Need some advise on if I should buy this specific townhouse.
Hi there,
I need some guidance on whether to pursue a townhome.
Purchase price: $568,990
Down payment: $188,000
Mortgage: 4-year fixed at 3.88%, with my monthly payment of around $1800.
It's a stacked townhome with condo fees: $260 (but waived for the first two years)
My income is: $81,000 (take-home is around $4300 after taxes/rrsp matching)
The estimate for property taxes in the Richmond Hill area is $360.
I don't have any other debt. Just auto insurance, groceries, and utilities I need to account for. I will have around $20,000 leftover in my investment.
Is this too risky a purchase?
I anticipate my salary to increase every year, but not by a large margin. Maybe 1-2K every year, not including bonus.
The pros for this place are that it's a 2br, 2ba newly built, only 16 minutes by car from work. I am a FTHB, so i'm not sure if the new rebate is even going to help affordability.
Any thoughts? Let me know your experiences purchasing your first home. It's the biggest purchase I've ever made, and I worked extremely hard to save up my down payment. I'm only 29 and unmarried.