This post was originally posted in /r/PersonalFinanceCanada, but since then there have been a few modification to my plan and I would love to hear the opinions from a broader audience.
I am currently 23 with a 77k salary and no debts, owns a 1 bedroom condo in Downtown Toronto (from my dad) which is worth around 550k.
Last year my dad invested in a 3 bedroom condo in downtown Toronto at a 960k total price which he has paid a 25% down payment for. It is estimated to be at least 1.1 million when move-in starts early next year. My dad offered to switch the ownership to me.
My dad's suggestion was to sell my own condo, leave around 50k for myself to sustain the next two year's debt, get a loan (possibly co-sign with my dad) for around 400k-500k from the bank, pay the rest to my dad and the bank. What I would get is basically a free 100k+ of net equity and a bigger home. Should I take it?
My initial thought was I don't want to have such a burden in my life this early. Knowing my dad, since we don't have a close relationship, he most likely just doesn't want to give me another condo for free, which is fair in my book. My dad's argument was that I would eventually need a bigger home, and it would be difficult for me to find a better deal than this anytime soon. Some folks suggested me to have roommates but I prefer living alone or w/ family.
Submitted April 10, 2017 at 10:42AM by kT_Madlife http://ift.tt/2o09Q5D
