Rent or Buy in Calgary

[The BMW Guy]

.

[lasimmon]

I would personally never live at home as new grad, but I digress.

I voted buy with no real reason why.

[A790]

Tons and tons and toooons of vacancy out there.

[ercchry]

Completely dependant on goals, and what you feel comfortable putting your money into... cause if you're able to save up that much that quickly... well you're gonna have to do something with it eventually cause it's not doing you any good in the bank

[msommers]

If you can buy right now, even if your parents have/able to help you with a down payment it's the right time.

Otherwise, stay at home and save money unless you hate living there. If you do, I'm looking to rent my condo out at the beginning of March.

[chkolny541]

60k as a downpayment on a house with garage is extremely small, just so your aware. Thats going to push you preeeeeeeeeetty far out in the burbs. Do you work in the core at all? I dont think people really take into account the commute as much as they should, in winter weather you could easily be spending 2.5 hrs+ of your day in traffic. Also I remember your thread on reddit :bigpimp:

[pheoxs]

Originally posted by The BMW Guy
I’m a new grad with a great income. Been living with the parents since graduating and have paid off all my loans while building a sizeable down payment ($60k). I’m debating between buying my own place and building equity, or renting a place (rental market is fantastic) but the rent money becomes sunken.

To add to it, I’d want to buy a house with a garage to work on cars/projects, I don’t mind being in the suburbs with a long commute. On the other hand, if I rent I’d only rent downtown so my commute to work is short. Otherwise I might as well keep staying with the parents if I can't do either option.

I wouldn’t mind more opinions on the whole rent vs buy situation in Calgary.

I would lean towards buy given that you have no debt and sufficient downpayment / income to buy something (assuming you dont buy something on the edge of what you get approved for) but I would caution to look at your job realistically of how long you want to be there and consider: What if you move jobs and what if the next job is outside downtown?

Living in the suburbs is nice but if you live in the North and end up working in Quarry Park it can suck. Likewise living in the south and getting moved up by the airport blows. Although that shouldn't be a deal breaker because otherwise no one would ever buy, still just something to consider.

Also definitely look near a Ctrain station if you can which would save a ton on commuting and parking. Although downtown parking is a lot easier to find now, if things start booming again it can get out of hand pretty quick.

[ercchry]

How is $60k extremely small?! That's plenty for a detached home with garage in this city. With the new rules it's not like you can even over extend yourself anymore either

[A790]

Originally posted by chkolny541
I dont think people really take into account the commute as much as they should, in winter weather you could easily be spending 2.5 hrs+ of your day in traffic. A
>Be me.
>Live in New Brighton.
>Work from home full-time (feelsgoodman.jpg).
>Drive wife to work on days I need car.
>Drive wife to work yesterday. Spend 40 minutes to go 7km straight down 52nd to 114 ave.
>Feelsbadman.jpg

[ercchry]

Or just avoid the Deep South... quarry park or riverbend. Direct glenmore access, skip all that bs south of anderson

Or on the other side of the south, north of fish creek skips a solid 30min of suburban traffic

Or sneak into the west depending on salary...

[jwslam]

This is what happened to me a few years ago:

Friends were looking to move out and buy one of the new builds downtown, so we saw all the show suites (in the $200's then) - nobody actually bought anything
I decided I also want a garage, so onto townhouses I went ($300's)
Ended up in a detached home move-in-ready (14 yrs old), while my friends who were looking at the time continued to live at home for a few more years.

Things I like about my choice:
-There is an express bus that comes practically door to door from/to home/work
-Detached means I don't deal with neighbours as much
-I get my own garage, driveway, lawn
-I don't pay condo fees so that monthly expense can go into my mortgage; also not susceptible to paying money into damages of common property i.e. special assessments.

