Quote:
Originally Posted by IGTBAR
I appreciate this - totally real and honest. Thank you.
Have a lot of thinking to do. I just find it really sad that a lot of 30 something singles/couples are basically battling each other for million dollar townhomes in the suburbs because the government refuses to step in.
|
Well, townhouses haven't reached a million in the suburbs.
For a standard 1400 square foot, 3 bedroom/2 bathroom townhome with a tandem garage and small yard (possibly 2) that was built 3-5 years ago, you're looking at 600K in the Tri-Cities. Do they have character? Not really, but they're perfectly functional for a young family.
If the going rate for a 1-bedroom condo in Brentwood is 370-400K, then you're looking at another 200K to get into something that will serve you for the next 5 years, at least. Not cheap, but not back-breaking either, particularly for an upper class couple. If you can stomach the carrying costs of the new mortgage at 4% (worse case scenario in 5 years), then you can make the leap.
As a relatively new father myself, your perspective on what's important will change once you become a parent. You may want to go back to work right away, or you may never want to go back. I understand the desire to buy a detached, but if you think about what our parents did, the small bungalow was the starter home, like the condo is today. I've become a big advocate of buying what you need for the next 5 years, as opposed to buying what you think need. Staying in Brentwood if you decide to have a child may not be such a bad thing. In my experience, having the mall, a local community centre, and a Winners helped my wife a lot during the first few weeks. Staying home, sleep deprived, with nothing around can make you depressed in a hurry.