I bought a home in Central Vancouver Island in 2007 for $300K – $10K down – 40 year amort. (I know, I know – at least now I do) I did this for sheerly personal, intangible reasons, for the most part. I had a pretty fiancé, I thought I needed forced savings…and I thought we would settle here. She is gone now.lavep писал(а):основной поинт был, что это все достаточно эфордабл сегодня и выгоднее рента, т.к деньги остаются у тебя в кармане (даже если маркет просядет или перестанет так быстро расти)
I am renting the house out for a loss of around $500/month after mortgage + taxes. I am *really* bad with money. At the time I bought I was generating around $100K a year. I’ve just seen that reduced to $65K. Still, I should be able to afford my bills, right? Since 07, through my own stupidity, laziness and immaturity, I’ve managed to accumulate an enormous amount of debt – and recently found that due to my incompetence with managing my finances, I owe around $95K – over $50K of that to CRA. I am 38 years old. I’ll be lucky to get a consumer proposal approved. It would be my second bankruptcy, if I have to go that route, and screw me for life.
The tenants called on the weekend. The house has carpenter ants. It’s in a place that I assumed will attract boomers, and wouldn’t lose a lot of value, but, realistically – it sure hasn’t gone up much, even through the last 2.5 years. What on earth would I do in 2.5 years when I have to renew at a rate of 7% or more, or even better, NOBODY is buying and if they are, it’s for 2/3 of what I paid or less?
I’ll have to walk away from it. I’m a financial idiot, and I’m hoping you aren’t laughing too hard at me…hopefully I’ve finally learned a lesson.
http://www.greaterfool.ca/
