3 ms·

I mean, I guarantee you can do better than that. The condos you describe certainly exist, but there are other options. Maybe 2 bedrooms for $3k isn't enough o

I mean, I guarantee you can do better than that. The condos you describe certainly exist, but there are other options. Maybe 2 bedrooms for $3k isn't enough of a difference for you to care about, though. And you don't need a "clean income history", that's not a real thing. You need all the people on the mortgage to have a stable job, typically 6 months. If your source of income is more variable/complicated, they'll ask for 2 years of tax returns. This kind of doomerism is why I wanted to support applied_heat's post in the first place.

brailsafe 3y ago
I don't really think 2 bedrooms for $3k, in Metro Vancouver would be a likely find. I'd say even if you're willing to sacrifice literally every other characteristic, but usually if you're in that range now you're looking at very high condo fees or something like no laundry in building. But again, if space is literally all you're after, and you might be for all sorts of perfectly valid reasons, then that might be your choice. On the flipside, it would be weird for us to work relentless and double or more likely triple our monthly expenditure while basically getting only marginal or specious value for that money. For example, even if the numbers or stability on our end made sense, and committing to that wild increase in cost didn't increase our exposure dramatically, we'd still be trading triple our shelter expenses for the added utility of basically one room and the power to knock out a wall or something. No matter how you spin it, without a huge pool of cash and unrealistically high income(s), or a bunch of people subsidizing your mortgage, it's not impossible but generally not a sensible move unless you absolutely must own something for some reason. I can theoretically earn above $100k, but it doesn't really matter unless that's sustained for a long time with few breaks, and that's not happening enough to bet on, such that I'd take out a mortgage expecting that income to be there long-term. I'm not sure it's doomerism, as in, I wasn't saying things were "hopeless", just unrealistically demanding to attempt pursuit of what used to be considered a standard gradual path of upward growth. I live where I do despite that, and basically will until it's not feasible to do at all, along the way we'll have to face some seriously tricky choices anyway unless we can find someone else's basement to live in till at least our mid-thirties.

brailsafe 3y ago

I don't really think 2 bedrooms for $3k, in Metro Vancouver would be a likely find. I'd say even if you're willing to sacrifice literally every other characteristic, but usually if you're in that range now you're looking at very high condo fees or something like no laundry in building. But again, if space is literally all you're after, and you might be for all sorts of perfectly valid reasons, then that might be your choice. On the flipside, it would be weird for us to work relentless and double or more likely triple our monthly expenditure while basically getting only marginal or specious value for that money. For example, even if the numbers or stability on our end made sense, and committing to that wild increase in cost didn't increase our exposure dramatically, we'd still be trading triple our shelter expenses for the added utility of basically one room and the power to knock out a wall or something. No matter how you spin it, without a huge pool of cash and unrealistically high income(s), or a bunch of people subsidizing your mortgage, it's not impossible but generally not a sensible move unless you absolutely must own something for some reason. I can theoretically earn above $100k, but it doesn't really matter unless that's sustained for a long time with few breaks, and that's not happening enough to bet on, such that I'd take out a mortgage expecting that income to be there long-term. I'm not sure it's doomerism, as in, I wasn't saying things were "hopeless", just unrealistically demanding to attempt pursuit of what used to be considered a standard gradual path of upward growth. I live where I do despite that, and basically will until it's not feasible to do at all, along the way we'll have to face some seriously tricky choices anyway unless we can find someone else's basement to live in till at least our mid-thirties.