Check with http://realtor.ca for the prices because it’s really weird that few buildings will be more than a million while neighbouring building will be less than half a million. It all depends on the age of the building and maintenance fees every month.
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RE: Are houses in Mississauga cheaper than Milton?
RE: Are British house prices likely to become affordable for first time buyers?
British house prices are likely to fall once there are more available houses for sale than people wanting to buy them and not before then.
Prices of houses, especially for first-time buyers, are always going to be related to the buyers' ability to pay. Right now, the average new-build home is on offer for about 10 times the average first-time buyer's annual salary, which sounds frightening; in the mid-1970s, when my husband and I bought our first house, it was nearer 5 times my salary.
But there is a vast difference between interest rates then and now. The lowest mortgage rate we ever had to pay was around 8%, and at the peak, it was nearly 20%! Whereas now, about 2% to 3% is typical. So in practice, because interest rates are so low, which makes repayments more affordable, it also makes it possible for prices to stay high. If mortgage rates shot up, there would be fewer people able to afford current prices, which would have to fall for houses to sell. But it wouldn't help anyone, would it? Apart from the banks, of course.
House prices are affordable for first-time buyers; we can tell this because there are still first-time buyers buying houses. The big obstacle is the deposit, and I'm sorry to have to say this, but I'm afraid the only way to save that up is to do what earlier generations have had to do: spend less and save more.
No, you can't have all the latest gadgetry, the most exotic holidays, many nights out and the latest fashions, if you also want to buy a house. As my husband always (most annoyingly) says, you can have anything you want — but not everything you want. If you would rather have the latest iPhone and all the rest of it, and go on renting, then that's your choice; but if you are anything like the vast majority of us in regular jobs, you will have to make that choice.
It's up to you.
One last thought (and I don't expect it to be any more popular than the previous ones, I'm afraid): weddings.
If you are thinking in terms of getting married, may I plead with you not to go for the full Posh-and-Becks, Harry-and-Meghan, Hello magazine works, with the accompanying bill? Fairytale weddings are all very well if you are so fabulously wealthy that you'll never even have to find out what the word “mortgage” means, but most of us are not like that. Fairytale weddings for ordinary people are not noted for their Happy-ever-after endings. I've seen figures suggesting that the chances of your marriage surviving are in inverse proportion to the cost of your wedding.
Please, if you want to buy a house one day, don't go into debt to spend the price of a deposit on a one-day event. It won't make you feel any more married than something cleverly inexpensive, and it will be a millstone around your necks. Take your guidance from the world of IT and KISS: Keep It Simple, Stupid!
And have a marriage and a house, instead.
Not really as house prices are an artificially inflated bubble, and if allowed to drop too much will collapse entirely. The prices are in theory to do with the value of the property and the land it’s built on, but for decades now, the price has been based on the assumption that as it has been bought as an investment, the selling price must be higher than the buying price. As the rules on purchase to let mortgages were changed, and the rules and costs for landlords have massively loosened, any time there is a threat of prices dropping, people refuse to sell them for less, and rent them out instead; AirB&B is making this even more possible, so until Corbyn gets in and starts allowing councils to build Council housing again, prices will stay many times higher than ordinary people can actually afford.
Not for at least 20–25 years.
At the moment, a small majority of 60–65% of people, including my own houses. We don’t want our primary asset to lose value and will do anything we can to prevent it.
The power of democracy allows that 60–65% to completely screw those who don’t own houses.
In a generation that will change as house owners become a minority, then I suggest you vote to use the elderly for hunting or something.
British house prices are when you allow democracy to trump the free market. The free market, if approved, would bulldoze maybe 10% of the green belt, build new cities and allow more to buy houses. But the (small) majority of people don’t want this to happen.
If I were young I would hate people like me but in a democracy, if its a choice between you or me, I choose me every time
“Are British house prices likely to become affordable for first-time buyers?”
House prices are affordable for first-time buyers. Something like 350,000 first-time-buyers bought a house in the last 12 months. By definition, they could afford to buy a home because they did just that.
Buying a house might not be affordable for you, but that is your problem, there is nothing “unaffordable” about the housing market.
To get anything like a sensible answer, you need to remove some of the potential variables involved.
