- Jun 3, 2001
- 10,359
- 6
- 0
The most important factor: I have no idea how long I'll live here. My company can move me anytime with 15 days notice. However, it is likely my assignment here will be 1-2 years.
My current place kind of sucks. It flooded a few weeks ago, and my rent is $700/mo for a basement 1 bedroom apartment.
I was looking at buying a 2 bedroom (not that I need the extra bedroom, but they are all 2 bedrooms) apartment condo for $135,900 plus GST (brand new).
If I mustered about $10k down, mostly by borrowing from my parents, my payment on a 25 year mortgage would be about $860/mo.
I make $55k/yr and buying this place would mean I'd have to sell my current car, a 2006 Pontiac Pursuit GT and buy something less expensive.
The other complication here is this is in the Canadian oil economy area, so if prices tanked on oil my place would become worthless instantly. A risk to be certain...
Would you buy?
My current place kind of sucks. It flooded a few weeks ago, and my rent is $700/mo for a basement 1 bedroom apartment.
I was looking at buying a 2 bedroom (not that I need the extra bedroom, but they are all 2 bedrooms) apartment condo for $135,900 plus GST (brand new).
If I mustered about $10k down, mostly by borrowing from my parents, my payment on a 25 year mortgage would be about $860/mo.
I make $55k/yr and buying this place would mean I'd have to sell my current car, a 2006 Pontiac Pursuit GT and buy something less expensive.
The other complication here is this is in the Canadian oil economy area, so if prices tanked on oil my place would become worthless instantly. A risk to be certain...
Would you buy?