Toronto Condos and Lofts: In your 30’s and renting? I think we need to have a chat. A significant portion of my clients are young and in their 20’s, and they are buying condos early in life, thinking forward to establishing a real-estate portfolio as part of their future wealth creation.
Why are you still renting? here are some of the common explanations I hear daily:
Yossi, I can’t afford the downpayment!
I’d rather travel then save for downpayment
I want a house with land
The market will crash soon
I will simply have to marry rich!
Although most renters would really love to be able to own their own place in the downtown, they simply do not believe that they can afford buying, as they have never done the research neither inquired about the option to buy instead of renting.
However, purchasing in your 20’s in possible, and makes a lot of sense. I’ve met many people who started to accumulate properties in their 20’s and became wealthy early in life as a result. Wouldn’t you like to be mortgage-free in your 30’s?
Here are some options for you to claim your stake in the ground:
Buy at a New Development: This will give you a long lead time, usually 24-36 months, to get prepared and save some money until your mortgage kicks in.
Buy an assignment: Condos are purchased by investors who later in the life of the project sell their interest. That is great if you wanted to get into a sold-out building, or just got your downpayment in line.
Buy a Re-Sale: Purchasing a re-sale gives you the option to finance 100% of the property, great solution for someone with good income but no cash for downpayment.
I encourage all those who are interest, even if you believe you do not quality now, to schedule a free consultation with me >
Looking forward to your calls and emails,
Yossi Kaplan, MBA
Sales Representative, Your Choice Realty Corp
885 Don Mills Rd suite 104