Age 24, with k saved, in Canada. Should I invest or save for a condo down payment?
Not to finance-savvy. I am 24 years old with about k saved. Working full time. No debt. No investments.
What should I be investing in at this age? I was thinking of saving about 20 percent down payment for a condo. Thoughts? Any suggestions instead of saving for this condo?
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It is hard to give an appropriate answer without knowing more details about your personal finances, other than just how much cash you have on hand right now.
What you need to calculate, is if the cost of rent minus the return on your investments is greater than the cost of the mortgage you will take out.
In many cases the old knowledge of buying is better than renting is not true. If you have a good income and can save while earning a good return on your investments, you may be better off saving more money go to towards your down payment, and to reduce the cost of your mortgage.
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