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we have a 2br condo that we find is not only too small but just doesn't really meet our needs in so many ways. we purchased for 725k 5 years ago, its probably sitting at just over 800k now (listings for similar suites in the building are around 850 or so, but nobodys buying).
we want to move up to a house but unfortunately even the cheapest houses in surrey (i work in surrey), are 100-200k out of our range, even with some savings thrown at it.
i've seen some decent houses for 1.1-1.2 but im sure there will be many offers over asking for those ones. the other ones under 1.1 are super dumpy and non livable. for about 1.2 there are some decent options that come up here and there.
1.3 is simply too high for us right now but that's sort of the starting range for an actually good home on a big lot, but nothing fancy.
also if we want to position ourselves to get anything, we figure we need to sell our place first and wait for the right opportunity. we are lucky enough that my parents have a totally vacant finished basement that we could potentially move into until the right house comes along, so that's an option, to sell the condo and live there while saving money to add to our down payment.
now i just need a reality check here which is why im asking. is this a stupid idea since we still need time to bridge that borrowing gap, and in the meantime houses could very well start ticking up again, and i'll be on the sidelines without a property at that point? could take a few years of eating rice and beans for us to amass that type of savings that could actually get us to where we need to be, but if housing just ticks up 10-15% then we'd be no better off than where we are now. the other option is to rent out the apartment, but i'd still be underwater a little bit after all the expenses, compared to the rental income. that might be the safer route, but it wouldnt position us well if something came up for sale and we wanted to put an offer on it without conditions (sale of the condo).
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