I realize that everyone is at different stages in their lives, and moving out of mom and dad’s house is not necessarily the stage most students, including myself, are in… However, I do think it’s something worth discussing.
- My mom has been in real estate her whole career/my whole life
- I have recently acquired myself a boyfriend who is at the stage in his life where he is looking to move out into his own place.
I wanted to share with everyone my knowledge and experience when it comes to the real estate market in the Hammer.
Well, the main issue that I have come across is that there is a very small area that young people are looking to buy in (approximately Westdale – James St., all South of King St.). Due to this concentration of demand, the pricing has sky-rocketed. I have been finding it impossible to find a decent place in that area for less that $1100 a month. And I am talking a simple on bedroom apartment… that is crazy!! It is just the way the world works… the higher the demand, the higher the cost.
Young couples or individuals looking to move out on their own should be looking for affordable places anywhere in the city, within reason (ie. safety). Sure it would be cool to be a walk away from Locke Street, or to be around the corner from all the food on James St. South, or to stop in at Mulberry St. Coffeehouse instead of Starbucks, or spend your Friday watching a band at Mill Hardware instead of seeing a movie at the Ancaster cineplex. I get it… But what people don’t seem to get is the fact that you can live in an affordable area and still do all of these things! They just may be a longer walk, a bus ride, or a short drive away. I want to encourage people to look at the potential of living on the mountain!
Another point is: as we all know, there are two option when you’re looking for a place – rent or buy. I threw together a pros and cons list of both, because I know that I still do not know which I would rather!
Renting
Pros:
* If anything goes wrong – landlord
* Much easier to move around and try new locations (when your lease is up)
* You don’t have to go through the pain of selling it – the landlord does
Cons:
* Your money feels like it isn’t really going towards anything because you don’t end up owning anything
* You can’t save nearly as much to buy a house while you are renting one
* The price of rent in Hamilton is astronomical
Buying
Pros:
* Owning a home builds up your credit
* Personal pride
* Get to lay roots
* You will most likely end up paying the same price in a mortgage than you would rent
* Resale is looking great in today’s market and Hamilton’s demand
Cons:
* You are in charge of all the maintenance duties
* You have to deal with the City when property issues occur
* It is expensive
* It is a pain to sell
If you are looking to rent or buy here are some helpful websites:
http://www.gottarent.com/on/hamilton/
http://www.homefinder.ca/homes-for-sale/186-hamilton-real-estate
also, http://hamilton.craigslist.ca/ has been my favourite and most useful when looking at the “map” list option.