So I started working on Coronation Alberta in May (Small town (1000ppl) East of Red Deer, East of Stettler). Ive been renting at a town nearby (I have a company truck so its not really an expense) and recently have been looking to buy something. Now, here is the HUGE caveat: I only want to be here for 1.5 years, then I want to travel for a year, then settle down closer to the rockies and home. So my reason for being here is work and getting some expirience before trying to get a job in my "ideal" location (or a transefer) I like my company and job but this area is not my cup of tea.
However, I have been really interested in real estate investing, home improvements (what else am I going to do in the winter around here?!) and love the idea of having a cash flow and my first property before 25.
The place ive looked at is a mobile home- its $29 000 BUT the relator knows thier story and thinks I can get it for 24000 (I know kind of suspesious- the place is basic but nice- nothing wrong that I can see and I will obviously get an inspector). I want to plan to pay this off in 1 year as to not have a mortgage holding me back when i want to travel.
Here are my finances
Income: 3400/month (in pocket)
RRSP (1800 currently- comes off my check)
Travel Fund: 6000 (can use as a down payment- but will be repaid)
Cost of House:" 24000
Cost of living ~1000/month
I have paid off my student loans, own my car, and have no credit debt.
So the plan is to pay it off in a year, Which means by the end of the year I could have either 18000 to invest/use as a down payment when I settle OR a 24000 house. Well I dont think the buying market for mobile homes here is great I do KNOW the rental market is pretty good- lots of term workers and such and there isnt much to rent in town.
I would like any advice on the matter. Should I buy? Rent? It seems like a good investment for where I am and where I want to be but I might be blind to some looming misery. Would it be better just to have a bunch of money saved in a year or have that money stored in a home? Is home equity with a renter worth more than invested money? (I would probably add to my stock portfolio and invest in MICs (both traded and brokered))
Here is the listing FYI