Renter to Owner
Out of context: Reply #33
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- exador10
My wife and I got married in 1999 and at the time we probably had enough for a down payment, but we were young and wanted to live downtown toronto for awhile, just for the fun of it...I was already living downtown and had a nice place, so we did just that for about 3 years.
after we had saved what we considered enough, we spoke to her dad (he did real estate on the side) and he helped us shop around looking for a place.
i guess the big deciding factors were:
a) we felt we'd saved enough to get what we wanted
b) we were getting to the point of wanting to have kids and didn't want to raise them in the city
c) my wife had grown up in Mississauga (suburb of toronto basically) and felt it would be a good idea to have a home near enough to her folks if we had kids
d) both of us during the previous 3 years had landed decent jobs that were IN mississauga, so we'd been commuting 45 minutes every morning and evening from downtown and were getting pretty tired of it
e) felt that 3 years of throwing our money down the renters hole was enough...we've now been in our home for 7 years.
we had our daughter 1 year after moving in.
we've got a son now as well :)we love having our own home...
while we miss somethings from downtown (we had some great neighbours, and we lived in a fantastic neighbourhood - little italy) there's just no comparison..having your own home is great.
sure, having a mortgage can be a bit of a heavy feeling, but if you save a large enough down payment, it's more than manageable.I say, buy buy buy.
a market like this is about as rare as it gets, and prices like this won't last forever ...