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. I should also be making a lot more at my job, but if the monthly payment is still too much I can have a roommate to help offset the costs. Eventually I will either have no roommate or I'll be buying a bigger property.
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One word of caution. Developers have the been in the habit lately of using the escape clause in your contract. I got screwed over by the developer Streetside because of it. Once the cost got too high and the profit wasn't enough, they enacted the clause.