What's the requirements for a $400,000 Condo
The most common question people ask themselves is, "should i rent or buy?". It's a tough decision because purchasing a house could mean higher monthly payments, less short term mobility, and you're giving up your savings for downpayment. However, you're gaining equity as you pay each monthly payment instead of putting it into your landlords pockets.
With all my clients, I like to calculations next to them so they understand the different monthly payment options, find a purchase price that fits their needs, and understand before they decide to buy their new home. Here's a quick chart that I made for a recent grad student looking to purchase his first apartment.
- This is including approximate values such: Strata fees of $250/Month, Property Tax of $1,500/year, heating cost of $75/month
- This is including a stress test of 5.19%
- This was meant as a comparison chart so he will be able to budget his monthly income
- This is meant as an example and shouldn't be taken as an exact calculation with everyone's income
If you would like a free assessment on affordability and rent. Please feel to contact me via my contact page or email me at Brandon.Nishi@cleartrust.ca