Income of buyer
Someone earning £50k a year would have a pretty wide choice of housing in much of the country. Conversely, someone who cares not where the house is located could get one for the price of a family saloon car.
RE: Are the houses in the UK moldy because of the wet air?
Most houses have effective heating systems that are used most of the time, except summer. Keeping the temperature above 18 degrees, centigrade pretty much stops damp and mold
Most buildings are double skin construction - this creates better insulation and reduces condensation as the inner wall is warm. This is usually paired with double glazing.
Bathrooms and shower rooms should have an extractor fan (usually triggered by moisture or by the light is on), which pulls moist air out. Many people have them above the cooker too.
Most windows have ‘trickle vents’ that ensure a level of airflow.
There are exceptions, of course. Some WW2 era buildings were built with single skins, and are prone to condensation. Some older building uses single glazing and can be hard to heat, and some people cannot afford to keep all their homes warm (or have inadequate heating), so end up with mold forming in the cold rooms.
Some flats are built with poor ventilation. Some people deliberately block ventilation to reduce heating costs, which causes damp.
There is also the possibility of roof damage, such as leaking joints, which is a wet climate that can cause much damage.
If your house is moldy, the chances are it’s down to condensation and not understanding its causes, or not being bothered to care. My home is a 1960s self-build, extended in 2004. It’s double-glazed throughout and centrally heated. The air inside is not “wet.” In fact, in winter, the relative humidity indoors is usually lower than in summer as the outside air, being more relaxed, can hold less water. When it’s heated, the RH drops. See the difference between in and out last night. 61% is perfectly fine indoors.
If you’re going to add water to the air in the house continually, you need to ventilate it. Every time you use the gas stove or oven, it adds water to the atmosphere. Use a ventilated or condensing dryer or hang your clothes outside to dry rather than indoors. Contrary to popular belief, you can dry your clothes outside in winter in the UK, even if it’s cold. Okay, you have to keep an eye on the weather, but it lowers your bills.
Condensation can become trapped on the inside of an outside wall if you’re not careful, and cause mold. We used to have our coats hanging up against an outer wall. The jackets leaning against the wall acted as a layer of thermal insulation, keeping it cold. One day I discovered the wall damp and moldy. Although the coats stopped the wall getting warm, air could still get through slowly, and the moisture condensed out in winter onto the cold wall. The reduced movement of wind did not allow the moisture to evaporate, hence the mold. The answer was to move the coats away from the wall. Problem solved. My wife thought it was rain ingress (through a cavity wall), but it wasn’t.
Having said all that, I’ve seen some shocking low-end rental properties with awful mold and damp, but that was down to poor maintenance, being semi-derelict or being left for months on end with no heating and all the windows shut. If you trap humid summer air in a house and leave it there all winter with no heat and ventilation, you’re going to get problems.
1 in 5 houses in the UK suffer from mold, and it affects both old and new builds, the latest builds being better insulated. The problem is cultural - like not rinsing washing up liquid off crockery - and due to lack of ventilation i.e., not opening windows at least for an hour a day. Indeed I remember in the house I grew up in, many window frames were painted shut!
In Germany and many other colder countries it is quite normal and routine to open the windows to air the house at least twice a day for at least half an hour, even with minus temperatures outside (which are uncommon in most parts of the UK) and most people in places like Austria or Romania always sleep with the window a little bit open, even when it is 20 degrees below zero outside.
Having returned to the UK from living overseas, I had seen my flatmate's rooms - which were beautiful and mold-free when they moved in last year - become moldy while my room remains mold-free. The reason is that these flatmates have had their windows closed since August so no surprise really, while I always have one window open at least a couple of centimeters, which is no problem as it hasn’t even dropped below zero in London this winter. Of course, it is the landlord’s fault, in any case.
Both houses & the weather vary in the UK.
Generally, older houses may be more prone to damp for a number of reasons:
Solid single skin brickwork is more prone to damp ingress than double skin with the cavity. Bricks are porous.
Damp-proof courses & seals around windows & doors are more likely to fail in older houses.
Less efficient windows & doors that are poor insulators & may have rotted.
Lack of built-in ventilation. Older houses relied on the fireplace - chimneys to draw in air. Often these have been blocked in overtime.
