Quote:
Originally Posted by Tapioca
^ How much of your current portfolio would you have to liquidate for your down payment? If it's not too much (< 50%), then I think buying the condo would be fine. If you can maintain your diversity, you'll be fine.
Downtown condos will always have their appeal - whether the rental market, AirBNB, or empty nesters/divorcees. As long as the unit is a good size and the building is well managed, it'll hold its value.
Ultimately, the financial aspect of the purchase makes sense, but it comes down to one of lifestyle. Do you see yourself in Vancouver for the long-term? Do you ever see yourself shacking up with someone and having kids? (Raising kids in a condo sucks, period.)
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In absolute numbers I'd be liquidating about 40% of my investment portfolio plus a bit that's sitting in savings.
Long term, I see myself here in the foreseeable future probably at least another 5 years. I like the DINKs lifestyle as does the lady I'm shacked up with, but there are grumblings that our place is a bit too small/noisy (it's DT after all). No plans for a family though in the foreseeable future.
My argument's the same as yours. It'll hold value, there's always people wanting to live in DT Van. Good potential Cap rate if it's rented out. Just don't want to be stuck with the place if we need a house in the burbs in 5 years and need to liquidate (or for whatever reason).