I own a condo in Vancouver (where I’m currently living) but I plan to move to Toronto in the near future. The condo is paid off.
I’ve got about 10k in savings. No debt. Own a paid off 2021 suv. 33M, single, no kids.
My place in Vancouver will likely sell for around 830k.
I’m looking to live in/close to the city
Looking for opinions on whether I should sell, and ONLY buy a condo that costs less (no mortgage)
or
Sell, and pick up a ~100-150k mortgage in order to get something nicer that might have a chance of increasing in value over the next 5-10 years?
With a 750k+ down payment, I figure it might not be the worst to do so.
I’ll be making roughly 85k/yr with opportunity to grow this figure over the years.
I’ve been seeing more and more posts lately on this sub about how the housing market will probably just keep getting more expensive as the years go on. It would be nice to be able to live more comfortably, and save/invest not having to pay a mortgage, but it makes me wonder if purchasing sooner than later is the smarter option.
Appreciate any advice
Edit: I’m 100% sure and committed to the move as it’s for friends, family and job security. Vancouver was always temporary.
Edit2: I would prefer not keeping it as a rental property to rent in Toronto as I’d like to not have to deal with managing tenants from across the country
I’ve got about 10k in savings. No debt. Own a paid off 2021 suv. 33M, single, no kids.
My place in Vancouver will likely sell for around 830k.
I’m looking to live in/close to the city
Looking for opinions on whether I should sell, and ONLY buy a condo that costs less (no mortgage)
or
Sell, and pick up a ~100-150k mortgage in order to get something nicer that might have a chance of increasing in value over the next 5-10 years?
With a 750k+ down payment, I figure it might not be the worst to do so.
I’ll be making roughly 85k/yr with opportunity to grow this figure over the years.
I’ve been seeing more and more posts lately on this sub about how the housing market will probably just keep getting more expensive as the years go on. It would be nice to be able to live more comfortably, and save/invest not having to pay a mortgage, but it makes me wonder if purchasing sooner than later is the smarter option.
Appreciate any advice
Edit: I’m 100% sure and committed to the move as it’s for friends, family and job security. Vancouver was always temporary.
Edit2: I would prefer not keeping it as a rental property to rent in Toronto as I’d like to not have to deal with managing tenants from across the country