Am I making a stupid decision?
Hi,
There's a condo I was considering buying and I'm trying to figure out if I'm making a monumental mistake that will leave me destitute, I would love some advice.
The condo is 390k. I make 76k per year, but my take home each month is only a little over 4k. I would be comfortable putting down 85k for a down payment, and my parents have kindly offered to lend me 50k at a very low interest rate with no payments starting for 2 or 3 years (until my salary increases). I have no car and no other debt. Morgage plus strata fees alone would cost me just over 1800/month. This seems like a large portion of my take-home. However I also live in a high cost-of-living city (Victoria) where rent for a 1 bedroom is about 1600-2000 as well. I considered buying a two bedroom and renting out the other room, but at my age I'm pretty over having roommates, and I don't know I want to be in a situation where I need a roommate to be able to pay my morgage.
There are some okay-ish condos for less (360k), but I'd be sacrificing location, in-suite laundry, and a huge patio. I also worry the cheaper condos may not appreciate as well.
Is buying this condo a reasonable decision for someone who is sick of renting, or am I being dumb for even considering it? Thanks in advance!