Nancy Woods responds
I am recently divorced and as a result I no longer own a house. I am contemplating buying a condo in Toronto , but someone told me I should consider renting. I was laid off from my job, but I do have savings and my portion of the proceeds from the sale of the house. I am living off of my severance package and my savings. What do you think I should do? David
It would be very difficult, if not impossible, for you to get a mortgage without a job. If you buy a condo, there will be the ongoing maintenance fee that you will be required to pay monthly. It is unregulated and can be suddenly increased if there is a major repair or expenditure for the building. Another thing to consider: you could end up finding a job in another city and then having sell your new condo.
Savings Job House Condo Nancy Atnancywoodscom Life Toronto David Dear Nancy
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tiger Woods has another surgery on lower backTiger Woods had yet another surgery on his lower back on Friday morning. This one he hopes will relieve some of the spasms he experienced this year.
Read more »
Canada's Michael Woods rethinks retirement, targets Montreal win after Vuelta triumphMichael Woods thought Father Time had finally come calling. Instead, he’s winning Grand Tour stages — and hungry for a big result at home.
Read more »
Tiger Woods has another surgery on lower back to relieve pinched nervesTiger Woods had yet another surgery on his lower back on Friday morning. This one he hopes will relieve some of the spasms he experienced this year. It was the sixth surgery on his lower back in the last 10 years.
Read more »
Posthaste: Four risks that could tip Canada's fragile economy into a downturnWe're not out of the woods yet, according to Moody's Analytics
Read more »
Fatal shooting of man who stabbed mom and child outside Mill Woods school justified: ASIRTAlberta's police watchdog said it was necessary for officers to shoot a man who stabbed a single mom and her 11-year-old child outside Crawford Plains School in southeast Edmonton.
Read more »
Thousands of N.B. licence plates — dumped in the woods — thrill collectorsRobin McQueen has been collecting license plates since he was a teenager. He says walking into Fredericton's license plate graveyard was like 'Disneyland' for collectors.
Read more »