Background Information:
- I am 24 years old
- Graduated from University 2 years ago
- Currently working full time at a bank in downtown for the past 1 year
- Living at home with my parents
My parents paid for my tuition - I never had any loan of any type, I just drive my parents' car. I have 3 credit cards and I've always paid them on-time regularly and never went over my limit, and I've got my balances increased a couple times because of that. Since I live at home, the only expenses that I have are basically my cellphone bill, transportation cost (parking and subway), food (on the weekend), and any other shopping/entertainment expenses, I also give my parents a few hundred a month.
After all the expenses, I save about half of my earnings and put them away into a TFSA. I currently earn $30,000 before taxes a year and I have saved $15,000 in my TFSA so far.
- My boyfriend is 27 years old
- Graduated from University 2 years ago
- Currently working full time at a insurance company uptown for the past 2 years.
- Living at home with his parents.
His parents paid for his tuition. The only 'loan' he has is his car which he is leasing for $450/month (for the lease and gas). He has a few credit cards and he always pays them on-time regularly and never went over the limit, with increased balances as well. Since he lives at home, his only expenses are his cellphone bill, transportation cost (gas, parking is free), food (on the weekend), and any other shopping/entertainment expenses. After all the expenses, he saves about half of his earnings and put them away into investment. He currently earns $35,000 before taxes a year and he has saved $50,000 so far (he worked before graduating from University thus more savings).
Scenario
My boyfriend and I have been together for 8 years now, and we are certain that we are going to get married (just a matter of when). We were casually talking about buying a house together, and I was surprised how serious he was about it. His parents are very supportive and so are mine. Together, our parents are giving us $250,000 for our downpayment. We have already started looking at houses recently. We are looking at freehold townhouses around $400,000 and also condo apartments at around $310,000. We prefer townhouses because there's no condo fees involved.
Upshot
Based on everything said, do you think that we are financially ready to move out?