I'm poor. I'm coming up on *finally* being out of debt this year. Every way I figure it, I should be clean & clear from all debts by June 2, 2006 (or sooner, depending on when the tax refund comes in).
It's a strange feeling.
I'm not living month to month. I'm not shifting money from one credit card to pay the other. Or writing "purchase cheques" from a credit card to myself to make sure my rent/car payment still goes through.
It almost feels like I'm rich!!
But, I'm not. If I want to take all this new-found income, and save it towards a house... it still doesn't do me much good. I'll be allowed (at BEST) to purchase a home valued at just under $150,000. Or, if it's a condo, and the fees aren't INSANE, we're looking at about $120,000. That's a 25-year loan. Oh, that's also about a year and a half from now, when I'm able to save up a $15,000 deposit on the home. Looking around, there aren't too many homes available for under $150,000. Thinking ahead, I don't suspect the prices will be dropping anytime soon, either.
I know a home is an investment, yaddah, yaddah, yaddah... but, if I'm paying say, $400 in condo fees, plus $200 in taxes/month, plus $100 for heat/hydro... that all adds up to about $700. Which is equal to my rent payment now. Wouldn't I be smarter to invest any money I have for a mortgage somewhere?
Looks like I'm not the only one who thinks sometimes it's smarter to rent...!
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*hugs*
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