We bought a house 17 years ago. We could barely afford it and struggled to keep it for years.
The house more than doubled in value in that time. Great right?
Well the kids grew up, and we sold it and bought a smaller place.
Just the tax (GST on a new build) and the realtors commission amounted to two years worth of my gross pay.
We sold our old place that had a $400,000 balance on the mortgage for $1.7 million, bought the new place for $1.2 million and now have a 175,000 mortgage.
Just the costs of the transaction are greater than what my parents paid for the last home they bought.
These sky high prices are not good for the middle class. I would be much better off if my mortgage payments for all those years were small enough to allow for retirement saving. I'm basically fucked if I want to live indoors in my town after I can't work anymore.
The house more than doubled in value in that time. Great right?
Well the kids grew up, and we sold it and bought a smaller place.
Just the tax (GST on a new build) and the realtors commission amounted to two years worth of my gross pay.
We sold our old place that had a $400,000 balance on the mortgage for $1.7 million, bought the new place for $1.2 million and now have a 175,000 mortgage.
Just the costs of the transaction are greater than what my parents paid for the last home they bought.
These sky high prices are not good for the middle class. I would be much better off if my mortgage payments for all those years were small enough to allow for retirement saving. I'm basically fucked if I want to live indoors in my town after I can't work anymore.