Things I don't like about my choice:
-Money suddenly becomes TIGHT. Even with a sizeable income.
-The bus only comes 5 times each way, on 15 minute intervals, and it's a 40min ride on a generally full bus
-Detached means I don't interact with neighbours as much. The new neighbours that moved in 6 months ago have never even said hi.
-Dealing with shoveling, mowing, etc

Things I would do over again:
-Still buy a house, but closer into the city
-Be willing to put some reno's into it rather than being keen on move-in-ready. Allows me to really make the place mine.
-Rent out and get some roommates ASAP; I'm a few years into this now, money is still a bit tight and I would consider roommates but I've never lived with anyone else and feel like I'm too old now to go through that stage of life. That said I'd still be willing to rent out a room if the right opportunity comes up in my social circle.

Something for you to consider:
Rent a room somewhere out in the burbs. Why?
-Allows you to figure out if you can stand the commute and if you can accept that long term when you decide to buy
-Cheaper than renting inner city; more savings into your future down payment
-Probably can find somewhere with garage space you can use rather than be restricted to no car-work in a condo parkade / outdoor parking stall
-Lets you figure out if you buy a house whether you could live with other roommates (assuming this is your first time moving out, lived at home through school etc.)

[max_boost]

it just depends on your life style bro.

what matters most to you? write it down and evaluate it.

I don't know if renting is sunken because home ownership not like you are getting your property taxes, insurance, utilities etc. back.....sure if you buy a place and it goes up in value. Has anyone's property gone up recently?
:devil: renting isn't a waste because you are getting something in return lol :nut:

Mortgage is just forced savings to keep up with inflation. of course a game changer could be roommates, get a few to basically pay for everything :D

[msommers]

Getting a few roommates sounds awful :rofl: Definitely one though, helps a lot to offset costs.

[pheoxs]

Originally posted by msommers
Getting a few roommates sounds awful :rofl: Definitely one though, helps a lot to offset costs.

Two was ideal for me. One in the basement and one upstairs (bonus points that one of them worked shift work up north and was never home).

It's crazy how much the two roommates covered $ wise, after util, taxes, insurance, mortgage I was out like 400$ a month on my entire house. Pay that and throw huge extra payments on the mortgage and you can take years off your mortgage pretty quickly. 2-3 years of sacrifice to save 5 years of interest payments.

[roopi]

Since you already live at home and probably never get laid you might as well move to the burbs. It couldn't be much worse. :D

[ercchry]

There is the financial side of things, then also the psychological aspect of knowing you have your own place, which one could decide on a monetary value for...

So basically you could write an equation like:

Rent+utilities +tenants insurance=X

Then for owning:

(Mortgage + utilities +insurance + taxes)-(rental income+mortgage principal + psychological value)=Y

Buy house if Y is greater than X


But then you also have to factor in time... time is the big one. How long will you be in this house? Will you rent it out? What's it going to cost to sell it? Do you see value increasing over that timeframe? How about rent? Will you be able to maintain the current rate during that time frame? What do you plan to do after said timeframe? Buy in same city? Move somewhere else? Rent larger home?

Just so many personal variables

[chkolny541]

Originally posted by A790

>Be me.
>Live in New Brighton.
>Work from home full-time (feelsgoodman.jpg).
>Drive wife to work on days I need car.
>Drive wife to work yesterday. Spend 40 minutes to go 7km straight down 52nd to 114 ave.
>Feelsbadman.jpg

lmao, ouch!

I live right in the core but had to spend a few nights at my parents last week and that alone has scarred me enough to never move into the burbs. My commute from downtown is ~20 minutes (give or take 5 minutes), however from evergreen it became 1.5 hrs with the insane traffic lately. :bullshit:

Also going along with this, a cost that not everyone takes into account is fuel. Sure the time sitting in traffic is bad but when you also realize how much gas your burning its insane. I spend ~50$ a month in fuel since living in the core allows me to walk to 99% of places I need to get to. My coworker lives in airdrie and commutes in and spends 300-400$ in fuel monthly (his vehicle is slightly larger then mine, but nothing substantial). So thats a massive bill that also needs to be budgeted in.

[mzdspd]

I would rent for a year... Try it out and see how much everything costs. This will give you a true gauge of what everything will cost to live on your own (assuming that you have always lived at home).

So I would not rush into buying.. I would suggest renting for a year in the area where you want to live and then make a decision.