Long-standing leaks. Gutters, downpipes & wall, buried water pipes that have not been maintained.
Mould usually occurs in older, poorly maintained houses. Where mold occurs in modern homes, it is often caused by human habit: pans boiling away for hours in kitchens with windows closed tight.
The exception is the aptly named dry rot, which is a fungus that spreads by airborne spoors.
Weather-wise there are 2 generalizations that can be made about our weather:
The South is usually warmer than the North.
The East is usually drier than the West.
We have a house in the UK and one in South Carolina, so I feel I can provide a balanced answer to this question.
In general, houses in South Carolina (and the other Southern States) are more likely to suffer mold due to the high humidity, which is not something we suffer from in the UK.
If there is a mold problem in the UK, it is most likely to apply to an older house where the damp course is no longer active and has not been appropriately maintained. Reasonably excusable in a, for example, four-hundred-year-old house. By contrast, we have seen many, many cases of houses less than twenty years old with serious mold problems in South Carolina, often leading to expensive lawsuits.
So, yet another silly question with little or no validity on Quora. It seems to be a recurring theme these days.
Look, this sounds quite rude the way you asked this. However, I will answer, the new build houses are not moldy as they were designed for modern central heating, the older homes and I are talking over say 60 years and older were not designed for central heating and usually had a 9-inch brick wall ie, two courses of brick with no gap for insulation. So when these properties are modernized with modern central heating, and during the colder months, the heat generated hits these cold brick walls resulting in condensation and mold, drying clothes on the radiators add to this problem.
RE: As a cash buyer, what is the quickest time one can complete and exchange on buying a residential property in the UK?
The bottleneck is ALWAYS, the solicitors who will take their damned sweet time.
They have to get various energy reports and also historical reports like coal mines etc.
This is what takes time. The solicitors take their time doing this as do the UK government agencies.
Additionally, in the UK, you can’t waive any rights like in the USA. So, therefore, a minimum number of checks need to be done for anti-money laundering, etc.
If you are foolish, reckless or desperate, probably a couple of days. If you are sensible, you will engage a surveyor to check out the physical condition of the property and verify that you are paying a reasonable price. A solicitor to confirm that it really does belong to the person selling it and also to check whether there are any developments such as new roads that might adversely affect you. If you carry out these prudent procedures, then you should allow six weeks to complete.
This depends on solicitors on both sides and also the selling agent. If you have the right selling agent, they will continue to keep pestering the solicitor a push for closure as they want there percentage, but in my experience in buying in the UK, you can complete within a month.
If a buyer has an attorney that can move quickly and the title has no clouds, and the seller can do the same, it could close in 10 business days.
I’ve bought some properties on the condition of a 4-week completion. Even with the right solicitor who was on board with the deadline, this was tough work.
Three months is the normal “if everything goes well” timescale.
It all depends on the notary but on average six to two months.
If your priority is speed, it can be done in a couple of days
You only need to check out the fast buying, quick cash property buyers side of the market to see how companies regularly buy property in a speedy time frame.
There are definite risks to this, in any case.
In this market place, the buyers are very experienced and weigh up the risks by typically offering a lower than market price for the property to make up for any issues that may arise post-purchase.
If you think about the steps involved in buying a property, to purchase quickly, many of these have to be missed entirely.
Local property searches, surveys on the property, condition reports, and internal inspections.
All of these a buyer would typically do, but if you're taking a risk and buying cash and speed is of the essence, that’s your risk to take.
One element that is hard to speed up and you can’t miss it out is the actual conveyancing. The process will only go as fast as the slowest solicitor acting for the buyer or seller.
If you want to do things correctly and have time to check everything thoroughly, then four weeks is pretty quick and six weeks is more typical
Hope that helps
RE: As a foreign buyer who invests in a UK property (valued at 800,000 pounds), how much tax do I need to pay?
Well, you’ll have to pay Stamp Duty of about £30,000 on the purchase.
If you rent the property out, you’ll pay income tax on the rent you receive
When you sell the property (assuming it’s not your primary residence), you’ll pay Capital Gains Tax on any profits.
