Q: So I am 22 and won't be making a lot of money, say just under $2000 a month. I have 10 thousand saved up for down payment on something, don't know, whether it be a house or condo. I would prefer something suburban but also relatively close to the beach, I think it is Kitsilano? I'm an actor so I need to be able to get to downtown in an hour for auditions. Any info or your opinion on the areas would be much appreciated!
A: I hope that the answers from the other people are not too discouraging. Sadly, they are right. You do not have an adequate down payment. You won't even have much of the $10,000 left, by the time you pay the legal fees, Property Transfer Tax, and hookups for phone and Internet and electricity and whatnot. You do not have the income to qualify for the a mortgage the size of the one you will need, or to service the monthly payments on it. In any case, you are new in town and will not have an employment history for credit-granting purposes. Your best bet, for the kind of housing you want (upscale neighbourhood like Kits and close to town) would be a room-mate situation.
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