But do not buy in the suburbs until you at least rent there for a year.

[The BMW Guy]

I am leaning more towards buying right now and getting roommates. I've thought hard about buying a live up, rent down house. All the ones I can actually afford (under 400k) are incredibly small though and a bit run down. Was hoping for a place near the C-Train or future Green Line.

Regarding the commute, I'm already living in the far suburbs right now. I pay $180/month for parking close to the core so I figured if I added a little more ~$800-$1000/month I could just rent a condo and cut my commute out completely. Main draw is how cheap rent is right now.

Still debating what's more important to me, short commute or bigger place with a garage...

[Manhattan]

If rent is money is sunken so is everything else you buy. For the price of rent you get a ROOF OVER YOUR DAMN HEAD. Sure it costs money compared to living at home but it's a lot of fun having your own place as a 20 something and having your friends over.

Sure you'll save a lot of money living at home but you're only young once. Besides, if you're making decent coin right out of school your earning potential in another 10 years will dwarf what you're making now and it'll seem ridiculous that you live at chose home to save up a bit of extra money vs enjoying your life.

It all comes down to how much you value your freedom. If you have cool parents and don't mind having them around then you can have best of both worlds by staying at home. Renting vs buying is a no brainer - why pay half a mil for something you can rent for about a grand each month.

[asp integra]

Rent a place downtown for a few months and see how you like it. You already know what its like to live in a house far from downtown. Be actively looking for something to buy at the same time. If you don't like renting you can either move into a house you just bought or back with the rents.

I voted buy strictly because when you rent all you are doing is paying someone else's mortgage instead of paying down your own. You physically have something with ownership that hopefully appreciates over time vs living some place and paying rent for years that doesn't get you anything.

[Manhattan]

^

When you rent you get:

- a place to live
- property tax and all maintenance paid
- financial flexibility and cash flow to invest towards higher yielding investments (equity markets will beat housing markets)
- geographic mobility (don't like the neighborhood? need to move for work? pay a month deposit or less and you're out of there)
- EDIT: Missed a big one: you don't pay interest on the mortgage to a bank which will likely be more than half of your total payment in the first few years

Disregard the 3rd point if you're a dummy with your money because a huge mortgage will become a forced savings account for you.

[Swank]

The sooner you buy, the sooner you're done with your mortgage. You might also consider a townhouse with a 2 car garage. Lots around Westhills/Signal Hill, Glamorgan, etc. Pretty close to downtown and can easily be found in the $400K range. Prices are low now, that won't last.

[Manhattan]

Also consider that your situation will change given you're a new grad. You will probably want to upgrade in a few years or less because of a girlfriend or wife and/or you're bringing in a lot more money and you want to live in a nicer place than the one you bought when you were a new grad and hardly had a down payment, the transaction costs of a realtor, lawyer, etc will outweigh any potential appreciation in the home.

[The BMW Guy]

Originally posted by Manhattan
If rent is money is sunken so is everything else you buy. For the price of rent you get a ROOF OVER YOUR DAMN HEAD. Sure it costs money compared to living at home but it's a lot of fun having your own place as a 20 something and having your friends over.


I see your point. What I meant by a sunk cost is that when buying, I get a roof over my head and also own a little bit of the roof. When renting, I just get the roof but it won't be mine.

With rental rates so attractive right now, I think it might make sense to rent. Especially with me having never moved out, I have no idea what I would want in a home either than a heated double garage.

[taemo]

first, do you want to move out of your parents place and get your own place?
then next you can ask whether buying or renting.

now buying vs renting, IMO you should ask your goal 5 years and 10 years for now.
single or in a relationship?
live by yourself or do you want to have roommates?
want a bachelor lifestyle and party it up every weekend?

create a spreadsheet and on top of a mortgage, add other expenses like transportation, food, utilities, taxes, etc.

TBH if I could do it all over again, I wish we stayed at my parents home and used our money on building more equity.

[msommers]

Another point to consider is to rent a place with a roommate and just try out that whole lifestyle. Most places are 6 month leases, which should be sufficient time to decide what works for you.

