Quote:
Originally Posted by Burninator
This my plan. I don't really know if it's feasible so not, but this is what I would like to do. With all these news condos going up around the downtown area I would like to put a deposit on a two bedroom condo. I would like to have picked one before they break ground, try and buy one the first day they go on sale or close to. It seems they are cheaper at the pre-construction prices as compared to when they are finished. So in the time that it takes to build (roughly 1 and half to 2 years) I will have hopefully saved up a big bundle of cash that I can use as the down payment.
|
You have the right idea, but most builders have smartened up nowadays, they will be calling for your down payment within 2 weeks of you putting down that $1000 holding deposit. This is to curb speculators who end up selling by assignment just before they take possession.
If your parents are willing you should definitely let them help either with real $ or by co-signing. This is the preferred method of getting a sufficient mortgage for most young first time buyers today. Do shop around with your mortgage broker for the best rate, it'd be more trouble than you want if you do it at all the financial institutions one by one on your own.
A 2 bedroom, 750+ sq ft. in a brand new modern high rise in downtown Calgary is at least $410K to start depending on building location, floor location, and interior finishings. Just to give you a heads up. You may want to have your roommate lined up before you buy. Even better if your roommate is a sibling, then you can have an equal share in the place instead of one paying the other rent $.