A modern look at our current real estate world
“They look rich, but in reality they just get deeper in debt on credit...” - Robert T. Kiyosaki
In this day and age of instant texts and Kim Kardashian Gen Y (aka the Echo Generation) seem to be able to sleep at night carrying more debt than any of the previous generations of the past. Perhaps this is from such an instant image based world that we are currently living in. Regardless of the reasons, Generation Y has to realize that the housing model is VERY different from the days gone by of our parents. There is no longer buying a first HOUSE, there is now buying a first APARTMENT and then graduating to a larger domicile later in life.
This housing model however directly conflicts with the lifestyles we choose to live (yes I the writer of this article am part of Generation Y). We seem to seek the instant gratification but not the time to get there. Bearing this in mind the subject of affordability comes up on a regular basis. At the time of this article being written there are 31 condos in 3 of lower mainland areas surrounding downtown that you don’t have to cross a bridge. (Burnaby, New Westminster, Coquitlam) that have minimum 1 bedroom and in suite laundry for under $200,000 asking price. This is not an astronomical and out of reach number for a place to OWN as opposed to paying someone else’s mortgage; we just may have to make some required changes to our spending habits to raise the down payment (although there are still methods to break into home ownership without a down payment up front).
One should take a step back and figure out what do I WANT and what do I NEED. Yes living downtown can be considered very “cool” but is it what you need? Do you work downtown? How often are you out clubbing and so on? Is it worth all the extra cash? Arguments can be made such as downtown has shopping, parks, and transit access. If a little more research was undertaken it is likely you would find that the areas surrounding the heart of Vancouver have the same features with a smaller price tag. This thought can also apply to the look of a building. The saying “you cannot judge a book by its cover” and “it’s what’s inside that counts” quite apply to realty. Perhaps the exterior of the building is not the prettiest or newest, the carpets in the hallways are little older... Keep in mind that you spend a fraction of the time outside of your suite. Attempt to not pay attention to the aesthetics of the outside of a building (aside from structural issues of course) as you will be living inside it not on the front lawn.
As Generation Y, we need to take a close look at our views and our world around us. We have high technology that makes communication and information travel at light speed, instant levels. Wealth and Equity are built though not texted. It’s this author’s belief that home ownership is within our grasp it just won’t be delivered instantly, this isn’t Jersey Shore.