If you have been considering getting into the market and buying your own home, this may be the break you have been waiting for!
The current price corrections and historically low interest rates are working in your favour. For what you are paying in rent, you could own your own home! If you are a first time buyer, paying the minimum 5% down here are a few numbers to consider.
If your rent is about $1,000, then with 5% down you can get you into an apartment valued at $233,000. If you are paying $1,500 a month in rent you could buy a place worth about $350,000.
If you are young and single and don’t mind a roommate, you could take on a renter who will assist with the mortgage payments without them being an owner! It’s usually at about this stage when the Compact Florescent Lights (which have replaced the light bulb) first turn on in their brain. Then they start thinking big. “If I have enough roommates, they can pay the entire mortgage and I can live rent free while building equity in my home!”
Not so fast cowboy. Don’t go Donald Trump on me yet, but I like the way you think.
Can you stand living with that many people? Are they slobs? Are they going to stick around or will you be constantly looking to add roommates?
Before you turn into a real-life Monopoly-maniac-magnate, check out the BC Residential Tenancy Act:
To quote Uncle Ben from Spiderman “Remember, with great power, comes great responsibility.”