When I moved out I lived with 3 other guys and it was a fucking nightmare in the end. So I rented my own place and liked it much more, at a greater cost and then eventually bought a place for myself.

If I had to do it all over again, I'd rent a place with a buddy for awhile until the right house came along. Unless of course there is a good place you can find now and it fits, the prices are definitely right.

[jwslam]

Originally posted by The BMW Guy
with me having never moved out, I have no idea what I would want
I would suggest to definitely find a rental place with a roommate then. It'll help you decide whether you can stand roommates at all, and that'll determine what you can afford to buy in the future. You may end up in something significantly cheaper because you can't stand to have roommates.

[flipstah]

If you plan to move out of the city/country, rent.

If you're Calgarian for life, buy and then sublet for ease of the wallet.

If you hate roommates, sacrifice the garage and buy a shoebox condo.

I do miss not paying for a mortgage. :cry:

[88CRX]

The only way renting saves you money is if your monthly costs are less than purchasing your own place (mortgage, property tax, upkeep, etc) AND you actually save that difference. I have several friends that had that attitude 10+ years ago when we started real full time jobs, they’re still renting and have made little to no impact to their savings account and might never be able to afford to buy. I’m sure everyone knows someone in that exact same scenario.

One thing a mortgage does is force savings through paying your mortgage down. Lots of people underestimate that fact when they pitch how awesome renting is.

[HiTempguy1]

Buying can really cut down on your fun-money.

Its why I waited so long (wasn't willing to give up my lifestyle) and why I still only have a rinky-dink condo. Another thing to consider is that with the rental market in the renters favour, you don't get nearly the bang for the buck if you rent out a room.

$500/month would be great to have in my pocket, but to have somebody else live in my condo? Hell no!

As an entrepreneur, a mortgage is also a huge weight around your neck (if you ever decide to be your own boss). I appreciate the fact I could work at mcdonalds and still make my monthly payments on everything.

If you've never moved out, you definitely should. Fair warning though, most roommates (including friends) suck to live with. I'd suggest getting a 1br place cheap enough for yourself.

Everything changes when you start talking garages. If a garage is your primary focus out of anything, buy the cheapest house you can the furthest you are willing to be from whatever area kids these days care about.

But be honest with yourself, unless you are wrenching every weekend, I wouldn't make the decision solely on the garage.

I personally feel now is the time to buy with oil having stabilized. Can't imagine prices are very far from the bottom.

Edit-
What he said

Originally posted by flipstah
If you plan to move out of the city/country, rent.

If you're Calgarian for life, buy and then sublet for ease of the wallet.

If you hate roommates, sacrifice the garage and buy a shoebox condo.

I do miss not paying for a mortgage. :cry:

[The BMW Guy]

^ Good points. I don't think I'd move from Calgary (not permanently, anyway). I have too much family here and have close ties with many of them.

So my current train of thought: ideally I'd buy a place near the universities or LRT line for under $400k with a double garage and rent out the basement/rooms....but there's nothing under $400 that satisfies those. Hence staying at home and continuing to save for a down payment is a viable option in the polls too. (unless there are other attractive rental locations for under $400k)

But also with rent being so cheap, if I can split a 2 bedroom condo downtown with someone I'd be paying $700-$800 including downtown parking. A 5 minute walk to work and the condo/downtown living would be something special as well, for a cost of ~$10k/year of rent.

[mr2mike]

If you want to travel too, plan to do that before a mortgage. Otherwise, It'll be just that tougher to be taking mortgage payments and wanting to go on a large trip.

What I seem to see. People who rent spend most money on travel.

As well, don't discount yardwork. You have a house, buddies in condo's have endless weekends in the summer while a few of yours will be spent on yardwork.

[A790]

Originally posted by mr2mike
As well, don't discount yardwork. You have a house, buddies in condo's have endless weekends in the summer while a few of yours will be spent on yardwork.
This x 100.

Mower? $300.

Trimmer? $150.

Time spent mowing/trimming? 1.5 hours every week to ten days during spring/summer.

