Vancouver Off-Topic / Current Events The off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum. | | |
09-17-2011, 10:31 AM
|
#1 | Banned By Establishment
Join Date: Jul 2006 Location: vancouver
Posts: 142
Thanked 0 Times in 0 Posts
| vancouver housing
How is this possible for a guy mid 20's making $40-50k be able to buy a house in vancouver?
is the only way to a home is something like an apartment?
|
| | This post FAILED by: | 604nguyen, Glove, GLOW, Harvey Specter, hotjoint, Meowjin, MindBomber, parm104, TRDood, twitchyzero, urrh |
09-17-2011, 10:33 AM
|
#2 | I WANT MY 10 YEARS BACK FROM RS.net!
Join Date: Oct 2007 Location: Vancouver BC
Posts: 22,041
Thanked 9,826 Times in 3,906 Posts
| |
| |
09-17-2011, 10:59 AM
|
#3 | Willing to sell body for a few minutes on RS
Join Date: Jul 2001 Location: Cloverdale
Posts: 11,534
Thanked 3,731 Times in 1,322 Posts
| Quote:
Originally Posted by tonee8519 How is this possible for a guy mid 20's making $40-50k be able to buy a house in vancouver?
is the only way to a home is something like an apartment? | Suburbs and condo or townhome like most every other blue collar person in the lower mainland. Even if you're married and have two average incomes you still won't be able to afford a house in Vancouver. Start small, get a bigger place as you make more money and build equity if that's what you choose to do.
__________________
“The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I don´t care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. That´s how winning is done. Now, if you know what you worth, go out and get what you worth.” - Rocky Balboa |
| |
09-17-2011, 11:20 AM
|
#4 | My bookmarks are Reddit and REVscene, in that order
Join Date: Sep 2006 Location: Vancouver
Posts: 4,442
Thanked 13,465 Times in 1,814 Posts
| Quote:
Originally Posted by tonee8519 How is this possible for a guy mid 20's making $40-50k be able to buy a house in vancouver?
is the only way to a home is something like an apartment? | Age has nothing to do with it. It's all about what you earn.
And 50k is definitely not going to get you a house. It can probably score you a one bed room out in surrey.
Sorry friend, but we are being priced out of Vancouver.
|
| |
09-17-2011, 11:22 AM
|
#5 | I want to be a person and not an icon.
Join Date: Jan 2010 Location: Mugello
Posts: 4,179
Thanked 5,286 Times in 892 Posts
|
With 50k income...
It's called rent.
|
| |
09-17-2011, 11:29 AM
|
#6 | I *heart* Revscene.net very Muchie
Join Date: Apr 2007 Location: Langley
Posts: 3,947
Thanked 3,256 Times in 1,229 Posts
|
You don't, just like you arent going to buy a new Mercedes either. Posted via RS Mobile |
| |
09-17-2011, 11:33 AM
|
#7 | Revscene.net has a homepage?!
Join Date: Jun 2004 Location: Vancouver
Posts: 1,206
Thanked 188 Times in 83 Posts
|
the answer is time, just wait for the Vancouver housing bubble to appear within 5-7 yrs when the interests rate goes up, ppl are more than happy to get rid of the properties in a hurry
|
| |
09-17-2011, 11:40 AM
|
#8 | ninja edits your posts without your knowledge
Join Date: Jan 2004 Location: Vancouver
Posts: 14,959
Thanked 6,310 Times in 1,777 Posts
| Quote:
Originally Posted by hirevtuner the answer is time, just wait for the Vancouver housing bubble to appear within 5-7 yrs when the interests rate goes up, ppl are more than happy to get rid of the properties in a hurry | Yeah... I wouldn't hold my breath.
|
| |
09-17-2011, 11:42 AM
|
#9 | My dinner reheated before my turbo spooled
Join Date: Jun 2008 Location: Vancouver
Posts: 5,944
Thanked 13,521 Times in 1,745 Posts
|
that's why you don't buy a house directly in Vancouver, you buy around the surrounding cities.
same shit for every big city....
