Quote:
Originally Posted by AWDTurboLuvr
One more thing to add, not really related to what you posted. I remember someone here mentioned that most people today over-extend themselves on their first home and that nobody seems to want an actual starter home, or thinks long term about where they are going to live. Everyone wants their shiny stainless steel appliances, granite and hardwood, while on a 35-yr mortgage @ 2.85% interest...and then plans on moving to another place in 5 years. My parents waited over 20 years to get any of this and they weren't poor....they just remembered that they had weather some really rough waves in the 80's and 90's and saw friends lose everything during those times.
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Welcome to the generation of self-entitled brats, lol!
They want it all and they want it now without any sense of a realistic approach. I see the odd thread/post pop up on RS where some poor schmuck is wanting to buy a NEW place because his gf wants this, that, and the other.
"OMG!! Buy old?! Are you crazy!? You mean....buy a place someone else lived in?? But I don't want carpet! I don't want white appliances!"
This is what is currently fueling the all this new condo development. 20-something self-entitled brats who have no concept of reality....but dig the "new car smell".
There are at least 1/2 a dozen recent posts in the Home & Renovations forum. All asking the same thing, all with the same issues, all with the same delusions of how wonderful and how great of an investment home ownership is. Someone just said it here a few posts ago....why rent for 1300$ when you can OWN for $1650!? "The add in the paper says my mortgage payment will be cheaper than my rent!! WHY RENT WHEN YOU CAN OWN!?"
Because you can't own for $1650....at least not without a substantial down payment. And, imo, why would you sink all your (or, lets face it, your parent's) life savings into an "investment" that has no return currently? Also, while your mortgage may be $1650, there is no accounting for strata or property tax. Bet the $1300/month rent isn't sounding too bad after all.
At the end of the day, it is not about the money, it is about the status. Its the same reason there is a thread in the Auto Chat forum from a guy all fresh and green out of university wanting to drop 80k on a CPO BMW. He may have gone to school to feed his brain full of knowledge, but it doesn't appear he has any.
Many (especially on RS) have the need to impress. Take a general poll of what people SAY their salary is and what is realistically is. Never in my life have I come across a group of people who claim to make damn near 6 figures. I know its a possibility and I know there are some out there that legitimately do...they just don't talk about it. Unfortunately, the latter group are not the ones "investing" in Lower Mainland real estate. Having the former group dropping their pseudo income is a dangerous thing....their realistic salary will not sustain a rise in interest rate and while its all balloons and cookies to lock in for 5 years at a 3% rate, when they renew at 8% they won't be able to afford the payment....cue crash/popping/etc.
I was young once...fresh in my late teens, early 20s wearing my rose-coloured glasses thinking that I would have x, y, z by a certain age. Life is squishy, money is easy, buying shit is fun, but I like to think I got smart fast. This isn't happening today.
This illusion of grandeur is like a fucking contagious disease among most members of RS.