not right now with the really low GIC rates, so stick with the mutual funds for the moment - and wanted her opinion on the chances of me getting a mortgage.

By myself. Alone. Solo.

Apparently, the chances are excellent. 100% to be exact. Now, I did post this over at Facebook yesterday and need to amend that a little bit. I had said "I can afford" a house. Not quite. I QUALIFY for a mortgage, which is entirely different. It's not a substantial one ($160K), but it's still a significant amount of money for one person to tackle. What would that get me here? Currently: a small one-bedroom condo or a comfortable 3-bedroom mobile. The mobile is perfect for one person, but most of the mobile homes here cost extra: up to $350 a month extra. That's the pad fee rent, which to me is kind of ridiculous, but there you are. I'm not sure I want to pay for the "privilege" of -technically - being able to pick up my house and move whenever I like. Most of the mobile homes these days aren't mobile. But the potential is there and that's what they're charging for.

Anyhoo, I'm just keeping my eyes peeled for something that looks worthy of attention although I've already started dreaming and wishing! I might even call up an agent. They are paid to help, but don't get any cash until you actually BUY something, so that's a bit of a bonus. Information is power, after all, and the more information I can get, the better decisions I can make when I'm finally ready.

Then of course there are all the maintenance costs, taxes, utilities, etc., to take into consideration, which would be challenging on a part-time salary, no matter how decent the wage happens to be. As it happened, however, that morning I had stopped at Cdn Tire to drop off a resume. They must be desperate for staff because I hadn't even had a chance to finish filling out the application form I was given before I was taken Upstairs for a chat. Ten minutes later, I was back in the parking lot with a new job (you can tell, although they said they would confirm by the end of the day), so things are looking up.

I spent $63 on a pair of black pants today, which I need as part of the Cdn Tire uniform (they supply the lovely red shirts) and have already put in a number which I think I should be able to earn every month. I need to use this money properly - to pay down my debt - and start saving for "house" stuff, whatever they may be; closing costs, legal fees, furniture, maintenance, etc. I start tomorrow with a few hours training and if I give myself a year, I should be well on the way to meeting my savings goals and, hopefully, a home of my own.

MOTIVATION!!!! :)

10 comments:

Middle Way said...

Wow! How exciting! Congrats on getting the job and the mortgage pre-approval. House hunting is fun!

Frugal Dreamer said...

Wow! So you're in a place where you qualify for a mortgage. You know - that is great!! And must be a great feeling! :) Congrats!

And congrats on getting the part time job at Canadian Tire! What is min wage up north?

Northern Living Allowance said...

Hi Middle Way - Thank you! It IS exciting, even if I'm not quiiiite there yet. It doesn't hurt to start looking and figuring out what I want though.

Hi FD - That's the best part about it! Look what I did!! I NEVER thought I would be here and I walked away from the bank feeling so pleased with myself (also, I admit, for not signing anything there & then!). Min wage in NWT is going up to $10.50. If I remember correctly, it's $10 here. I'm starting at $10.50 at Cdn Tire, so not bad.

Jolie said...

What great news for you. Now you can rest comfortable with that information and keep your eyes open for something that fits your needs and your budget.

Frugal Dreamer said...

$10.50!!!!!

Geeze. BC needs to get their act together. We're still at $8/hr!

Canadian Saver said...

I'm excited for you, can't wait to see how the house hunting goes! I think personally I'd prefer a condo over a mobile home...

Good luck!

Jerry said...

Congratulations on the pre-approval! I think that the pad fee for mobiles leads to a significant additional cost that is not worth it in the long run. Add in the costs, insurance, and other things and maybe the condo is the better option... plus resale value will almost certainly be more!
Jerry
www.leads4insurance.com

halfdozendaily said...

That's exciting about the house!!! :) Hubby & I have been talking about this lately too.. but it's still in the "wheels are turning" process! lol!

Congrat's on the PT job!! :) I don't go to CT often but it's my fave store as of now, I bought a new Kitchen Aid Dutch Oven last time I was there for $30 down from $100!! I was thrilled!

Rina the Mama Bear said...

SO EXCITED for you!!!! Can't wait to hear more.

youngandthrifty said...

yay! congratulations! I wish I could buy a place myself over here in Vancouver- but alas, no luck.

how are the housing prices up north? =)