I live in a city in Canada that has a bit of a lacklustre tech scene. Unfortunately, I bought a condo 2 years ago.
Because of the size of the down payment I made (small), and the condo market right now (not awesome), I can't sell without taking a loss until probably about 2014. I also probably can't rent without taking a loss.
I'd like to move - but at the moment, short of foreclosure, there's no way to get this condo off my hands so that I'm free to move again without taking a significant-enough (~$15k) hit to make it cost prohibitive.
Are there more opportunities in other cities? Definitely. But because of my current living situation, I'm not flexible enough to take advantage of them.
How would your loss compare to two years' worth of rent for a similar apartment? I pay much more rent than $15k in two years, and that's in Montreal where rent is fairly cheap.
Because of the size of the down payment I made (small), and the condo market right now (not awesome), I can't sell without taking a loss until probably about 2014. I also probably can't rent without taking a loss.
I'd like to move - but at the moment, short of foreclosure, there's no way to get this condo off my hands so that I'm free to move again without taking a significant-enough (~$15k) hit to make it cost prohibitive.
Are there more opportunities in other cities? Definitely. But because of my current living situation, I'm not flexible enough to take advantage of them.