[Xtrema]

If you know what you are doing and ready to settle, buy.

If you don't know and may leave town, rent.

Either is a good idea right with renting may have a bit more bang for bucks.

But buying is also good as prices is at bottom so most of the risks are gone now and mortgage will go nowhere but up, so if you can lock down a 5 yr mortgage now, it may cost you less than buying a few years down the road when interest is higher.

[ercchry]

A lot of you guys are missing the true trump card of buying young... revenue stream.

Buy an attractive to the rental crowd place (close to transit, low maintenance, etc) live in it with roommates (who cover all of your sunken costs)... save up money, to either travel, buy a car, or... for when you meet that special someone and buy a big boy house together... while converting your old home to full time rental, since it's got a bunch of equity in it by then and will cash flow well, helping with the new mortgage and meaning you don't even need roommates once you're in your later 20s

It works, even in an environment where house prices are stagnant. If you're not planning to ever leave the city it's miles better than renting

[HiTempguy1]

Originally posted by The BMW Guy

So my current train of thought: ideally I'd buy a place near the universities or LRT line for under $400k with a double garage and rent out the basement/rooms....but there's nothing under $400 that satisfies those. Hence staying at home and continuing to save for a down payment is a viable option in the polls too. (unless there are other attractive rental locations for under $400k)

This would be the most financially prudent option, but requires long term thinking. You would hold onto this property for 20 years, and make bank when someone wanted to tear it down to put up a townhouse/condo/duplex.

Pretty long play for someone your age though. In my experience, the earlier you get in the housing market (just like the earlier you start retirement savings), the better off/more lucrative it is. That's just my opinion though, everyone is different!

Edit-
Shit, once again beat to the punch haha


Originally posted by ercchry
A lot of you guys are missing the true trump card of buying young... revenue stream.

Buy an attractive to the rental crowd place (close to transit, low maintenance, etc) live in it with roommates (who cover all of your sunken costs)... save up money, to either travel, buy a car, or... for when you meet that special someone and buy a big boy house together... while converting your old home to full time rental, since it's got a bunch of equity in it by then and will cash flow well, helping with the new mortgage and meaning you don't even need roommates once you're in your later 20s

It works, even in an environment where house prices are stagnant. If you're not planning to ever leave the city it's miles better than renting

The only concern I have with this is that it still severely limits you cash flow wise for a couple years. He says he is earning great money, which I place at $70k to $80k per year. I wouldn't feel comfortable floating a $500k place on that, even with renters. But if he could make the couple of years, he'd be laughing.

[msommers]

Originally posted by ercchry
A lot of you guys are missing the true trump card of buying young... revenue stream.

Buy an attractive to the rental crowd place (close to transit, low maintenance, etc) live in it with roommates (who cover all of your sunken costs)... save up money, to either travel, buy a car, or... for when you meet that special someone and buy a big boy house together... while converting your old home to full time rental, since it's got a bunch of equity in it by then and will cash flow well, helping with the new mortgage and meaning you don't even need roommates once you're in your later 20s

It works, even in an environment where house prices are stagnant. If you're not planning to ever leave the city it's miles better than renting

Yep, it's just that easy :D :rofl:

[NoPulp]

I'm in the same sort of situation right now too.
My opinion right now:

Home - EXTRA MONEY :bigpimp: while at the same time putting money away for down payment. Not very cool though and have to deal with mildly annoying parents (they're probably pretty good compared to most room mates though).

Rent - Expensive with very little benefit over living at home (depending if you pay rent at home or not). Even more expensive if I want storage for current toys. Waste of money.

Buying - Cool status. Broke AF. Would be super lame to have to rent out... such a headache, but cool to have other people pay your mortgage. You can't rely on renters though, have friends that did that and they're so house broke because they can't keep renters.

I don't see a need to rush into buying a house right now. Seems like everyone's mindset is they want the "perfect" life right now - married, house, dream car. It just screws you IMO. Nothing wrong with waiting until life settles down and it makes sense.

I'm pretty happy with how things are. My plan is to continue enjoying the extra money while saving and looking for a fixer-up house in a nice neighborhood.