__________________ PHOTOGRAPHY / FLICKR |
| |
09-17-2011, 12:01 PM
|
#10 | My homepage has been set to RS
Join Date: Feb 2004 Location: Coquitlam
Posts: 2,122
Thanked 235 Times in 163 Posts
|
Like everyone else said, start small with a condo and townhouse and move up to a house eventually when you've built equity and you're earning more.
Or find a rich woman and marry her....either or
__________________
2000 Dakota R/T
|
| |
09-17-2011, 12:15 PM
|
#11 | Official Texas Ambassador
Join Date: Oct 2004 Location: Houston, TX
Posts: 10,333
Thanked 5,671 Times in 1,324 Posts
|
Do what most people your age do.
Ask your parents to buy you a house (and a new BMW to park in the driveway)
|
| |
09-17-2011, 12:31 PM
|
#12 | I contribute to threads in the offtopic forum
Join Date: Dec 2001 Location: Vancouver
Posts: 2,830
Thanked 755 Times in 318 Posts
| Quote:
Originally Posted by Tachycardia! Do what most people your age do.
Ask your parents to buy you a house (and a new BMW to park in the driveway) | There is merit to this.
I find that among the first timers buying a place today, many of them have their parents outlay at least a portion of the downpayment towards their purchase. The usual reason is that they want to get their kids in a home before they're priced out completely.
These are the same "kids" who are in professional careers making good money, have little current overhead (living at home) and spend their most of their discretionary income instead of saving it.
Given the housing prices here and the existing economic climate, you're way ahead of the game if you can buy on your own.
Don't bother trying to time the market for a crash.
You can definitely buy with a $50k/yr income. You just have to be realistic and have a strong backbone because the mortgage will cripple you for a while.
And yes, the new norm is getting into an apartment. Posted via RS Mobile |
| |
09-17-2011, 12:34 PM
|
#13 | I answer every Emotion with an emoticon
Join Date: Jul 2006 Location: V
Posts: 7,849
Thanked 656 Times in 326 Posts
| Quote:
Originally Posted by tonee8519 How is this possible for a guy mid 20's making $40-50k be able to buy a house in vancouver?
is the only way to a home is something like an apartment? | |
| |
09-17-2011, 12:49 PM
|
#14 | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004 Location: Vancouver
Posts: 10,645
Thanked 2,191 Times in 1,131 Posts
|
I wonder what would happen if price of apartments becomes too high for anyone in the middle to class to buy (say an average aparemtns goes up to 650k)?
|
| |
09-17-2011, 12:53 PM
|
#15 | RS has made me the bitter person i am today!
Join Date: Dec 2008 Location: Richmond
Posts: 4,789
Thanked 2,552 Times in 845 Posts
| Quote:
Originally Posted by tonee8519 How is this possible for a guy mid 20's making $40-50k be able to buy a house in vancouver?
is the only way to a home is something like an apartment? | |
| |
09-17-2011, 02:35 PM
|
#16 | I answer every Emotion with an emoticon
Join Date: Feb 2005 Location: somewhere
Posts: 7,906
Thanked 2,485 Times in 1,007 Posts
| Quote:
Originally Posted by tonee8519 How is this possible for a guy mid 20's making $40-50k be able to buy a house in vancouver?
is the only way to a home is something like an apartment? | dotn want to make fun of you.. but a guy in the mid 20's would rather spend the money for parties and girls... not thinking about buying a house..
but.... if you matured, start with a condo.. even townhomes cost a pretty penny.. and if u end up loosing that job paying 50K/year, a condo wouldnt hurt you as much..
|
| |
09-17-2011, 04:45 PM
|
#17 | HELP ME PLS!!!
Join Date: Jan 2005 Location: Vancouver
Posts: 5,542
Thanked 652 Times in 346 Posts
| Quote:
Originally Posted by 1exotic that's why you don't buy a house directly in Vancouver, you buy around the surrounding cities.
same shit for every big city.... | Even in suburbs, it's not possible for him to afford a house at 40-50k/year. And it's not the same shit for every city, houses in most north american cities are more expensive in the suburbs than in the city.
|
| |
09-17-2011, 05:14 PM
|
#18 | RS.net, where our google ads make absolutely no sense!
