Updated almost 5 years ago on . Most recent reply
Getting Married- Confused to Buy or Rent | Budget- $CAD1000
Hi
My current rent is $650. It's a room in a 2 Bedroom house in Winnipeg, Canada.
In 3 Months I'll be married and move to a separate house.
Any decent 2 Bedroom house will cost CAD$1200/month including utilities (maybe more).
I have CAD$15,000 saved and can use it as a down payment on a house.
I don't know how much it would cost on a monthly basis to own a house.
How can I know that? and how much should the monthly expense be, to make buying a better option?
Looking for suggestions
#Winnipeg #Canada #Rent #Buy
Most Popular Reply
@Ashar Ali RENT! Rent a place you can comfortably afford for now. Once you are ready to buy a place, buy a multifamily and occupy one of the units. This will allow you to have the 5% downpayment on an income property, and your payments will be made by the other tenants. Eventually when you move out or buy a house, this income property will remain in your portfolio and will now make more cashflow as you will rent out the unit that you once occupied.