You can find the answers here (link below): there is not enough information in your question as taxes differ between England, Scotland, and Wales, and there are different thresholds for Residential and business property.
RE: Are Singaporeans interested in buying property in Johor Bahru, Malaysia?
I can only answer, generally. I lived in JB, but half of my relatives are either Singaporeans, PRs, or Malaysians working there. Some reasons why JB properties are a draw to them.
- Many Singaporeans are also Malaysians who have given up their citizenship. They do have relatives in Malaysia, and they visit them often. So having their properties is a plus.
- JB properties are just a fraction of what it costs in Singapore. A private apartment in JB costs about RM300,000 to RM600,000. With the RM1,000,000 benchmark, only higher ends properties are being sold to Singapore (some areas not applicable). After conversion 3:1, it's about the cost of a three-bedroom HDB flat. On top of it, most properties in JB are freehold, not leasehold like HDB flats.
- Bungalows or semi-ds are a favorite for Singaporeans as having a landed property in Singapore is a rare enjoyment for the masses.
- With the 3:1 conversion rate, Singaporeans don't mind the traffic jams to travel to JB. Their expenditures are food, traveling, manicure & pedicure, facial or hairdressers, massage, pump petrol, and shopping. I still remember traveling or walking across the causeway to buy juicy apples and other fruits at Woodland when MYR is the same rate as SGD.
Having said these, I understand the frustrations of Singaporeans over the many changes in our government stand on foreigners purchasing properties here. I am as disgruntled as them. I think it is not professional to twist and turn policies to fit their agendas.
Regarding the bad workmanship, it happens as much to Malaysians as they did to foreigners. But for me, we will fight tooth and nails and make developers rectify the defects within the period given. It is also advisable to have some Malaysian friends or family members to foresee and to introduce the properties to you. They also act as your confidante in case of unexpected problems arising from the purchases.
I also want to bring up the cases of us Malaysians who wish to buy a property in Singapore. Still, often it is not possible or out of reach due to the government rules and regulations on HDBs and the exorbitantly high prices of private properties. The property markets there are protecting and only benefiting the Singaporeans and PRs who must be above 35 years old (singles). Private properties cost anything above SGD600,000 just for a studio. For those Malaysians or PR working there, they are forced to live in somewhat unfavorable conditions of bed bunks (for cheaper rental) or high rental of about SGD1000 a room. Looking back, Singaporeans can afford housing in Malaysia but not vice versa.
I am still looking for opportunities to buy an HDB flat in Singapore. I really regret not getting one 20 years ago when no such rules came in.
Why do people move to cities? Better job prospects, better healthcare, and to further their studies. These are a few examples of why people would migrate from rural areas to urban.
What am I trying to imply? I’m just saying that Singapore is better at those three than Malaysia as a whole. It's not an insult its a fact. Plus, why would I, a Singaporean, go there and be hated by the government because of my race?
But, what if we Singaporeans would want to buy a property there not stay. And I ask you, why would we? I see JB as a city to shop, and that’s mostly it. There is no real reason for us to move there or buy a property there. Sorry if I'm too blunt, but this is my opinion. Take it with a grain of salt.
There are some sectors in Iskandar and Medini that are open to foreigners, and they do not have to meet the minimum price point (RM1 million for an apartment or condo) to purchase a residence, and still, there are no takers.
There is motivation to live in Malaysia beyond the lower cost of living. Johor offers inferior job prospects for Singaporeans, and you need to qualify for a visa to use the MM2H visa program.
Singaporeans see JB as a border town.
It will remain that way for a very long time.
Not particularly. Except for some who are swayed by glossy brochures and prices that appear cheap.
The truth is that there is a glut of supply around Johor and savvy Singaporeans looking to live in Johor should consider renting. Especially considering the condition that some older developments in Johor are.
Interest rates in Malaysia are higher than Singapore, and currency fluctuations can wipe out much of any potential capital gains that can be had. However, it can be said that the Ringgit can go either way.
RE: Can I buy property in Malaysia?
As a foreigner, the only significant restriction is that you will need to purchase a property that is more than 1 Million Malaysian Ringgit or about 256K US Dollars if it is in the Capital City of Kuala Lumpur and greater than 2 Million Malaysian Ringgit in some other states.
