25 year old trying to buy first home in Kitchener Area
I can afford something up to $1600/ month payment comfortably ( this needs to include all other resultant costs like condo fees if present and property taxes). What I wanted know from you guys is what would be the best downpayment % that I should be aiming for. Should I look at properties where I can make a 10% downpayment or 5%? At the moment I do not think 20% in kind of an option for me as I would love to get into a property ASAP instead of just paying rent. Secondly I would like to know what type of a property would be best suited for me? My current plan is to get into a condo/ townhouse and eventually upgrade into a detached home, again I would love some advice here as I am currently unaware if this is the best path forward for me or not.
Also I would appreciate some advice on what would be the best amortization period for me considering I might switch to a more expensive and better property sometime in the future.