With prices going up for real estate these days, it makes it harder and harder for first timers to get their foot in the door... literally. Well there is an answer. The apartment condo market is quickly becoming the solution for many of these first timers.
Let's face it. If you're not living at home with your parents right now, you are probably renting an apartment already. Probably spending $900 to $1000 on rent alone. Why not own instead? There is plenty of inventory for condos in Regina for under $150K (click to see listings) you can use my mortgage calculator to figure out what the payments would be like.
For example take a look at this condo, and we will crunch the numbers: http://www.century21.ca/noel.geremia/Property/SK/S4T7P9/REGINA/NOLLET_AV_201/34
- List Price: $147,500
- 2 Bedroom, 721 sqft
- Condo Fees: $243 (Includes heat, water, building maintenance and parking)
- Property Taxes: $997 ( or $83.08 per month)
Your monthly mortage payment with 5% down and 3.49% interest (www.centum.ca for the latest interest rates) over 30 years would be $626.48.Factor in the addtional costs of condo fees and property taxes and your monthly costs work out to $952.56.
You see that even after paying, mortgage, condo fees, and property taxes you are spending the same as rent, if not better in some cases. The hidden benefit to this type of property is that once you've outgrown the apartment and are ready to move into a bigger home, you already have a ready-made income property.
We all work hard, Let's live a little smarter.