[ercchry]

Originally posted by msommers


Yep, it's just that easy :D :rofl:

No one told you to move to Edmonton during a recession! :rofl:

[flipstah]

Originally posted by msommers


Yep, it's just that easy :D :rofl:

STFU. White is right. :burnout:

But yeah, travel before buying a place. Or buy cheap and travel!

There's a lot of underlying costs to owning a home.

Renting definitely gives you flexibility to move around, at the cost of not having home equity (you can have other types of equity to compensate).

EDIT: Does your parents have a garage? Wrench there and buy a downtown pad for less!

Don't wrench in your parkade. You get yelled at for leaking ATF and it won't come off. :banghead:

[Asian_defender]

You obviously are good with your money so why not crash with the parents for another year or two and save up a larger down payment?
I'm sure another year or two will put at least another 60k in your bank if not more.
You won't end up house poor and you'll have a better selection as your budget will be higher. Even if you end up with something smaller, you'll either have lower payments or less years on your mortgage. If I could turn back time then for sure I would have stayed at home for a couple extra years to rack up a bigger down payment

[ercchry]

Originally posted by Asian_defender
You obviously are good with your money so why not crash with the parents for another year or two and save up a larger down payment?
I'm sure another year or two will put at least another 60k in your bank if not more.
You won't end up house poor and you'll have a better selection as your budget will be higher. Even if you end up with something smaller, you'll either have lower payments or less years on your mortgage. If I could turn back time then for sure I would have stayed at home for a couple extra years to rack up a bigger down payment

And where is the advantage? With the way rates are heading I would not be surprised if they're up 0.5-1% by then... $400k purchase price with $60k down is $1525 at 2.5% over 25yr.... $120k down on same house at the higher rates is $1325-1400.... huuuuuge savings, well worth it... not to mention that prices should be rising from here out as long as nothing extra stupid comes out of trump's mouth :rofl:

[ee2k]

Stay at home if you're comfortable with it - you have your own space, can bring in a loved one etc- and save your money. But don't save your money with mindset of being able to afford a bigger home. If your first home, don't stretch yourself and go get a $600K home, get something that is manageable and gives you a good balance. As a 20 something year old, you're too young to tie yourself down to a large mortgage and miss out on life such as travels, possible moves to a different city, adventures. You're too young to adult. Kudos for paying off your debt. But live a little, and if you have a good sizable down payment, use it so that you have less of a mortgage payment. There's more to life than a house, go explore.

[Manhattan]

Originally posted by ercchry


And where is the advantage? With the way rates are heading I would not be surprised if they're up 0.5-1% by then... $400k purchase price with $60k down is $1525 at 2.5% over 25yr.... $120k down on same house at the higher rates is $1325-1400.... huuuuuge savings, well worth it... not to mention that prices should be rising from here out as long as nothing extra stupid comes out of trump's mouth :rofl:

If the US economy is in good shape it will lead to higher interest rates. HIGHER interest rates = LOWER house prices. Look at the sky high interest rates in the 80s and what it did to home prices.

[ercchry]

Originally posted by Manhattan


If the US economy is in good shape it will lead to higher interest rates. HIGHER interest rates = LOWER house prices. Look at the sky high interest rates in the 80s and what it did to home prices.

Home prices didn't drop till people started defaulting on 20% rates... that's not going to happen, plus people can lock in these rates for the next 5 years. Not to mention a full 1% just takes up to 2011 interest rates

[88CRX]

Where do you guys see rates going in the next 6 months/12months/24months?

[you&me]

I think the biggest factor in determining whether to rent or buy right now is where you see the next five years of your life going and if you plan on the place you'd buy now to last you at least that long (from my personal experience, don't make that bet). Are you in a relationship? Is your job stable? Do you have any desire for children in the near term? Do you have a dog? Want one? There are just so many factors...

