Background:
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I'm 24, and I live in Toronto. I work as a freelancer (self-employed, which means I collect HST and get to write off business expenses) at home doing programming work, and earn around $60k/year (I have one client that occupies most of my time, give or take a few smaller jobs that come up each year). I've lived with my parents up until now, and while it's kinda sucked, living with them since graduation (May 2014) has allowed me to amass a nice 'stash, to the tune of approximately $100,000. I have a maxed out TFSA + RRSP, plus some taxable mutual funds that I inherited a while ago. I don't have any debt, and I have excellent credit. I'm also looking to move out. I'm seeking advice on what to do with regards to a living situation, because I don't want to make a poor decision that screws me over decades from now (having this much money saved up means I'm not concerned about going bankrupt any time soon, but I don't want to accidentally end up treading water and have to work for a few more decades because I did something stupid.
I'm looking to move out because things have gotten crazier at home, to the point where my productivity has dropped immensely. I'm not being forced out or anything, but things are overall kinda shitty. My current job lets me work from home, which is a rather nice perk. I meet with clients every few weeks or so, so I don't have to commute or anything (all of my clients are in Toronto). I also don't have a car (but can drive).
Decisions to be made:
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-- Should I move, or should I just STFU and put up with the insanity (and enjoy a savings rate of around 95%)
-- Renting or buying (I'm against buying[0], but I feel that it has to be included for the sake of completeness)
-- Should I stay in Toronto (where most of my friends and clients are), or should I move somewhere further away at the expense of a social life and continue to hoard money.
-----> I've looked at Waterloo, for example, because of the tech stuff there. Other areas around Toronto could also be considered - Hamilton looks cheap, but I've never been there, so I don't know what to expect. I don't like the idea of moving away from an urban area though, because that would almost certainly require buying a car (and the money pit that entails).
-- If I rent in Toronto, I'm torn between getting a cheap place with minimal perks (Padmapper implies that I could find a place for between $1200 - $1400 in an older apartment building on a subway line, or find a condo to rent right downtown near the waterfront for approximately $1600 - $1700ish), and enjoy all the perks of a billion dollar backyard (+ no commute time/cost to go anywhere).
-- As for a more expensive place ($1600ish), there's a chance that I could end up with more money soon enough - $90,000 doesn't appear to be out of the question for someone with my specific skill set and a few years experience (at a typical office job), but I don't want to count on future income that doesn't exist yet.
-- I've thought about roommates. I don't like the idea of living with random people, and some of my friends also want to move out, but aren't going to be ready for >6 months.
-- Assuming $1600 on rent, a budget I drew up (including food, hydro, phone, internet, and a small amount in transportation) has me with just under $500 each month in leftover money, after saving $1500/month (TFSA + RRSP max). Is this correct, or did I screw up somewhere.
Thanks in advance.
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- -- I feel that I have to include buying in a list, because some of my friends have recently purchased places (naturally, with huge mortgages). I'm mostly against buying because most of the condos seem to be built like crap, and working as a programmer means that there's a high chance that I'll be offered a job elsewhere (California, etc) for a huge salary, which I don't think I could turn down (which would require selling the place suddenly, eating up realtor fees).