Buying a house at 30. Realistic?

dorimoh wrote: ↑ I’m 25 years old and I have about $30,000 saved up. I make about 30,40K a year. And I can probably save about 15-20K per year for the next 5 years. Would it be realistic for me to think I can have have my own house at age 30? What I plan to do is put about $20,000 down and get a house in like Barrie area. Put the house for rent and live in the basement of the same house I’m renting out. Would this be realistic? What would be a smart way for me to grow my money in the next 5 years?

ProductGuy wrote: ↑ How much do you think the house will cost? Do you think you can grow your income in these 5 years by training/education/job experience?

teoconca wrote: ↑ Depends on where you are.

DDHLeigh wrote: ↑ I bought my first place when I was 30-31. It is not out of the question. Set your goals and work towards it.

dorimoh wrote: ↑ If you don't mind me asking how much did you have saved and how much were you making?

DDHLeigh wrote: ↑ I was 30 and girlfriend, now wife was 27 at the time of the purchase. During that time we were around 50k each annually.
We paid 315k for a detached rental in Port Coquitlam, BC in 2004. 25% down. No help from family. We sold it in 2006 for a nice gain and bought a place in east Vancouver in 2007 for 606k which is our current primary residence. Along the way we bought and sold some pre-sales.

You are 25 so there is lots of time to reach your goal. However, there are many things that can change in 5 years like wife, kids, inheritance, job/salary, lotto lol, etc. Some things that can be out of your control. So the only thing you can do is plan the best you can. Educate yourself. Jump at opportunities (not get rich quick schemes). Make sure you expand your network of friends and people you know. Remember, sometimes it really is who you know. You've taken your 1st step already to be interested in the purchase and asking questions on how to make it happen.

dorimoh wrote: ↑ I’m 25 years old and I have about $30,000 saved up. I make about 30,40K a year. And I can probably save about 15-20K per year for the next 5 years. Would it be realistic for me to think I can have have my own house at age 30? What I plan to do is put about $20,000 down and get a house in like Barrie area. Put the house for rent and live in the basement of the same house I’m renting out. Would this be realistic? What would be a smart way for me to grow my money in the next 5 years?

DDHLeigh wrote: ↑
I was 30 and girlfriend, now wife was 27 at the time of the purchase. During that time we were around 50k each annually.
We paid 315k for a detached rental in Port Coquitlam, BC in 2004. 25% down. No help from family. We sold it in 2006 for a nice gain and bought a place in east Vancouver in 2007 for 606k which is our current primary residence. Along the way we bought and sold some pre-sales.

You are 25 so there is lots of time to reach your goal. However, there are many things that can change in 5 years like wife, kids, inheritance, job/salary, lotto lol, etc. Some things that can be out of your control. So the only thing you can do is plan the best you can. Educate yourself. Jump at opportunities (not get rich quick schemes). Make sure you expand your network of friends and people you know. Remember, sometimes it really is who you know. You've taken your 1st step already to be interested in the purchase and asking questions on how to make it happen.

Singh_21 wrote: ↑ Those were different times as far are real estate is concerned. The pace at which real estate prices are increasing, it is very hard to predict the right amount of dp that will be needed in 5 years and to actually save it.