I feel like there are a lot of people that bought property before 2006 or 2005 or so and realized some serious equity appreciation. I have friends that did this, were basically just fortunate, and then turned around and criticize me for doing the exact same thing they did only at a different time and now I am facing debt and a fairly intimidating mortgage. They tell me I am crazy to have this huge mortgage. And maybe I am! But I just don't get where they get off being all judgey, and it's pretty annoying.
It feels like I have debt up the ass but the primary debts I have I should be clear in the next 2-3 years and most of it was used to renovate my property which (hopefully) would be realized in sale value in a worst case scenario.
Luckily I started my career early(ish) compared to peers so it's helped but buying a home in Calgary (or condo, really) is pretty cost-prohibitive, and unless you're making decent money I have no idea how you'd be able to afford ownership plus a life. It's not like I am living the life of luxury and I make a pretty good wage. It's really not all that easy, so I really can see how people would start to slowly accumulate debts and hope that their inheritances (if they are expecting one) could bail them out. This would especially be the case if you have kids.
Agree that banking on inheritances is probably overall a poor financial strategy, I just can see why or how people get to that point.
Drinking and eating out in this city has gotten borderline criminal. Cabs... everything is pretty expensive really.
|