Interest Rates on the Rise

[Duncan]

interesting...

hmm... after crunching some numbers, i'm a little more optimistic about buying a place in the next 3-6 months and renting it out for 1-2 years... i think that might just be the option i'll go for... but it would be nice to be able to buy a place and move in right away

[joel]

take door #3: buy a place big enough to rent out a basement suite, etc.. and stil live there.

[nature boy]

[nature boy]

[Duncan]

that'd be a nice option if i had a wife who worked full time for a decent wage so i could afford a $600k mortgage...

[Duncan]

[nature boy]

i guess another option is to buy further out where houses are cheaper. the price tag might not be much less, but you may have bigger land and better opportunity to rent out.

i was just thinking about wats and mar's house and how little they paid and how much easier it was for them to have a renter.

[nature boy]

[joel]

back when me and joyce were saving up for our wedding we opened up a joint savings account that we would just schedule a set amount of funds to transfer in there after every paycheque for about 11 months.

Think about it now we should have kept that up... as we probably haven't been as conscious about our spending and saving since then.

[joel]

i think homes in surrey/delta are still fairly affordable in comparison to van/burn...

[Duncan]

Yea i've been contemplating that idea as well.. i think i'll start it after the new year seeing as December is such a money suck... even moreso now that i have a kid and a wife... baahhh....

[nature boy]

i think that's a pretty good idea. when i just look at my income, it shouldn't be hard to pay off the two cars and put food on the table and maybe even pay a mortgage.

but when it comes down the nitty gritty, a bubble tea here and there, a quick shopping trip to the states, a new coat, etc., these things add up and are almost a surprise at the end of the month when you're not thinking about it.

[jeSteR]

Total Family Income of $55K pre tax is managable with a mortgage. You just need to budget tightly and make sacrifices. Eating at home and packing lunches saves a ridiculous amount of money.

[nature boy]

[Duncan]