Everyone's situation is unique, but in my opinion, in anything but a rapidly appreciating market, real estate fees simply take too big of a piece of the pie to justify moving any more frequently than 5+ years. With how the Calgary market is currently and the apparent direction of rates, I wouldn't expect any exemplary gains in the Calgary market in the near term. Of course, as ercchry said, you'll need a place to put the money you're saving to work as well...

I think I've seen this on Beyond before, but this is a handy calculator - http://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html?hp&_r=3

[ragu]

I'm guessing with $60k you'll buy $400-450k house. Now you have $0 and $340-390k debt. In case you need to sell, it will be hard with high transaction costs. Add on monthly tax ($200), insurance ($70), maintenance (?) etc.

Imagine if you're renting 1br $850/m condo DT (keep $60k invested {minimum 4%}, keep $270 minimum {tax+ins}). Add on other qualitative factors like not being tied down.

Buying has lots of emotions tied to it. Plus its heavily marketed by banks/ realtors etc.

Think about it and do what you think is best for you :)

[Twin_Cam_Turbo]

Originally posted by roopi
Since you already live at home and probably never get laid you might as well move to the burbs. It couldn't be much worse. :D

Live at home, can confirm terrible for courting ladies. The key is to just not care.

[ExtraSlow]

Renting right now looks quite attractive. Plus it's a much more flexible option if you might move cities, or you like to travel extensively.

Buying has a lot of transaction costs, and typical first time buyers move again within five years, incurring those transaction costs twice. Rent or stay at home until you are sure.

[Kari_310]

I was in the same situation as you so I decided to rent first downtown to get away from the terrible commute (new brighton). Like some other people have said it's definitely a much different experience and renting is a good way to test to see if you like it.

For me I love living dt, zero commute, always close to meet up with friends for a drink and always a stumble/$10 cab ride home. But you can really only know what you like by trying it out, you also might hate how busy it always is and how long it takes to get out of dt (20mins in rush hour), less space, no yard, etc.

One thing that you may not have thought about is something that happened to me twice. Both of my landlords decided to sell the place I was renting after I was there for a couple of years, they both offered it to me first at a really good deal but I a) didn't have the money saved at that time and b) after living there I knew all the things I hated about the place. But even if that doesn't happen you could always ask them to sell if you love the place and they may be inclined based on the quick sale, this happened to a friend of mine renting a house.

And on that note, renting really shows you home ownership firsthand and helps you decide what you love/hate and that greatly changed my priorities on what I wanted when I was buying my first home. (ex. amount of storage space I actually use, 2 bathrooms, amount of light, etc)

My story ended with buying a brand new townhouse off of 17th ave with a 2 car tandem garage for what a full house would cost in the burbs but I am 100% happy with what I am giving up for the dt lifestyle.

[pheoxs]

Originally posted by Kari_310

My story ended with buying a brand new townhouse off of 17th ave with a 2 car tandem garage for what a full house would cost in the burbs but I am 100% happy with what I am giving up for the dt lifestyle.

This is the route I decided I'd go next time. Location is more important to me now than before I bought my first time home. The long commute impacts a lot in life, not just commute but as you said, more effort to meetup with friends or friends to come over. Makes appointments or going out for drinks more effort, etc.

I'd take a smaller townhouse with a garage over a larger house in the burbs. Especially if you don't have any kids at the moment. A 4 bedroom house was a total waste for me. Moving to a 1 bed + den is perfect for now and a 3bed townhouse once I need more space is definitely the plan.

[flipstah]

Originally posted by The BMW Guy
^ Good points. I don't think I'd move from Calgary (not permanently, anyway). I have too much family here and have close ties with many of them.

So my current train of thought: ideally I'd buy a place near the universities or LRT line for under $400k with a double garage and rent out the basement/rooms....but there's nothing under $400 that satisfies those. Hence staying at home and continuing to save for a down payment is a viable option in the polls too. (unless there are other attractive rental locations for under $400k)

But also with rent being so cheap, if I can split a 2 bedroom condo downtown with someone I'd be paying $700-$800 including downtown parking. A 5 minute walk to work and the condo/downtown living would be something special as well, for a cost of ~$10k/year of rent.

