- Joined
- Feb 15, 2015
- Messages
- 10
So I live in a duplex in Victoria that I also own and am saving up to buy my first pure investment property. I work two jobs and cut expenses manage to save and invest $4000 to $5000 a month. In about 18 months there will be over $100,000 to invest in New West or Surrey or somewhere like that. But there is the question of what value and type of property to purchase for long term appreciation?
$75000 will be 20% of a very small condo and possible to purchase in about one year.
$100,000 will be enough for a $500,000 condo and possible to purchase in about 18 months.
Or, I could wait about 2 years, and assuming no major upward jumps in property values, and purchase a property for $600-700,000 if the bank will finance it.
Many things to consider, but I just can't get a good lock on whether it is better to buy a humble property early or a more ambitous one a little later. Generally, what does everyone suggest about this issue?
$75000 will be 20% of a very small condo and possible to purchase in about one year.
$100,000 will be enough for a $500,000 condo and possible to purchase in about 18 months.
Or, I could wait about 2 years, and assuming no major upward jumps in property values, and purchase a property for $600-700,000 if the bank will finance it.
Many things to consider, but I just can't get a good lock on whether it is better to buy a humble property early or a more ambitous one a little later. Generally, what does everyone suggest about this issue?