Quote:
Originally Posted by EvoFire
Age is not a deterrent for me, however I too understand that some do not like it. I actually prefer older units because I am not a fan of the new floor plans and find that older units are much more usable.
I feel the value dropping is actually a big deal for us. If say we bought a 1 bedroom 1 den right now, and in 5 years we need a bigger unit because we have a kid now, there would be a high chance that a 10% drop would put us at a worse position than when we bought the place. That's with no major repairs over the 5 years time, and we did not contribute more to the principle. I agree investments should be over a longer term, but buying a condo is not really a investment in my mind. With the current economic situation, and all the costs associated with owning a unit, I actually feel like its a liability, much like buying and owning a car. A detached home on the other hand is different and with 50% down, I feel like you made an informed decision and a smart choice. Unfortunately I am not at that stage of life where I can put 50% down on a detached home.
I did not think about it that way, but I will have to agree with you that its unfair to lump it under emotional decision. I am not against buying, just "right now" does not add up mathematically. Buying/renting has become a dominating discussion point for the last few months, and to some extent, a friction point.
Buying is going to happen eventually, just my view is "not now" and her's is "ASAP". TBH I have a pretty hard time justifying buying new wheels and coils, fortunately my car has a turbo already lol.
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If you are truly uncomfortable with prices maybe trending downwards, then I'd suggest that you stand pat until you can afford and/or are willing to put down more money into a condo or SFH that you can grow into. It really doesn't make sense to buy a 1+Den right now with the knowledge that you would probably be having kids and need to move out in less than a decade.
Trust me, I've had the arguments about buying/renting with my wife before and the way I solved our disagreements was looking at the financial picture in the long run, planning what life decisions may lie ahead (kids, education, etc) and we had to be comfortable with the numbers together in the years ahead.
Good luck.