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Thread: Thinking about buying my first home

  1. #19
    Join Date
    Feb 2013
    Location
    Deadmonton
    Posts
    456

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    For what it's worth, I've heard that the city is in some way trying to loosen bylaws when it comes to two story garages, or garage suites whatever you call them. A quick example news article: http://www.cbc.ca/news/canada/edmont...oods-1.3762165

    My brother has a pie lot in your standard city burb that had room for a single story 3 car garage and a gate in the fence to stash a trailer in the corner. In my own burb, there's a guy on a pie lot doing a 2-car with suite above it, that looks good. If you can put the gym above a 2-car or 3-car, have a driveway like in the picture of that article, or a gravel pad in your yard, I could see you finding something in the city. Mind you, I doubt you'll get a pie lot for less than 500k-600k depending on what side of the river you're on.

    Edit: by the way, where is the future trophy wife going to park her jeep? on the street like a pleb? You need 5 bays.
    Last edited by bung; September 27th, 2016 at 11:36 AM.

  2. #20
    Join Date
    Mar 2014
    Posts
    704

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    Griesbach has plenty of rear garages with suites above them. I like them. Make the garage a rental unit b


    Sent from my iPhone using Tapatalk

  3. #21
    Join Date
    Mar 2012
    Location
    Fort Sask/Texas/?
    Posts
    1,247

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    I talked to a home builder and he says a 3 car garage with a smaller home, around 1500sq ft, would be around 430k give or take depending on the options picked.
    #RAM

  4. #22
    Join Date
    Apr 2011
    Posts
    4,846

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    Quote Originally Posted by Dieseldakota View Post
    I talked to a home builder and he says a 3 car garage with a smaller home, around 1500sq ft, would be around 430k give or take depending on the options picked.
    For just the house, right?
    I think that sinks you. Even if you did get financing, it wouldn't be recommended. (I don't think)

  5. #23
    Join Date
    Aug 2010
    Location
    Edmonton
    Posts
    6,072

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    I don't know why you're talking about gym in the garage? Basements are going to be unfinished like 75% of the time. So get your budget closer to 500k, and get one of the cheaper 3 car garage houses. Put the gym in the basement. If you're lucky you can find a garage like mine where the third bay is a tandem length bay.

  6. #24
    Join Date
    Mar 2012
    Location
    Fort Sask/Texas/?
    Posts
    1,247

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    Quote Originally Posted by JugZ View Post
    For just the house, right?
    I think that sinks you. Even if you did get financing, it wouldn't be recommended. (I don't think)
    House and lot.
    What do you mean financing? Obviously I will be getting a mortgage.

  7. #25
    Join Date
    Mar 2012
    Location
    Fort Sask/Texas/?
    Posts
    1,247

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    Quote Originally Posted by Viktimize View Post
    I don't know why you're talking about gym in the garage? Basements are going to be unfinished like 75% of the time. So get your budget closer to 500k, and get one of the cheaper 3 car garage houses. Put the gym in the basement. If you're lucky you can find a garage like mine where the third bay is a tandem length bay.
    That's exactly what I am looking to do now. The gym in the garage was probably when I was talking about a garage suite style place where there wouldn't be a basement or in my live in shop if I find an acerage.
    Just gotta make sure the basement is at least 9ft ceiling instead of 8ft.
    #RAM

  8. #26

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    80k a year and 430K house (even with your down payment).. Yikes, Good luck.

  9. #27
    Join Date
    Mar 2012
    Location
    Fort Sask/Texas/?
    Posts
    1,247

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    Quote Originally Posted by MZSPD View Post
    80k a year and 430K house (even with your down payment).. Yikes, Good luck.
    I did the math with my bank a while ago and when I was talking with them 500k was easily doable by thier math. I think she said I would have been pre approved for about 650k. Obviously I don't want to be housepoor and I don't intend to crazy. 450k seemed nice to bad considering I was able to add 55k so far to my savings this year. Split it up over 20 years and is well under what I am putting away right now. Obviously taxes and bills will come into play but it seems quite achievable. Not to mention that I'm an engineer in training and I just started my job so my pay will only increase.

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