ulsterman at vancouvercondo.info 3 Apr 2010 8:27 am -
“I just spent a weekend consoling my better half because I didn’t want to buy a foreclosed monster home on Musqueam land. Her best friend lives 2 minutes from the house and they are also on Musqueam land, hence the sudden desire to relocate – plus she hates renting.
The house was 268k and sold for 238k – abandoned.
I never actually visited the property. Lease about 12k and taxes 9k according to realtor site. It was 5700sqft with swimming pool etc. The lease, tax & mortgage was about $2600, same as I pay in rent. This was my partner’s argument – it’s the same as rent etc etc and we would have our “own place”, “build equity” etc etc.
Repair-wise it would have been a Froogle Scott on steriods -she has a father and step-father who are handymen so she had visions of them “doing the work for us.”
Obviously I dodged this bullet, but what do people think about the concept of buying on lease land if as my partner says, “we will never be able to afford our own house to live in otherwise and ALL my friends now own (please add in much wailing and gnashing of teeth that we are poor renters!).”
