Home purchase plan: Buy a suite and take advantage of low price and low mortgage rate

 Oct. 11, 2020

Introduction

It is tough for me to handle so many stress this year 2020. I just lost $7000 dollars gains and my own capital in TFSA account and $3000 gains on my USA Ameritrade.com retirement account. Now I try to purchase this small suite with 307 square foot and see if I can get loan and purchase my first Canadian home

First purchase

It is hard for me to invest on stock market. I do like to invest on equity, but I missed 2010 to 2020 10 year bull market, all my USA retirement fund has 1% return from 2010 to 2020. I paid the price of finance illiteracy. 

I need to figure out how to get back. It is tough to get loan since coronavirus makes a lot of things uncertain. 

The home is here. 

All my 10 years saving will go away to pay this suite down payment. I just think that I will have free medical insurance in Canada. I should have a home in Canada. I like to live a 5 year old building so that I can enjoy something new. 

BALANCE: Central Surrey's modern solution for space, location and style. Expertly crafted and fashionably finished, BALANCE offers affordable space solutions for all buyers. Light & bright finishes incl modern white embossed quality cabinetry, quartz counters throughout w/tiled bath and IN-SUITE LAUNDRY. Large covered balcony on the QUIET side of the building! Eastern exposure provides lots of natural lighting. A great investment opportunity for an investor or first time buyer: centrally located, walk-able to all amenities and public transit including SKYTRAIN! Still under New Home Warranty, in booming City Centre this studio suite offers great value today and incredible future potential. 1 UNDERGROUND SECURED PARKING & STORAGE INCLUDED! Pet Friendly with NO RENTAL RESTRICTIONS! (id:1937)

Mortgage with $150,000 dollars

I like to learn how to make more money. I need to consider a few things:

1. If I lose the job, then how long can I support myself to pay mortgage? 
2. How can I plan to live comfortably in a suite. 
3. I am 54 year old now. I have to spend some time to enjoy something. Not all of us can live healthy and happy until 54 year old. 
4. Take it slow. Do not worry too much. 
5. I will learn how to invest good stocks and build some wealth from stock market. 

It is hard for me to make money as an employee. But I have to push myself hard to prepare Google phone screen, learn more about system design and behavior interview, and also really push myself hard to work on algorithm and data structure. 

Work from home

If most of employees can work from home, then the condo near Surrey sky train should go down. The suite I like to purchase may go down to $170,000, price in 2018. I should wait. 

It takes me 10  years to save those down payment. I should think about it more carefully.