The banks are also quite keen to finance up to 70% of the purchase amount for foreigners on a 30-year loan for those below 35 years of age.
Yes, you can. It is relatively easy to enter the property market in Malaysia compared to the surrounding countries. On top of that, you can even buy freehold property in Malaysia. You need to meet some requirements as a foreigner, depends on the area that you are buying.
Yes, if you are a foreigner. You can own a house with a minimum value of RM1 million and above in most significant states in Malaysia, including the capital city of Kuala Lumpur. You can easily own a condominium, residential landed properties, commercial properties, and industrial land except for Malay Reserved Land.
You can purchase at a cheaper rate if you apply for MM2H (Malaysia My 2nd Home) in particular states, but make no difference to popular countries such as Kuala Lumpur and Selangor.
For loan financing, depending on which country you are from, some land will get up to 80% loan (e.g., Singapore). In contrast, others may get 70% or 50%, or some even can’t get a chance to get any loan approval unless they have been working in Malaysia for specific years with an excellent credit score.
Yes, you can buy the property in Malaysia. The only problem in buying property for foreigners is they have to buy property more than 1 million Malaysian Ringgit.
You can buy property from property portal sites where many of the features are listed on the site, and you can select any property according to the location you want and according to your budget.
RE: How can I find property developers in Malaysia?
Some of the biggest developers in Malaysia are:
- Eco World Development Group Berhad
- Sime Darby Property Berhad
- SP Setia Berhad Group
- LBS Bina Group Berhad
- IOI Properties Group
- Sunway Property
- UEM Sunrise Bhd
- Gamuda Land
- Mah Sing Group Bhd
- IJM Land Bhd
I would recommend you to read the following article to learn more about the developers.
Search online for new property developers' launch in Malaysia.
In my opinion, Malaysia is a beautiful city for Property Developers' purposes.
Get in touch with the real estate people and business people that want to build. Then you are ready to go.
I want to suggest you some of the links to get know better:
Sime Darby Property Bhd
SP Setia Bhd
UEM Sunrise Bhd
Ocean View Hotels in Singapore, Resorts in Singapore
Tropicana Corp Bhd
IGB Corp Bhd
Eastern & Oriental Bhd
Mah Sing Group Bhd
IOI Properties Bhd
RE: 5 years now in Canada, should I go to school first or buy a house first?
The most functional answer will depend on establishing a balance between short-term and long-term needs. Your current income possibilities, and the cost of housing which might interest you must always be taken into consideration to develop functional strategies.
If you have adequate money for a down-payment and future mortgage payments to buy a house without stretching your finances past the point of comfort, then go for it.
So age and your current realities are undoubtedly critical elements to consider.
If, however, I was stuck in a dead-end job, with little possibility for increasing my income in the long-term, then enhancing my employability would become my priority.
For example, I earned my undergraduate degree before entering the workforce with a steady job but worked through Christmases and summers to make money for my next semesters.
Such assets allowed me to work in a job that I enjoyed while also financing my Master's degree, which facilitated earning enough money to buy my first house comfortably.
Fifteen years later, having moved to even more satisfying employment, I earned my Doctorate.
So it depends on where you are at your current stage of life, and what your long term plans might be.
Short-term pain can facilitate long terms gains if you pardon my sports cliche. Whatever you decide, resisting immediate gratification must always be something to consider.
I wish you well whatever you decide.
RE: Are Canadians too practical regarding their homes?
I don’t know where you are going with this question—please clarify.
Interior design you say—OK -if by practical you mean having enough room for bedrooms for your kids, more than one washroom, a living area, kitchen, eating and play areas and a garage for storage and maybe for your car then I guess we’re practical.
Why would we want an impractical house, implying discomfort?
If you mean homes and gardens type interiors, those can be fine but not practical if you have kids.
I sold furniture for a while, and a couple came in with a dog and a one-year-old and asked for an all-white living room with glass tables and a white carpet.
I tried to talk them out of it as likely to be destroyed by their dog and child unless they weren’t going to use the room.
They went with white and costly furnishings.
A year later, they came back to me and bought much darker and cheaper furniture saying they would wait till their children; second on the way by then; were older before going for anything like that again.