P-51,Sep 23 2005, 12: Wrote:Andrew, how in the hell can you say that you can afford a Condo on the TTC for less than $900/month?[right][snapback]144258[/snapback][/right]
Glad you asked. ;)
In the MLS listings see 102 places for sale for between $75,000 and $150,000 (in "Central 1" area). Remember Scooba is just a young guy so he doesn't need anything fancy, just a "pad".
Here is an apartment for $109,000 at Yonge & Bloor:
http://www.mls.ca/PropertyDetails.aspx?vd=...pertyID=3990889
Assuming he sold the SVT and used $11,000 of that to put 10% down he would need a mortage of $99,000. That amount at 6%, 5 year term, 25% amoratization he would need $627 per month for the mortgage. Taxes wouldn't be much as my house on a 3000 sf lot is only $2000/yr. He would also have condo fees of $300 but that takes care of all utilities. He has a place as close as you can get to downtown for $1000/month which is what I added up his car cost to be.
A real smart way to go would be to buy a more expensive two bedroom and find a roomate who you charge $1000 per month. Then things really start to make sense. He could keep the car in that case. :lol:
2001 Focus ZTS 2004 WRX
"I'm just here for the camping"
http://www.facebook.com/profile.php?id=687620231
TEAM P.I.T.A. FTW!
"I'm just here for the camping"
http://www.facebook.com/profile.php?id=687620231
TEAM P.I.T.A. FTW!