Not As Expensive As You Think
People might be surprised at how affordable an older condo
is right now. With rock bottom interest rates it's possible to get into a 2
bedroom renovated condo with 5% down and payments of under $800 month. I would
think that's more than what most people are paying for rent right now.
Sometimes I wonder if the people who are posting all the
negative comments about Vancouver
real estate (hoping and calling for the market to crash) on sites
like the Globe&Mail.com realize that buying your first
home is in reach for most people right now. As a matter of fact it's cheaper
now than it was 5 or 6 years ago. Interest rates are not going to stay at these
rock bottom levels forever... so what on earth are you waiting for? If you can
afford it and you can qualify for a mortgage, the sooner you buy the quicker
you can start to accumulate wealth. It's that simple! Remember, all that money
you’re giving to your landlord every month is not going to be improving
your net worth in any way shape or form. Finally, the sooner you get into
the market the sooner you will have that home paid off.
This entry was posted on July 1st, 2013 by Owen Bigland | Posted in General