Condo or Mobile Home - First time home buyer

[IceD.]

I have just received my CoPR and would like to buy a house to live in probably first quarter 2021. Single-income household and already checked the bank with a pre-approved amount of only $135,000.

I am in Duncan, BC and I checked the market and will only be able to afford either a small condo or a mobile home. Which would you think is a better option. I plan to move within 5 years once I have my wife here with me from overseas and we'll have a bigger household income to afford a single family home. But for now, those two may probably be my only options.

I do not want to rent as I think buying one is better than that. Any advice?
Thank you.

 

[canuck78]

I have just received my CoPR and would like to buy a house to live in probably first quarter 2021. Single-income household and already checked the bank with a pre-approved amount of only $135,000.

I am in Duncan, BC and I checked the market and will only be able to afford either a small condo or a mobile home. Which would you think is a better option. I plan to move within 5 years once I have my wife here with me from overseas and we'll have a bigger household income to afford a single family home. But for now, those two may probably be my only options.

I do not want to rent as I think buying one is better than that. Any advice?
Thank you.

Would suggest delaying purchasing.

 

[KRP]

I have just received my CoPR and would like to buy a house to live in probably first quarter 2021. Single-income household and already checked the bank with a pre-approved amount of only $135,000.

I am in Duncan, BC and I checked the market and will only be able to afford either a small condo or a mobile home. Which would you think is a better option. I plan to move within 5 years once I have my wife here with me from overseas and we'll have a bigger household income to afford a single family home. But for now, those two may probably be my only options.

I do not want to rent as I think buying one is better than that. Any advice?
Thank you.

Wait till we hear some good news on Covid vaccine.

 

[rohitemmanuel]

Due to this current situation you can just postpone your home purchase plan for some time. It's you be in some rental houses at present. You can check cost of rent in Canada to get you more clarity.

 

[canuck78]

Would suggest renting a room or having roommates until your wife arrives to keep your living expenses lower. Buying a home comes with a lot of other expenses on top of the purchase price. Settle, make sure you want to stay in Duncan and save for a starter home that you can stay in for at least 10 years if not more if necessary.

 

[Lazymon82]

Rental money always goes down the drain. If you you want to buy to livr in it and not as a investment then i would suggest to buy a small condo and not a mobile home. There can be something else after Covid so don't time the market when you are buying a primary home. IMO

 

[Bs65]

General advice seems to be for new immigrants is to rent first in an area you might want to buy in before taking the plunge to buy. Sure renting isnt an investment financially but buying straight off the plane could be something to regret. As for mobile versus condo personally would always go for bricks and mortar but down to personal preference . Plus take into account future resale so check a few listings for condos versus mobile

 

[siamsquared]

Mobile homes come with big rental fees that often cost as much as renting a condo.

 

[canuck78]

Mobile homes come with big rental fees that often cost as much as renting a condo.

Really depends if you own the land. Many places you own the home but not the land. Not clear if it is this situation.

 

[canuck78]

Rental money always goes down the drain. If you you want to buy to livr in it and not as a investment then i would suggest to buy a small condo and not a mobile home. There can be something else after Covid so don't time the market when you are buying a primary home. IMO

Buying in the wrong location or buying then needing to move to another city is also money down the drain. It seems like OP is wanting to purchase a property that will fit his family for 5 years or less. Lots of risk in that. If he waited until he had a second income he could move into a home that would have a few bedrooms and that could be suitable for a long time..

 

[IceD.]

Buying in the wrong location or buying then needing to move to another city is also money down the drain. It seems like OP is wanting to purchase a property that will fit his family for 5 years or less. Lots of risk in that. If he waited until he had a second income he could move into a home that would have a few bedrooms and that could be suitable for a long time..

How long should you be willing to stay in a place so that you get value before moving?
Also, would you know the best time to do house hunting?

 

[Lazymon82]

Buying in the wrong location or buying then needing to move to another city is also money down the drain. It seems like OP is wanting to purchase a property that will fit his family for 5 years or less. Lots of risk in that. If he waited until he had a second income he could move into a home that would have a few bedrooms and that could be suitable for a long time..

He should do due diligence before buying if it will be worth selling in 5 years when he wants to buy a single family home for his bigger family then.

All I was saying is pausing house hunt efforts now due to corona virus will only set him back few thousands as the house prices are not going to pause for anyone. More immigration, more economically stable talent coming into the country will only push housing prices up. Investment now is more or less profitable in the future depending on the location like rightly said.

But i do not believe that he will lose any money from buying now. Fixed asset investment in a rapidly growing (population wise) country like canada will only yield positive returns. How much is always debatable.

 

[canuck78]

He should do due diligence before buying if it will be worth selling in 5 years when he wants to buy a single family home for his bigger family then.

All I was saying is pausing house hunt efforts now due to corona virus will only set him back few thousands as the house prices are not going to pause for anyone. More immigration, more economically stable talent coming into the country will only push housing prices up. Investment now is more or less profitable in the future depending on the location like rightly said.

But i do not believe that he will lose any money from buying now. Fixed asset investment in a rapidly growing (population wise) country like canada will only yield positive returns. How much is always debatable.

Not sure if you looked recently but prices are down out west. 5 years is a really tough timeline to make money on a home. We have come to expect these ever rising prices. There is never a guaranteed timeline to sell a house and make a profit. We are going to go through ao very tough economic times. Many people may need to sell their homes due to job losses.

 

[Lazymon82]

Not sure if you looked recently but prices are down out west. 5 years is a really tough timeline to make money on a home. We have come to expect these ever rising prices. There is never a guaranteed timeline to sell a house and make a profit. We are going to go through ao very tough economic times. Many people may need to sell their homes due to job losses.

All economies should be back to normal once this hedious US elections are done. I do not think virus effect will last too long as it only affected certain industries. Ofcourse we can anticipate repercussions but atleast not on fixed assets. Volatile markets may be economy dependant but fixed assets are not.

 

[siamsquared]

5 years is not enough timeline to make money on the home in Canada.

I bought a condo in Toronto in 2010 and only broke even in 2016 after realtor fees and taxes.