Join Date: Nov 2003 Location: Vancouver
Posts: 901
Thanked 16 Times in 7 Posts
| Quote:
Originally Posted by hirevtuner the answer is time, just wait for the Vancouver housing bubble to appear within 5-7 yrs when the interests rate goes up, ppl are more than happy to get rid of the properties in a hurry | You do realize that these people aren't buying the homes with a mortage. They couldn't care less about the interest rate.
|
| |
09-17-2011, 06:18 PM
|
#19 | I WANT MY 10 YEARS BACK FROM RS.net!
Join Date: May 2005
Posts: 20,393
Thanked 7,449 Times in 1,438 Posts
|
1) Buy a 500K tiny house in Vancouver, chop the basement into 4 smaller rooms, rent it out to Mainlander students for $500-700 a month.
2) Do the same thing to your garage. $$$$
3) spend several thousand dollar to build a green house look-a-like portable in the backyard, make it comfy inside and rent it to mainlander studnets again LOL
|
| |
09-17-2011, 06:26 PM
|
#20 | Willing to sell a family member for a few minutes on RS
Join Date: Feb 2002 Location: Richmond
Posts: 13,418
Thanked 1,421 Times in 273 Posts
|
Me and Truong are in our mid 20s and own our own home. you jelly?
We have no lives though, both of us work 7 days a week, if you're willing to do that you can own your own home too
__________________
Acura Integra Type R 00-1004 - It's back 223whp 161ft tq 2.0L ITR My Feedback |
| |
09-17-2011, 06:43 PM
|
#21 | I only answer to my username, my real name is Irrelevant!
Join Date: Oct 2002 Location: CELICAland
Posts: 25,658
Thanked 10,385 Times in 3,911 Posts
|
question is why leave your parents? many cultures believe in staying together after all
some friends bought their first places in their 20s but circumstances arose and they couldnt afford to keep them anymore 1 even went into bankruptcy
best thing to do is just to save or/& stay with your rents until you've a secure footing
trying to juggle a house etc etc is asking to fail
|
| |
09-17-2011, 07:18 PM
|
#22 | My bookmarks are Reddit and REVscene, in that order
Join Date: Sep 2006 Location: Vancouver
Posts: 4,442
Thanked 13,465 Times in 1,814 Posts
|
I wouldn't do the whole buying a house and renting out bits of it.
Something like that always incurs unexpected expenses.
Example, our garage burnt down, freak lightning strike.
We had to rebuild it first before insurance would settle with us.
Last tenants had an amateur grow op, got in trouble with the law, ran away without paying rent AND trashed the place.
Don't count on your tenants to pay up unless you've got a decent amount of savings that you can use as a wide buffer.
|
| |
09-17-2011, 07:50 PM
|
#23 | Waxin’ Punks
Join Date: Jun 2006 Location: South Surrey
Posts: 7,144
Thanked 6,049 Times in 2,082 Posts
| Quote:
Originally Posted by hirevtuner the answer is time, just wait for the Vancouver housing bubble to appear within 5-7 yrs when the interests rate goes up, ppl are more than happy to get rid of the properties in a hurry | I know people who have been saying this for 7 years. lol
Buy land. It goes up in value. Posted via RS Mobile |
| |
09-17-2011, 08:26 PM
|
#24 | I *heart* Revscene.net very Muchie
Join Date: Jul 2007 Location: BC
Posts: 3,558
Thanked 3,814 Times in 957 Posts
|
tough when you're single. Possible with dual income.
|
| |
09-17-2011, 09:10 PM
|
#25 | Rs has made me the woman i am today!
Join Date: Mar 2004 Location: Vancouver
Posts: 4,310
Thanked 580 Times in 230 Posts
|
Not sure I follow the logic here why would people in fixed rate mortages care that intrest rates are going up? Why would that make them want to sell? Quote:
Originally Posted by hirevtuner the answer is time, just wait for the Vancouver housing bubble to appear within 5-7 yrs when the interests rate goes up, ppl are more than happy to get rid of the properties in a hurry | |
| | | |
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts HTML code is Off | | | All times are GMT -8. The time now is 02:51 PM. |