You have been working hard!
12-16 hour days.
3 weeks on at a time.
Out in the cold...And it can get COLD!
You have made a lifestyle out of working in the Oil and Gas Industry. Your next question might be what to do with all your hard earned cash?
Get a new car? - Maybe not the best investment.
Spend it at the Bar? - Maybe not the best investment.
Buy some toys - quad, snowmobile, jet ski? - Maybe not the best investment.
LendingMax Mike had a very well written article, Fort McMurray to Kelowna NON-STOP Direct.
Mike Huber talks about the Kelowna Real Estate Market and why Kelowna is a great place to invest your hard earned cash.
He highlights some key points that I would like to touch on in more detail.
1) Your new home in Kelowna can cost about half what the same home would have cost you in Fort McMurray.
Currently, there are some great condo options for sale in the $200,000 to $300,000 range. Newer 2 bedroom 2 bathroom condos with hardwood floors, Granite counter tops and stainless steel appliances.
With 10% down, your mortgage could be as low as $850 a month.
How much is your rent in Ft McMurray?
Also, you can cover some of the costs of your property.
Get a roommate to look after the place while you are gone and cover a large chunk of your expenses.
Here is an example:
You buy a $250,000 condo. It has 2 bedrooms and 2 bathrooms.
Your estimated total expenses per month - mortgage $1050, strata $250, property tax $150, home insurance - $30 = grand total $1480.
Your roommate pays you $650 a month bringing your total cost to $830 a month.
However, your mortgage has a principle payment as well. With rent, all your money goes to someone else. With your mortgage, a portion pays down your loan and builds your EQUITY.
If you qualified for a 3% interest rate on a 25 year amortization with 10% down, even on your first payment your amount going to principle is $505. This amount increases with each mortgage payment.
So what is your monthly cost to own? $325.
Plus if the market value of your home goes up...your equity will increase even further.
How Much is your rent in Ft McMurray? $1500 a month? $2000 a month?
You could save 14,000-20,000 a year just on rent payments.
You can allocate that money to equity building options like renovations. Or fun loving things like a boat or golf membership. Or think of it as a way to cover your flights back to the Okanagan throughout the year.
Or you can rent out the whole thing for $1200 - $1400 a month.
2) In Mike Huber's article, he talks about the difference in Weather between the 2 cities.
In Kelowna the average daytime temperature in December hovers around 0℃ to -2℃
Is that a little more tolerable than the -15 average in Ft McMurray?
I bet it is more tolerable for your family. Your kids cant walk to school in -15 weather. Plus, we havn't taken wind chill into account.
3) The flight only takes a little over 2 hours.
Kelowna to Ft McMurray flies non-stop. When I lived in Vancouver, It would take me an Hour to drive 20km some days. To be able to fly from Ft McMurray to Kelowna easily in just over 2 hours is pretty darn good for a work commute.
4) Arrive home to your family who are happy in their Kelowna home, enjoying outdoor recreational activities, living healthy and active lives in a healthy and pollution free environment.
Let's touch on that active lifestyle you can experience in Kelowna.
Kelowna and Okanagan Lifestyle
Skiing 5 months of the year
Golfing 8 months of the year
Lots of extra-curricular activities and sports for your growing family
Over 200 wineries in the region
Hiking trails, Nordic skiing, ATV and snowmobiling galore!
For an more detailed description of Kelowna's activities, go to www.gettokelowna.com to their LIFESTYLE section.
To Summarize, Here are the main reasons why you should spend your money on property in Kelowna.
- The winters are more tolerable
- You will like it in Kelowna More
- Your family will like it in Kelowna more
- Property is more affordable in Kelowna than Ft McMurray
- Owning Property can be a monetarily wiser decision than renting in Ft McMurray
- LendingMax Mortgage rates are extremely affordable right now. Contact Mike Huber for details at 250-212-7954 or visit www.lendingmaxmike.com
- You have winter and Summer Activities that you cant experience in Ft McMurray
- Wouldn't you like to drop a boat into Okanagan Lake on your time off?
I completely agree with LendingMax Mike that living in Kelowna is a great move if you are working in oil and gas. If you are considering the idea, the best thing to do is have a conversation about it.
Call David Delorme of Coldwell Banker Horizon Realty with your Real Estate Questions. 778-821-3885