Dual Income Saving for Downpayment in a year realistic?
Heyo! My partner and I are planning our futures and we are hoping to be moved out of our parents places by next May/June and renting on the cheap for a year or so while we save for a down payment.
We are in Montreal, so fortunately real estate is quite affordable, so we would be looking to save ~$40,000 to put a 10% deposit on a ~$350-400,000 duplex somewhere outside of the downtown core, where we would live in one residence while we rent the other out to cover a portion of the mortgage payment.
We've budgeted out our expenses for while we are living in a (cheap) apartment for a year and it looks like we will be able to put away ~$1800/mo in addition to the money my partner will be making while living rent free before we move out together ~$6-12k and I lucked into the Volkswagen emissions settlement and will also be contributing about $10k when I give up my car. That takes care of a large portion of our downpayment, leaving us to save ~$23k with our ~$1800/mo savings allotment.
We're hoping to find something for under $400k, which seems realistic, unless the market changes drastically in the next two years.
I'd be ditching my car, switching to public transit or Communauto to get around, but being able to save $1800/mo seems crazy on entry-level (IT and PR) salaries.
Am I missing something or is it that easy?
Posted Jul 16, 2017, 9:46 PM UTC