So, my girlfriend and I are looking for our first place together, we never knew it was so complicated.
We're interested in a condominium in a highrise but even in the current market the condo prices are still ridiculous. Also, due to the current market, there are a lot more buyers (so we're told) so there is still a decent amount of competition. The interest rates are low, around the high 4% to low 5%'s.
Our issue currently is whether we want to spend more than 250k+ on a new condo in a new building with lots of great amenities or go for an older condo that was originally an apartment with very little amenities for around 160k or lower. Several sides are telling us to just look into a nice house instead of going for downtown because we will regret buying a place like this when we are older and we will want a house when the time comes. I still love condos and really want to be around the 20th floor facing downtown or landscape view from downtown. I think the feeling of waking up every morning to see an amazing view like that is almost priceless, but money is money, and a huge mortgage is not very appealing.
We're not looking to make money off of buying real estate, just a nice place for the both of us to live and to have friends over. We do however, want to make sure we retain some money in the place we live after we decide to sell the place which is why we don't want to rent, but... after finding out about association fees + taxes it's about the same as rent on top of a mortgage we're paying more than even renting for 20 years.
We're currently at the crossroads of offering for the higher priced unit in a new building, an older building, possibly looking into a small house (more sqft for the money), or even renting instead for a couple years. I'm not sure what's going to happen, but we're running out of time as we're on a deadline to close on a place and move in by the end of July.
Recent Comments