Throckmorton
Lifer
- Aug 23, 2007
- 16,829
- 3
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Buy something more affordable. My brother just bought a condo in the prime downtown area with heated underground parking and 2 parking stalls for $250k. Houses in the city start closer to $300k. Condos located farther away from downtown are about $150-$200k.
My first property will probably be about $200k, 20% down would be $40k, and my net savings are about $10k per year. It will take maybe 5 years to save up for a condo at this rate. My income is less than the $50k median since I live in Canada where everyone is paid a bit less and everything costs a bit more.
Even then you'd be better off paying 5% down and keeping the other 15% in the bank for a rainy day.
Condos are the most stupid thing in the world. They always have insane fees. Not only that, but the idea of owning a piece of a large structure and therefore not having full control strikes me as ridiculous.
