As I spoke about in past entries, my battle to defend my home downpayment continues- with multiple sudden expenses threatening to take my home ownership dreams away and rip apart everything I’ve worked for. Last year was a car accident, vehicle maintenance, bad women, and work politics, now it is to owe EI benefits and taxes to the CRA, and mental wear and tear bogging down my study pace- lengthening the time I am in school and earning money on days off further away.
I’ve debated on the following options multiple times based on my mortgage pre-approval:
(1) Outskirts/suburbs condo, 1 or 2br
(2) Closer to central location condo, 1br
(3) Outskirts townhouse, 2br
#1: Probably the hardest to re-sell and rent out out, but financially easier to manage as the monthly cost is lower with 1br, and with a 2br comes the flexibility of being able to rent a bedroom out. It’s also further away from everything and feels lonely.
#2: Easy to rent out and re-sell compared to #1, and is a better safety net in case I must return to university if work dries up or mentally I collapse, but monthly carrying cost is around $1500-1600 with no flexibility of renting a room out to ease costs.
#3: #1 with better resale, rentability, garage, and lower condo fees, but more expensive.