So we went out condo shopping with our realtor yesterday afternoon. I told her my price range is around $200,000 for a 2 bedroom condo. We ended up looking at 4 different condos, 2 near Brentwood mall and 2 other condos near Lougheed mall. All 4 condos are located near amenites such as food shopping, as well as public transportation (SkyTrain). The condos rent between $1200 – $1300 per month which makes them perfect to cover monthly costs (strata fee, taxes, monthly mortgage). Square footage is between 750 – 850 square feet, not a bad size.

Now my realtor is going to check the minutes of the stra council (to see if there are any problems in the buildings). The last thing you want to do is buy a leaky condo, so you need to check the strata minutes to see what was discussed at strata meetings.

Some people reading this probably think I’m crazy to buy right now, but sitting on the sidelines for the bottom of the market to happen is even more crazy. As long as the rent covers everything, then it’s a NO BRAINER. Real estate is simple either you buy it or you don’t. If you don’t buy it and sit on the side lines I can promise you that you will regret in the years to come (ask your parents).

A couple times I got nervous about buying houses but I bought them anyways and they have appreciate 100% in the past 5 years. Fear is normal but you need to control it, don’t let it control you. It’s easy to get scared trust me, but you need to be logical about things. Don’t let your emotions run your life.

That’s all for now folks.