urbandreamer
recession proof
Basement apt at BLO (bloor and ossington--an up and coming trendy nabe I see lotsa cute students in this area of town):
Monthly Expenses
Rent: $650(inclusive)
Food: $400(quite abit let's assume u eat out a bit bars etc)
TTC: $110
Phone/www: $100
Clothing: $350?
Misc: $190
Total: $1800
Income (I once made $35k per year so I know what take home is==$26000): $2100
You save: $300 (I saved 70%--or $1200 but hey I am/was cheap
You still have $100,000 to buy gold or a kinda conservative but reachable 10%/year stock investment.
Now here's what I need: someone able to calculate (using same expenses figures I used--$1800 minus $650 rent) putting 25% down on a $200k condo+mortgage+condo fees+property taxes and include interest earned (or stock investment @10% return) on the remaining $50k.
Who comes out ahead? Which scenario is realistically affordable on $26000 takehome pay?
Condo salesmen on this board, help me and the lady out.
Turns out I may have found the info myself here: Rent vs. Own calculator: http://www.canadamortgage.com/calculators/rentvsown.cgi
Found: a 1 bedroom condo on mls on Bay St: $220,000 with $413 monthly maintenance fees. http://www.mls.ca/PropertyDetails.a...rt=2&of=1&ps=10&o=A&Mode=0&PropertyID=6231739
Or a studio in Tridel's Icon building (is the club district too "scary and too noisy" for you?)
$200,000 with fees of $281 http://www.mls.ca/PropertyDetails.a...rt=2&of=1&ps=10&o=A&Mode=0&PropertyID=6149832
Or an older condo on McCaul: 1 bedroom, $205,000 fees of $450: http://www.mls.ca/PropertyDetails.a...rt=2&of=1&ps=10&o=A&Mode=0&PropertyID=6149832
while the monthly fees on new condos are lower, for $200k you get a shoebox studio that may be harder to sell in a down market. I'd go for the 1 bedrooms but the question remains: with $26,000 income and monthly expenses around $2000, is it fiscally sound?
Monthly Expenses
Rent: $650(inclusive)
Food: $400(quite abit let's assume u eat out a bit bars etc)
TTC: $110
Phone/www: $100
Clothing: $350?
Misc: $190
Total: $1800
Income (I once made $35k per year so I know what take home is==$26000): $2100
You save: $300 (I saved 70%--or $1200 but hey I am/was cheap
You still have $100,000 to buy gold or a kinda conservative but reachable 10%/year stock investment.
Now here's what I need: someone able to calculate (using same expenses figures I used--$1800 minus $650 rent) putting 25% down on a $200k condo+mortgage+condo fees+property taxes and include interest earned (or stock investment @10% return) on the remaining $50k.
Who comes out ahead? Which scenario is realistically affordable on $26000 takehome pay?
Condo salesmen on this board, help me and the lady out.
Turns out I may have found the info myself here: Rent vs. Own calculator: http://www.canadamortgage.com/calculators/rentvsown.cgi
Found: a 1 bedroom condo on mls on Bay St: $220,000 with $413 monthly maintenance fees. http://www.mls.ca/PropertyDetails.a...rt=2&of=1&ps=10&o=A&Mode=0&PropertyID=6231739
Or a studio in Tridel's Icon building (is the club district too "scary and too noisy" for you?)
$200,000 with fees of $281 http://www.mls.ca/PropertyDetails.a...rt=2&of=1&ps=10&o=A&Mode=0&PropertyID=6149832
Or an older condo on McCaul: 1 bedroom, $205,000 fees of $450: http://www.mls.ca/PropertyDetails.a...rt=2&of=1&ps=10&o=A&Mode=0&PropertyID=6149832
while the monthly fees on new condos are lower, for $200k you get a shoebox studio that may be harder to sell in a down market. I'd go for the 1 bedrooms but the question remains: with $26,000 income and monthly expenses around $2000, is it fiscally sound?