# Buying an Edmonton Condo



## beans (Jan 25, 2011)

Greetings. I hope you can help!

I think its time to move out of my parents place. I work in the oilfield and make anywhere from 40k-100k a year depending on where and how much i work in a year(usually the how much is of my own choosing). 

I have been pre-approved for 260,000$ with a 20,00$ dollar downpayment. 

**I plan on going back to school sometime in the near future, so my yearly income will likely remain around 40k a year over that time. Sicne i have no intention of moving back in with the parents while attending school, i would like to keep my purchase price around 200,000. 

With 20,000 downpayment, i would have roughly 30,000 in order to cover minor renovations etc. I have no debt.

My goal is to keep mortgage+property taxes+condo fees+utilities+insurance relatively close to 1300$. I know its feasible. 

Do YOU think i am stretching myself to thin? 

Best,

beans


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## gt45 (Feb 6, 2012)

Condos force you to fit thier life style, if your working in the oil filed have to transport your own tools up three flights of stairs each day or you own a 3/4 ton truck and have no where to park, you will go crazy.

Renting a home with some buddies, or your self, or even boarding in a room to gain savings to put into a house will get you a head a lot quicker.


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## the-royal-mail (Dec 11, 2009)

Yes, oilfield work doesn't pan out to be permanent/long term for everyone. What happens if the job doesn't pan out one day? Then you're stuck paying for the place. I agree with gt45. Better off to rent and save your money in the meantime. Never feel rushed to buy any house. There are lots of houses available.


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## Zoombie (Jan 10, 2012)

I'll take the other side, and say go for it if you have done your research first. Edmonton is a great market to be getting into right now (My opinion). 
You will have to run the budget and calculations yourself to see if you can truly afford it, but if you can push your income closer to the 100k end of the range you gave, it would be no problem.


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## beans (Jan 25, 2011)

thanks to all. Ill be thinkning on it.


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