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Show ALL Forums  > Over 45  > Is it too late to dream?      Home login  
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 thecatsmeoww
Joined: 3/7/2009
Msg: 74
Is it too late to dream?Page 4 of 4    (1, 2, 3, 4)
Moraima said Check with a lawyer if you don't believe it.

Not only did I check with a lawyer but also checked with a well known real estate agent. Indeed co op agreements are totally different than anything I have ever heard of in my life.

thecatsmeoww
 ForumFilly
Joined: 5/14/2008
Msg: 75
Is it too late to dream?
Posted: 7/10/2009 6:07:35 PM
It's never too late. My guy is currently having a gorgeous house built and we're very excited about it. We're talking about picking out appliances, etc. and both of us are older than you by more than a few years. We also want to get a small farm when he retires. He has a motto he lives by and it is so true... 'If it's meant to be, it's up to me'. If you want something badly enough, you'll find a way to get it.

Good luck to you!
 thecatsmeoww
Joined: 3/7/2009
Msg: 76
Is it too late to dream?
Posted: 7/10/2009 6:12:04 PM
Tinker said: Looking at a condo is bad enough - I'm not a fan of condos - but I can't imagine that a co-op would be that much different.

They are totally different than condos. I bought a condo on spec and never regretted it. The builder needed money it was in the middle of winter and people were not exactly flocking out to see the model. I went and saw and knew it was going to very special. I made an offer knowing he needed to sell a certain amount of units before he could start the project. He had built many successful projects and and the architect came up with a fabulous design. I was able to buy it very low and able to make some changes to even expand on his idea.

Two weeks later he had enough sold to begin the project.. A month later the place was sold out. A year later after the project was completed I was offered a great deal more for it and thought of selling it.. But then to look for another deal like this one would be hard to come buy. Now I am ready to sell and move.. My neighbor next door is buying it and expending hers into two combined units with mine.. I am happy because I doubled my money and am on the hunt looking for another deal..

thecatsmeoww
 thecatsmeoww
Joined: 3/7/2009
Msg: 77
Is it too late to dream?
Posted: 7/10/2009 6:14:32 PM
How can I forget to add this.. Guess what we won condo of the year here in Montreal..also won best landscaping in the city as well.

thecatsmeoww
 woobytoodsday
Joined: 12/13/2006
Msg: 78
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Is it too late to dream?
Posted: 7/10/2009 6:18:54 PM

The way to retire is to be debt free.


Sorry, this is just silly. The *best* way to retire is filthy rich. But it's possible to get a 15 year mortgage most places. Let people dream, and work towards that dream. I built my own house and paid for it outright as I built. Seven years before I retired.

 thecatsmeoww
Joined: 3/7/2009
Msg: 79
Is it too late to dream?
Posted: 7/10/2009 6:24:57 PM
wooby said: Sorry, this is just silly. The *best* way to retire is filthy rich.

Well I agree that is a heck of a way to retire.. However if you are filthy rich you should not be in debt.. Otherwise you are living beyond your means.

I think it is good way to build is to pay as you do it.. So you retired with no mortgage good for you.

thecatsmeoww
 Classic Chassis
Joined: 8/18/2005
Msg: 80
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Is it too late to dream?
Posted: 7/10/2009 6:30:53 PM

If she is renting I believe the obligation in Canada upon death would be 3 months rent.


If a tenant of a rental unit dies and there are no other tenants of the rental unit, the tenancy shall be deemed to be terminated 30 days after the death of the tenant. Applies to all provinces but if you're a landlord and you find yourself in this position, double check your landlord/tenant act to be on the safe side.


The obligation on a mortgage is for the duration of it.


Two words ... mortgage insurance.
 thecatsmeoww
Joined: 3/7/2009
Msg: 81
Is it too late to dream?
Posted: 7/10/2009 6:42:36 PM
Classic said: If a tenant of a rental unit dies and there are no other tenants of the rental unit, the tenancy shall be deemed to be terminated 30 days after the death of the tenant. Applies to all provinces but if you're a landlord and you find yourself in this position, double check your landlord/tenant act to be on the safe side.

After my mother passed yes I did have to pay a month's rent on her apartment.. However we were able to lease it out for the following month so I was not sure if the obligation I had was just that one month had on not been able to lease it out.

Thanks
thecatsmeoww
 thecatsmeoww
Joined: 3/7/2009
Msg: 82
Is it too late to dream?
Posted: 7/10/2009 6:45:47 PM
Classic said: Two words ... mortgage insurance.

two words: More Money!!
 DivineBovine
Joined: 5/13/2005
Msg: 83
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Is it too late to dream?
Posted: 7/10/2009 8:42:08 PM

Canada has yet to be really hit yet like the U.S. has. However it is coming...


uh Cat... no, it is NOT coming!

