I am 24 Years old
I make 55k/year grad university, like my job, has pension
I'm dealing with Presidents Choice
I have $20,547.18 in their TFSA at 1.5%
$21,706.94 in their Savings Plus at 1.35%
And 7141 ML Fidelity Cdn Large Cap $21,824.87 in RRSPs (manulife)
So if I use my RRSPs and all my money on a downpayment, I'm looking just over 60k Down
I was pre-approved for 260k
(320k house if i wanted)
HERES WHERE I NEED HELP!
I live at home with mom RENT FREE, and I have no major problems, she does laundry, pays all bills including food, and cooks for me
which is all great!
but i'd also like to invite some friends over for some beverages, get a dog, and one day meet a lady
When is the best time to move out????
I live in manitoba, I was looking at some 220k houses, which seem to sell for 250k
and the 260k houses seem to sell for 280k
So I was looking at getting a 280k house, better perceived value to me
I get about 1,500 a paycheque, and my expenses are very limited
my car is paid off
100/month car insurance(paid lump sum to save interest)
50/month nutrition aids
lets say i spend 500 a month, so i still get 2500 cash a month
i honestly never go out, and I train for triathlons, which i already have all the best gear and supplies
So 60k is 20% of 280k is 21%
What would be the right time to buy a house
and of course the fastest way to pay it off?
If I stay at home for another year, I think I will have close to 100k... but I assumee that same 280k house would be worth 300k... but, thats 33% down
Any thoughts of what I should do?
Stay at home until age 30...?? i'd have like over 200k cash
then buy house outright, dump money in rrsps and retire at 40? haha
someone tell me what to do!!!!!!!