Vancouver single mom Carol Wood weighs the equation of home ownership
Vancouver single mom Carol Wood has been thinking for a year and a half about buying her first home. Today, the 45-year-old is still considering making the biggest purchase of her life, but she doesn’t want to be house rich, cash poor. Right now, Wood lives with her son Henry, 11, in a three-bedroom apartment in east Vancouver with a view of the mountains. She’s very happy there, even though she has taken on a series of roommates to subsidize her $1,300-a-month rent bill. “Where I live now is fantastic,” Wood said. “If I lived in some crappy little place, I would have probably bought something before now.” Wood’s parents, who are in their 80s, sold property in Alberta before moving to B.C. At the time, about 18 months ago, they offered her enough money for a substantial down payment. Since then, she’s talked to two mortgage brokers, but neither has quite convinced her to make the leap. “The first one told me I could afford $1,800 a month, and I said, ‘Woah, I’m a single parent working for a non-profit; how about I tell you how much I can afford and you work it out from there?’” Read more: Windsor Star
See also: Real Estate Roller Coaster ... Or Is The Sky Falling?
... So How Much "Mortgage" Money Does One Throw Away On a Rental in Mount Pleasant? ... hmmm? ... Maybe PadMapper will Know?
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