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WHITBY FREE PRESS, WEDNESDAY, MAY 21, 19 80. PAGE 23 DOLLAR tente The five-year plan for home ownership By Jaek A. Boulhbee CA The 199 church steps Pictured here are the 199 chureh stairs that lead from Whitby Abbey, Whitby, England, to the old town which is celebrating its 1,300th anniversary this year. The stairs lead from the abbey which was founded around 651 A.D. by St. Hilda. [n an effort to help preserve and restore the stairs, the town has established an appeal fund to which our Town of Whitby contributed 50 pounds sterling. The stairs are one of that Whitby's major tourist attractions and in honor of the abbey's founder, this has been proclaimned the Year of St. Hilda. -Photo enurtesy of the Whitby Gazette, Whitby, England. For engaged or recently- married couples, buying a home is usually high on the liat of goals to be achieved and so it should be. A home of your own is probably the best inveat- ment you will ever make. The value of the property goes up while your mort- gage payments remain relatively stable and your increasing earnings make the payments progress- ively easier to bear -- and any profit you make from the sale of your principal residence is exempt from capital gains tax. The problem most young couples face is that they have no money right now, and are faced with, saving for an unknown -- but definitely long -- period of time. Just how long and how hard you save is up to you, but my advice is to stick to an agreed five-year plan. The route many couples take is to try to live on one salary while banking the other. A problem with this, however, is that it can place an additional strain on the marriage itself. One partner may feel he or she is working for nothing, and this often leads to bicker- ing over allowances, etc., when one partner ends up taking aIl the responsibility for the money. The five-year plan is flot easy to stick to, but it's simple. Each, parnner should plan to sale about 8150 per month after the rent and fixed expenses have been paid, perhaps out of pooled earnings. By putting 81,000 per year into a tax-free Registered Home Ownership Savings Plan, the remaining $80 per year into a tax-free Regis- tered Retirement Savinge Plan and the resulting extra tax rebates into a separate savings account, each of you can accumulate over-ali savings after five years of at least $14,000. That's about nearly -830,000 be- tween you -- about a third in long-term savings and the rest as a downpayment on a bouse. If you are now paying $300 per mnonth rent and each of you saves $150, you wilI be putting out. $6,000 per year for shelter and savings. In five years your rent will be about $40, so jbou will then be putting out $7,200. For that same amount, with no additional sacrifice, you can assume a $50,000 mnortgage and $1,000 per year of additional hozneowning costs, on a house worth $70,000. It also means you will have solid equity --.about 30 per cent -- in the house from the day you move in, You might be tempted to buy earlier, with a lower downpaymeflts but ho wary of second and third mort- gages with their high interest rates. Don't buy with less than 25 percent down and neyer assume mortgage paymnefts ex* ceeding 25 percent of your take-home pair. Ottawa ç779 ~Ju Report By SCOTT FENNELL, MP (PC - ONTARIO) Fenneil blasts defence minister Two weeks ago, Defence Minister Filles Lamontagne, made a surprise announcement, one which received surprisingly lit- Ue press coverage. Had it been reprted widely, Ontarians might now be furious. The federal governnient has asked Bombardier Ltd., Mon- treal, to submit proposaIs for the manufacture of up to 2,800 M- 35 trucks for the Canadian Armed Forces. Moreover, the con- tract was awarded without competitive bidding. Instead, Bombardier was selected by the Governnient from a list of possible companies and will be given $100,000 to help cover the cost of the proposaIs. This plumn will mean $234 million and 800 jobs for Quebec. Without bothering to look further, it is obvious the Federal Grovernment used the contract to boister the '"no" campaign. Certainly, any effort to keep dûhs country together has some menît. But should it come at the expense of another province? The Bombardier contract wil not help Quebec in Con- federation if it really wants out . I t will, though, mean lost e!Tployment opportunities for the stricken Ontario economy. Comnbine this with the on again-off again strategy of Ini- dustry, Trade and Commerce Minister Herb Gray for aiding Chrysier, the fly by night attitude of Ford and the tax dollars flowing into Nova Scotia to attract manufacturers like Michelin: it adds up to an ignored Ontario. Canadian unity or regional equ.ality wil not be had througn somne short terni schenies or giveaways. Deep-seated ptoblems need far ranging and comprehensive solutions. The Bombardier contract did not decide how serieus Quebecers voted yesterday. The Michelin plants alonke cannot revitalize a depressed Maritimne economy. In fact, these patchwork policies have quite the opposite ef- fect. The federal government has shown us exactly where we fit on its priority list.- By hedging, by reneging, by ignoring, Ottawa is making Ontario angry. MANCH ESTER - 10 314% mortgage, just listed, customn split level, family room, wet bar & floor to ceillng f Ireplace, wlo to deck & swimming pool, double car garage, $48,994 mor- tgage, asking $78,500. Raph Hortop 576-3333 or 683-7377. 54,500 SOUTH PICKERING, walk to GO Train, immaculate 3 bedroomn bungalow, bulît in oven & countertop stove, fen- ced private yard. Owners have bought. 576-3333 or 683-7377. OWNER TRANSFERREDI 3 year old 2 storey, garage, prof essionally finished rec room, wlo to fenced yard, good Wh itby location. $57,250. 576-3333 or 683-7377. PICKERING VILLAGE, new listing, 10 year old customn "House That Jack Bulît", 2 storey, f ireplace, walkout to cedar deck, large lot, large 10% mortgage tii '81, asking $89,900. 576-3333 or 683-7377. WANTED - HANDYMAN - 11/2 storey older home, Man- chester, V2 acre lot, asklng $39,900. VEndor wIll hold f irst mortgage at 12½%h'Y. 576-3333 or 6837377. MUST BE SOLD,Port Perry, In town, brick 2 storey older home 79' x 107' mature treed lot. Open to offers. Asklng $38,900. 576-3333 or 683-7377. WEST 0F ASHBURN. Secluded 5.6 acres of beautiful court- tryside, trout streamn, many 30' - 40' cedar trees. Bungalow with large sunny kîtchen, lots of cupboards, large living room wlth fireplace, just listed. Ruth Taylor $87,000. CAII 576-3333 or 683-7377. 111-2 ei-1 1 to OflIU~.w1668-6221 Ihi ~683-6221 GOLO JACKET REALTY ITà. member broker 824 Brock St. N., Whitby Eech office le Independently owned and operated. INGROUND HEATED KIDNEY SHAPED POOL & privacy fenced yard - with a 3 bedroomn bungalow with family room & fireplace. Val uable 11 % morigage. A LOTTA LANDI 10 Acres Includlng trees & stream; beautiful building site. Only $8000 dn. to an 11 % mortguge 668-6221 $52,5W0, MORTOAGE AT 11 %. Main f loor famlly room, brick fireplace & patio walkout in this 4 yr. old split level. Only $68,900 f u11 price. 668-6221 JUST LISTED. Family room plus fireplace. Large 2 storey brick twin home. 3 bedrooms, dining room and attached garage. Loaded with extras. Back yard completely fenced- Excellent financlng. 666-6221 PORT PERRY. 4 bedroomn storey and a raîf home one block from downtown. Large kitchen and dining area, lot sîze 50 x 156 ft. $4 808O JACKSON 66"-t221