$800/month rent? That's cheap af! Hope you find what you're looking for. :thumbsup:

[lasimmon]

Yah $800 each for a 2 bedroom downtown is really cheap even in this market - unless its a total dive. Especially if you both have cars, because there are very few with 2 parking spots.

[Manhattan]

https://www.rentfaster.ca/ab/calgary/rentals/eau-claire/condo/cozy-2-bedroom-downtown-eau-298014

Pay a little more and get a baller spot with TWO parking spots. You can probably negotiate down since it's such a renter's market.

[403ep3]

I was in your situation 3-4 years ago. I don't know if you mentioned if you were in a relationship, but I had a girlfriend was deciding what we should both be doing.

We were both working and deciding if we wanted to move in together (both lived at parents house). We ended up using our savings to purchase a detached home in the NW instead of going the downtown route. We were happy we went with that choice as it gave us more privacy and we were never really into the downtown lifestyle after all. Since then, we ended up purchasing a move up home near where we purchased 4 years ago. Couldn't be happier.

Renting was never an option as I wanted to pay my own mortgage.. not someone else's. I could of stayed at home with my parents, but 20+ years was enough for me :werd:

As long as you know how to spend and save your money you will still be able to travel, although not balling ass ones.

[The BMW Guy]

Originally posted by Manhattan
https://www.rentfaster.ca/ab/calgary/rentals/eau-claire/condo/cozy-2-bedroom-downtown-eau-298014

Pay a little more and get a baller spot with TWO parking spots. You can probably negotiate down since it's such a renter's market.

I wish!

My potential roommate isn't willing to spend more than $800 each. Found a $1400/month 2 bed/2 bath place that's 2 blocks from my work and 2 parking stalls. Only crappy thing is it's a bit on the small side (800 sqft, or maybe I'm just not used to how cramped condos feel) with no storage locker (for my hockey gear, mostly).

The price is fair, especially with me paying ~$200/month for parking downtown already. Just got to get my potential roommate on board.

[flipstah]

Originally posted by Manhattan
https://www.rentfaster.ca/ab/calgary/rentals/eau-claire/condo/cozy-2-bedroom-downtown-eau-298014

Pay a little more and get a baller spot with TWO parking spots. You can probably negotiate down since it's such a renter's market.

Waterfront is awesome. The gas stoves are envious.

[ercchry]

So 3 bedroom, two roommates at $800 each.. $400k with $60k down 5 year fixed 25yr mort. ~$1525, plus other expenses probably ~$2125 monthly bills means that your portion would be $525

BUT you're paying down the principal too, which is more or less a forced savings account of sorts so you are actually making $300/month ($825 average in principal for first year) for a difference in savings of $1600 a month vs renting at $800/person

[jwslam]

Originally posted by The BMW Guy
Only crappy thing is it's a bit on the small side (800 sqft, or maybe I'm just not used to how cramped condos feel) with no storage locker (for my hockey gear, mostly).
There are places that are just over 600 sq ft with 2 bedrooms...
Depending on who you're sharing with, I'd suggest definitely getting 2 baths.

What happened to this:
http://forums.beyond.ca/st/382119/newbie-landlord-questions/

[flipstah]

Originally posted by The BMW Guy


I wish!

My potential roommate isn't willing to spend more than $800 each. Found a $1400/month 2 bed/2 bath place that's 2 blocks from my work and 2 parking stalls. Only crappy thing is it's a bit on the small side (800 sqft, or maybe I'm just not used to how cramped condos feel) with no storage locker (for my hockey gear, mostly).

The price is fair, especially with me paying ~$200/month for parking downtown already. Just got to get my potential roommate on board.

Maximizing space can be done through innovative storage options. I live in a 650 sqft. and can fit multiple gears, stuff, etc.

Windows and curtains that let in light while providing privacy makes a difference in feeling of claustrophobia.

[The BMW Guy]

Originally posted by jwslam

What happened to this:
http://forums.beyond.ca/st/382119/newbie-landlord-questions/

That's probably my brother as he likes to use this account. Might also notice some posts of him referring to a wifey while I am (happily) not married yet.