First Time HomeBuyer: Buy smaller unit then upsize vs. bigger unit then downsize
For first time homebuyer, I am wondering if it's better to buy a smaller unit than upsize in a couple of years (which I think that's an approach a lot of people do) or would it be wise to buy a bigger unit (more than I can afford right now), sell it in a couple years and then downsize + make profit (so its treating it as an investment as well)
The reason I ask is because suppose the average townhouse in North GTA is now $500,000; with the increase in housing prices, I find it very very tough to buy a detached house in future. I have been monitoring for the past 24 months. Detached houses increased almost $80,000 past 24 months and they are now worth over $750,000 for a decent one (minimum).
So that got me thinking of buying a detached house now while it's still 'more affordable' (but reality, more than I can afford), then downsize in future, so that i will have an option of keeping the bigger house, or sell it in a couple years for profit AND have a townhouse to live in.
Looking for some input. Thanks.
The reason I ask is because suppose the average townhouse in North GTA is now $500,000; with the increase in housing prices, I find it very very tough to buy a detached house in future. I have been monitoring for the past 24 months. Detached houses increased almost $80,000 past 24 months and they are now worth over $750,000 for a decent one (minimum).
So that got me thinking of buying a detached house now while it's still 'more affordable' (but reality, more than I can afford), then downsize in future, so that i will have an option of keeping the bigger house, or sell it in a couple years for profit AND have a townhouse to live in.
Looking for some input. Thanks.