Thursday, December 09, 2010

Condo shopping

Although we have intentions to live with our parents for like EVAAAAR ;) we had an appointment today to see if we could, at our current rate of employment (haha! who am I kidding, my working contract is up), get approved for a mortgage. We won't know numbers until Friday but we had a place in mind that we wanted to check out.

Today we took our first tour of a condo. I was first attracted to the considerably low price. And the pictures looked great!

But the condo was located close to the highway so there would be a constant stream of noise pollution. We are just interested in looking and getting the mortgage process started (since I may even find out on Friday that we aren't approved) but not too sure when (or if -- haha mom just joking) we will move out.

So do we stay at home and save money or move out and taken on the responsibility of a mortgage? Mom has suggested we rent but one bedroom apartments are over $1000 which would be the price of a monthly mortgage payment.

Side note: I know that it's weird that I live at home but I honestly enjoy it and think the benefits far out weight the loss of privacy -- which isn't an issue with either of us. And I think I'm so used to the Korean way of living that I don't find it all that bizarre.

Any thoughts about what you would do? Move out and gain freedom or stay home and save money?

16 comments:

Anonymous said...

Well, renting doesn't make a lot of sense if the money is the same. However, are you sure you want to stay in the same town forever (or at least for a long time)? If not, taking out a mortgage is not a good idea.

And I would NEVER live with my family. I'd rather jump off a bridge. Hopefully one over a cement highway. So there's no chance of surviving. So can't help with that question. But I do think that couples in general should live alone if possible.

Shelley said...

It's not weird that you live at home. You both just moved back to Canada, your husband just got a job, you're looking for work. I think as long as your parents are ok with it, you should live with them until you are stable and saved money for a home. I agree renting is like taking your money and burning it.
I am also married to an Indian, who live at home FOREVER. So I guess that is why I don't find it weird. is it something you'll want to do forever...no, but you know that and so do your parents. So I say do it until you can afford to buy a home and get a mortgage approval once you get a job. It will just depress you if you get turned down now.

Wanda in AR said...

If you parents are ok with it, I say stay there and save as much money as possible. You will either be able to get a little bigger place or you can lower your mortgage payments with a bigger down payment.

Tanya said...

It all depends on the expectations of the the place you want to live. If you dont mind having a 2 bedroom apartment style condo for your first place then moving out would be ok (only if you want to move out!).

I hope you dont feel pressure to move out because you think its what you should be doing. That you and your husband have to find a place because everyone else your age has their own place.

So if you are happy at your parents right now, stay. It will give you a chance to save your money. The more money you have saved, the less of a mortage you will need to have. And besides, you dont have a job right now, I'd be panicking that I couldnt make a mortage payment or a car payment or pay the bills. So get yourself more established, THEN look at buying a house.

If I could handle living with my parents (and they would take me back ha)and lived in the same city as them. I totally would have lived at home longer to save up because now I'm stuck in a place where I cant afford to get my second dream home.

David said...

Trust me, stay home as long as you can.

Foreigner Joy said...

I think staying at home will work until you grow your own family. After that point probably having your own house or whatever will make things more comfortable.

Jen said...

stay at home, since a house is just a building. I like what some others have said, and have thought the same thing: do what works for you guys, and if it works to live with a bigger community (i.e. not just you two), then do it. I agree that the benefits outweigh the cons, and undoubtedly you are an encouragement to your parents in many ways, too. You've got the making money part down, and (despite cultural tendencies to say 'be independent' i.e. spend money to live away from parents) it is wise to stay put. If you 'outgrow' your family, which is highly unlikely, then perhaps time to start looking. But seriously, most of the world still lives in multiple-family dwellings...so start a trend in Canada (though I highly suspect, with a high pop. of immigrants and others coming, that this is changing...?!?). You have all the privacy you need if there's a door that locks and you aren't using bunkbeds. Can't wait to read how the journey continues, my Canadian friends! :)

SheFit said...

Definitely save the money. You have the rest of your life to pay for housing. Enjoy it

Why am I here??? said...

thanks for all the comments. I thought I'd get a lot of slack from ppl bugging me about living at home with the rents. So I'm surprised to hear all the feedback that supports what we want to do right now, which is live at home!

Anonymous said...

Jen...I'm not sure anyone's (outside) opinion should matter--even if they agree with you. The only people really involved in the decision are you, your husband, and your family. Who cares what anyone else thinks?

If 16 people said they thought you should move out, would it change your mind?

Why am I here??? said...

Right anoyn!

Sante said...

I do not know which option would work better for you. But what I am certain is owning your own property costs more than you think.
I was living in condo until last year and recently bought a single house. and the situation was (condo montly cost + 300bucks = monthly mortage)
Now I'm paying at least 1 more grand than the condo to live and own my nice looking :) house. the reason? (high property tax(I'm living in high property tax community btw), utility, internet, and many more)
Please make sure the condo fees.. sometims it really screws ppl (I see some Edmonton condo fee is exceeding 550bucks!!)

Why am I here??? said...

$550 for condo fees? That's awful! Yah, if Sung Hyun and I live at home we will be able to save about $3500 a month so after a year that would be a pretty big chunk of cash that we can pay towards a down payment in a year or so.

David said...

Forget about the money because that will come when you live with your parents. The more important thing is the family unity and the bond that can only come by living together. When you do have kids, raising them with your parents, makes for a more balance life for your kids. Of course the other benefit is you are way ahead in achieving an early retirement.

Anonymous said...

paying rent is not necessarily "burning money". Buying a house/apartment is like any other investment: timing is the key. If you buy one at the peak of the cycle, you'll struggle for the next several years. Look at the Americans. One in four mortgage owners has negative equity, meaning they owe their banks more thant their home is worth.

makati condominiums said...

Great place. I really love what I see.

Angelo H