Throwaway here.
I've been a long time lurker of this subreddit, I've followed a lot of advice and I am already pretty savvy with my money. I graduated University earlier this year and I've been working in Downtown Toronto for about two months. I do not have any debt.
Here is my current financial situation:
Income
Post-Tax Monthly: $3500
Monthly Spending
Groceries: $50
Restaurants: $300
Rent: $600
Fun: $100
Gym: $50
Company covers my transportation and cell phone charges.
Monthly Savings
TFSA: $1500
Regular Savings: $900
Current
Savings Account: $3500
TFSA: $500
Credit Card: -$300
I don't currently have a car but I plan to live/work in Downtown Toronto for a while so I am putting off a car purchase till later on in my career.
Currently, I am renting a good distance from work but I hate the living conditions. Even though the rent is very affordable for downtown Toronto, I would still like to find somewhere I can be comfortable.
My parents are prepared to put the down payment towards a place for me and I would be paying the mortgage. The issue is that they are looking at houses in mid-town Toronto (in the range of ~550k) and I am looking at condos in Downtown (in the range of ~400k).
Which one would be the better choice for my situation?
What kind of fees do I have to pay for either situation (Taxes: House vs condo, Maintenance fees: condo vs House, etc)?
Should I just continue renting? Is it even a good time to purchase property in Toronto?
Edit 1:
I should have been more clear on the down-payment. My parent's are prepared to put ~35% as down payment.
The reason my TFSA account is so low (given my planned savings) is that I just began work and the money is currently in my savings account waiting for a transfer to my TFSA.
My costs eating out are high, I believe that this would go down to maybe $150/mo (I don't have much refrigerator space).
Submitted October 21, 2016 at 08:35AM by BrokeNCanadian http://ift.tt/2euNHZX PersonalFinanceCanada
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