Canada does NOT have subprime mortgages like the US does. not in any province, not at all. our banking system is totally different from theirs.

(ps. Bon fête!)
 Sacharissa
Joined: 5/7/2009
Msg: 84
Is it too late to dream?
Posted: 7/11/2009 12:17:35 AM
It’s never too late to dream, no matter what that dream is. As far as home ownership is concerned; do the homework, gets lots of advice, then go for it! There are lots of good offers out there at the moment. I’m almost 50 and am considering a mortgage after being off the property ladder for 6 years due to ex husband’s financial gaffs. Never give up on your dreams…
 justme958
Joined: 7/2/2008
Msg: 85
Is it too late to dream?
Posted: 7/11/2009 7:41:47 AM
It's not too late. I purchased my home a couple of years ago - got a great rate and had not trouble with the mortgage. But be sure that's what you want to do first. A friend and I were talking about this subject (both first time home-owners in our 50s) the "american dream of homeownership" finally bestowed upon us and we talk about retiring into a hi-rise apartment. LOL. Oh well.
 artist_48
Joined: 1/27/2009
Msg: 86
Is it too late to dream?
Posted: 7/11/2009 8:03:36 AM

I dream about building an eco-friendly home out of pressed earth somewhere in the country near running water with a tower so I can write and paint up there.


I like to think that our dreams of substance are reality in the waiting.

It is our subconcious effort at nudging our consious selves.

We inherently know what we need (in this case, writing and painting) to fuel our souls.

We all need the surroundings to boost these needs ( the need to fuel our souls/ ourselves).

Yours, for now, is owning a home as you have described.

Lay the plans plans for allowing your dream to come true and you will be actualizing

your dream.

The basic rule of thumb is to place the payment that you would be making on the home

in savings for a year (for example). Not only to you then know that you can handle

that payment (as well as the rent you pay now), you will have effectively set aside your

down payment. Talk to your lender/ banker and see what programs they offer to

first-time buyers- usually a bit lower rate and other incentives. Get your credit score

now and take care of any possible issues on there/ errors etc. to allow you the best

credit score when you get ready to buy/ build.

How great would it be to sell your art/ writing as a means of raising a down payment

to get a place to produce more art/writing?
 Popeye52
Joined: 7/8/2009
Msg: 87
Is it too late to dream?
Posted: 7/11/2009 8:44:03 AM
I have always had a similar dream to the OP... and I've had mortgages since I was 19... never got to that dream home. Having a mortgage is no guarantee of fulfilling "the dream"... especially in today's economy.

I worked with a guy years ago, who I admired because he WAS fulfilling this dream. He bought a piece of land in New Mexico and was using the clay soil from his own land to make adobe blocks. He literally built an earth-sheltered home out of the soil.

So, I guess what I'm suggesting is that a dream remains a dream until one acts on it. As long as you think of it as a dream, it will remain a dream.
 thecatsmeoww
Joined: 3/7/2009
Msg: 88
Is it too late to dream?
Posted: 7/11/2009 8:59:08 AM
Good advice from artist48.. Know that you can handle the payment and save towards that dream and you will see it come to life.

When I bought my first property I did pay cash for it. After retiring from the music scene and changing my vocation I had a little money saved up. However it was just a big hut in the woods with 10 private acres of land. By no means a palace but I loved it.. I lived there for over a decade and loved every moment of it. I will be closing on it at the end of the month since I just sold it. But by buying it I was able to save a lot for the following decade towards my retirement..

Forming a plan and following it always a good idea..Crossing all your i's and dotting all your tees.

thecatsmeoww
 *Just Jim*
Joined: 7/6/2007
Msg: 89
Is it too late to dream?
Posted: 7/11/2009 9:03:44 AM

Canada does NOT have subprime mortgages like the US does. not in any province, not at all. our banking system is totally different from theirs.



And lucky for you!
As when former President Bush told the mortgage bankers here 4 years ago in Atlanta, GA. that every body in the US should be a home owners any way possable, the flood gates were open to sub prime the market and the folks who over look these dealing turned their heads to apease their bosseAnd these sub primers thought that the equity would cover the the extra rate but the bubble burst and down it went in this overpriced market and these bad loans.

