Owning a condo at 21?

I'm a big believer in buying, but I don't like condos. I see it as taking out a mortgage and still paying rent (condo fees). Also, condos don't appreciate in value the way a house does, because you don't actually own the land it is on.

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>>18722306
We can't afford a house or anything, this is our best bet. So, you think the condo I would own wouldn't really change much in price 5-10 yrs down the line? Could it actually go significantly lower? I wish I didn't have to worry about this, I got a lot of stuff going on in life on top of this and I have to decide NOW. :S

>>18722306
>>18722346
Even if a condo wouldn't increase in value (it depends on how popular the area becomes), at the very least, you have the security of a roof over your head and your money is not being effectively thrown away on rent. If you know your parents will be able to pay the mortgage for you OP, then it's a better idea than renting. BUT you have be 100% certain that they are able to pay the mortgage, because if they can't, then it'll fall on you.

Why can't your parents buy it themselves anyway? Why does it have to be in your name?

>>18722359
What happens if it falls on me and I can't afford it? How can I get out of that situation, is it very hard?

They want it to be in my name so they left something for me. They are not wealthy by any means, all they can do is put a 20-25% downpayment and hope the monthly mortgage payments will be less than $1000/month, but in my area the condo fees are $300-400... I know I can't afford $1400/month as a full-time student. My mom even says, if I die, don't worry, you will receive fucking death money from my company. It's really hard to explain, this is more of a weird family thing. But I do want to understand what I am getting into if I do what my mom wants, which is to just to help me with property and enjoy whatever time we have left together. If this is a bad idea, we can continue to just rent, but a single home is out of the question. We are looking $240k and below where I live.

>>18722284
>property is cheap
>West Canada

I sure hope you're joking, or living in fucking Boston Bar or Ashcroft

But my advice would be rent a condo with a couple friends/classmates (there's some places in Vancouver near UBC that go for ridiculously low prices like $350/month), and save up the money to put a down payment on an actual HOUSE with land instead of a condo

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>>18722412
I live in Calgary, AB if it makes a difference. I gather from this thread that if I'm not owning a single home, I shouldn't bother?

>>18722412
There's more to western Canada than BC, m8. Property is cheap in Manitoba and Saskatchewan, and prices have dropped significantly in Alberta.

>save up the money to put a down payment on an actual HOUSE with land instead of a condo

This, OP.

>>18722444
Honestly, I wouldn't bother if there wasn't land attached. Because that's what you're really paying for, the building attached is an accessory. Like the other anon said, a condo isn't buying land to own, it's buying the right to live in a cubicle.

>>18722445
>>18722412>
>18722452
Thanks, I got it now! Straight to the point.

>>18722454
Just make sure to actively save the money for the down payment. Don't eat out, work extra hours, ask your manager for more tables or larger parties or whatever. Save 40% of what you make at least and you should be decent

good luck luv u bb

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>>18722462
Thanks LUV U 2 BB

>>18722382
>What happens if it falls on me and I can't afford it?
If you default on a mortgage the mortgagee (the bank, probably) has a right to sell the house, which is called a mortgagee sale. It'd mean you'd lose your home.

>How can I get out of that situation, is it very hard?
Unless you can cough up the money you owe, it's kind of irreversible. Your credit would take a hit too and it would be difficult for you to get a mortgage again in the future.

And I don't understand their logic for buying it in your name. They can always buy it themselves and leave it for you in their will.

>>18722284
There's more to a mortgage payment than just the loan amount itself. You have to factor in the insurance, mortgage insurance, taxes, and HOA fees. The same will go for a house.

I bought a condo 5 years ago with my brother and profited $40k. Put it down towards my own condo I bought 2 years ago and I just moved in. In Toronto.