Quote:
Originally Posted by Traum
Personally, other than the slightly lower price tag, I never understood the allure of purchasing a bachelor suite. If you are shelling out that much money on the DP + mortgage, wouldn't you want to get something bigger (even if it is just by a little, with a dedicated room or something), and as well having a unit that would be able to meet your life's needs for a longer period of time as well? (Say, by being able to accommodate an additional person -- ie. your significant other -- when life progresses?)
Or am I just being an entitled prick who is oblivious to the insane price pressures of someone looking for a starter homer?
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I always push for the same thing, if you are looking at a 1bed, should try and stretch for a 1b + den or even a 2b. But, I must say for some people that extra 60k going from a 1b to 1b + den may be the the tipping point.
And for those that stretched on a variable mortgage, it would really be hurting right now.
I had a friend that went through that exact situation where he ended up just going with the 1b and didn't try for the den. His income is about $65k but had about 200k of dp. His payments were 12xx but is now 22xx. The reason why he can still keep up? He met a girl and they consolidated together because she was renting and it made more sense to move in. It also now means they can't break up cause neither of them can afford to.