And it's never too late to dream, I enjoy remodeling my home and there are some folks who say why do you do that cuz in their mind, the time and investment will never be returned.
[I buy a lot of my materials from,auctions,resale shops, sales,etc with cash up front so I spend within my means.]
I say to those naysayers, that is not a problem with me cuz I am enjoying my dream now and could you please put a price on that.
And to the op, live your dreams, live within your means, do a lot of work yourself or with the help of friends,save wisely and your new house will be your home where ever that might be.
 thecatsmeoww
Joined: 3/7/2009
Msg: 90
Is it too late to dream?
Posted: 7/11/2009 9:04:25 AM
Divine I see it has dropped from last year slightly..

I expect another slight drop this year as well. However not too concerned about it since after that will come up again..

As for our banks unfortunately we lent a whole lot of money to another bank in the US that went under.. I cannot believe the US would not bail this bank out since it is was the oldest bank in America. Call it a loss.. but concerned about the stock..

thecatsmeoww
 pleasurelimits
Joined: 2/9/2009
Msg: 91
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Is it too late to dream?
Posted: 7/11/2009 10:47:31 AM
You know I really get a bit fired up these days at all the attention on the performances and achievements of the 'young'. Just because I am not in my late teens or 20 somethings doesn't mean I cannot achieve something great, or at least great for me/us. As my Filly says we are building a new home and also intend on buying a small farm before we kick the bucket to live on, raise horses and maybe even breed some and, probably build the house and barn ourselves, don't be scared of anything. Love to have a crack at breeding and raising a race horse, you just have to have the guts to 'put your head down and your arse up and have a crack at it'. Don't let anyone tell you you can't do something. I recently met a guy who just had his first poems published in a journal and he was so excited, a real achievement, his age 89. And, he had been in the 2nd world war on an aircraft carrier through a lot of combat, seen a thing or two. He told me he would just love to be 60 again cause there is so much he could achieve. You go for it girl, just make your plan and work it, you can do ........ANYTHING........... But then I am lucky I have a wonderful girl who makes me feel we can 'fly'
 del63
Joined: 2/24/2007
Msg: 92
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Is it too late to dream?
Posted: 7/15/2009 4:07:18 AM
I dont think so, its wonderful to dream because sometimes those dreams are actually our goals, reaching goals gives us all something to work towards, I dream of meeting a loving man who wants all in life that I want, I hope my dreams arnt foolish, I still want to dream!!
 PhoenixRising11
Joined: 6/6/2009
Msg: 93
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Is it too late to dream?
Posted: 7/15/2009 6:50:22 AM
We only go around once in this life. It is never too late to fulfill our dreams. Sometimes, the reality of life requires we modify our dreams, but that doesn't mean we have to abandon them.
 SunnyBlueSkies23
Joined: 5/16/2011
Msg: 94
Is it too late to dream?
Posted: 10/30/2011 10:01:16 AM
Hi, OP! I say, GO FOR IT!! It's NEVER too late for anything! Remember, if you can DREAM it.you can ACHIEVE it!
 timetogo3223
Joined: 9/29/2011
Msg: 95
Is it too late to dream?
Posted: 11/3/2011 9:29:23 PM

Hi everyone,
At fifty, I have never owned a house in my life. It's because I had never dreamed about it, at all, until now. I dream about building an eco-friendly home out of pressed earth somewhere in the country near running water with a tower so I can write and paint up there. I dream of time-sharing with other eco-friendly people around the world. I have raised my two children and soon my 18-year-old will be out of the apartment that I rent. I am so eager to get out there into the world. I really don't have any savings for that, but I still dream.
My question is: Do you think it's too late in our lives to get a mortgage?


Ha, this is an old original post, but anyway..

Find a place and build your house as you can afford it. That way you can avoid a mortgage. Why rent from the banks when you can own?

Read "Living the Good Life," by Scott and Helen Nearing. They left NYC during the depths of the Great Depression and bought an old farm and transformed it into a model of sustainable living that can only be envied by the no-nothings greenies of today.

Don't know if you ever made your goal, but maybe for others....
 torquay166
Joined: 10/14/2011
Msg: 96
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Is it too late to dream?
Posted: 11/4/2011 6:53:53 PM
A mortgage for what you are dreaming of without a massive amount of "down payment" to get the land itself will be hard. To buy land on borrowing from the bank is a lot harder than to buy a house. I tried once cause I saw a dream spot ( No house and not enough money to make the interest rate). But your dream is real and a lot of people feel the same way as you do. Kinda almost like a hippie commune from the sixties, but have the knowledge and need (from our generation ) to get back to the "basics" that we respect the Amish for. I freakin Luv it and if I had a way to do it, I already would have :D The worse the world gets, the more I think we need to get back to the basics...right? If I can help in any way, let me know, but I am pretty much strapped just like everyone else, just loving your dream!
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