I need opinions!
Okay so Scott has been looking into buying a house. He was pre-approved before for about $250,000. Last fall he bought a brand new car and thought he'd probably be down a bit. He went to the bank yesterday and now he's down to $170,000
That can't buy anything in the city other than a run-down shack in the bad part of town. He's not really into the whole getting shot or stabbed thing so the house dream is gone.
After he told me how much he could get, I looked, and 6 minutes out of town there's a little community with rented lots for mobile homes. Some of these are GORGEOUS... way nicer than most houses under $400,000 in the city. And the mobile homes are going for about $130,000. Lot rental is $330 a month and that includes water, sewer, taxes, and road maintenance. They have large fenced yards and double garages. Most are 3 bedrooms and 2 bathrooms, with a jetted tub in the ensuite bathroom and a large walk-in closet.
So after finding all of that, I thought maybe I could do something like that for myself! Layla could have a large yard to run around and play in. It would take me just as long to drive to work from there as it does to drive across the city now. It would cost me more than what I pay for rent, but it would be invested in real estate instead of just getting thrown away to landlords.
My parents think it's a great idea since we are booming here and the city is expected to keep growing and housing prices are expected to keep going up as demand goes up (lots of job opportunities, so many people from other parts of canada affected by the recession are moving here)
BUT if I buy a place I will need to give up my dream of going to Europe this fall
And by next year I may not be able to afford a house if prices continue to rise. But I don't want to put off my plans to travel, because what if I never get a chance again?
What would you do in my situation?