fibbi

回復 113# MSN04


Well, I can get new cell phone every few years when contract ends and there is free hardware upgrade.

60K income gives u about $3200 after tax income.
For 500K property, assume pay 50K down payment to begin with, each month is about $1700 mortgage payment, leaving about $1500 for other.
Now let's see...
Cellphone $30 (voice plan only)
TV/Internet $100
Car (gas+insurance) $300
Utility (assuming condo), $70
Strata Fee $200
Food $200
Misc (that can be your entertainment) $300
Saving $300
＄1500一個人真係好好洗架喇。 Life is good...

fibbi

回復 120# Look4chrisng


    That's where "saving" comes in to place. One must have some sort of saving to deal with emergency situation.

And perhaps, 10 yrs down the road, most likely get married or have a partner, some cost can be "shared".

fibbi

I think it is irresponsilbe to think this should be a 30-40 committment.  Mortgage yourself to 65 ...
Look4chrisng 發表於 2010-9-28 16:06

    If you think it's not a good commitment to take, then consider other option such as renting. Or, find a better job, or get a partner to share the expense.

fibbi

回復 129# Look4chrisng


    There is saving, and you don't get same $ of pay check every year. There is pay increase, and if not, get another job. Or get 2nd job too.

But if you are worried about interest rate, then just rent, don't buy lor.

fibbi

回復 126# Look4chrisng


    People from older generation always think that at time of retirement is the time to enjoy life. Not when we are young. When we are young, it's the time to work out butt off and save up. World is different la...haha

Even I don't believe in totally wait until retirement to enjoy life, I do believe a rather balanced approach. When we are young it's time to save that's for sure, and then leave aside a bit $ to enjoy lor.

fibbi

回復 131# MSN04


    While Van is one of the most expensive markets within Canada or even in NA, but to say it's purely unaffordable is not entirely true. As see from my break down of calculation earlier, one with 60K income is able to afford 500K property and have a decent life. As for one person, there are a lot of downtown condo in the 300K to 400K range (about 500sq ft), to make it even more affordable. If location is not the main concern, there are bigger places for the same price in Burnaby or East Van or New West etc.
As for good time to buy or not, can never tell, if anyone is 100% right at the prediction, one already make million bucks and won't blow water here la...hahaha

fibbi

回復 137# MSN04


    Car (gas and insurance) already in the calculation.
Medical care is from company.
Property tax $1200, that can be taken out from "saving".
So saving becomes $200, and Property tax $100.
$200 food is for dine in. If you eat out everyday, it's not healthy too.
The eat out can be part of the $300 "misc" expense.
If you consider can't eat out as non-comfortable lifestyle, then I have nothing to say la. It's purely different expectation. Buying a property wor...it's a huge purchase, and of course we need to restrict the expense a bit la. But still, with $300 to spend a month, I don't see it being uncomfortable at all.

fibbi

回復 146# MSN04

While that may not make a decent lifestyle but certainly make a comfortable lifestyle. And that does proves that with 60K income to buy a $500K property is affordable. And it's not like you have to starve and also you can't have any entertainment. But if you want more spare $, buy a cheaper property lor, there are lots of listing downtown condo in the 300-400 range (500 sq ft). One person live in 500 sq ft is more than enough la. And that would give u more free cash. In both cases housing is still affordable.

fibbi

回復 148# MSN04


    My car insurance is $1900 a year so it comes down to $158 a month. Gas is about $150 but I'm filling up surpreme gas. For regular gas it would be even cheaper.

Grocery for one person can be indeed cheaper than $200 a month. If it's like $150 a month, there is $50 bucks more for dine out budget.
I mean...we can't have everything in life while we have any kind of mortgage wor...

I used to live on $700 a month (exclude housing) and able to survive.

fibbi

回復 156# MSN04


    Sure I think we have different expectation.