23 single male still living with my parents. I have a safe job making 41k a year. I have close to a full year's net income saved up (27k)
I really want to move out right now but can't decide on renting an apartment or buying a condo. There is one 3 1/2 for 127k that would get me very close to my work place. Looking at online mortgage calculators and comparing to renting price, it doesn't seem half bad.
Live with your parents and save up more money. I regret moving out early (20 years old) just to feel liberated and independent.
Julian Bennett
>buying the absolute top while boomers are about to die off
come on lad
Nathan Anderson
did you include the HOA price? they are going to be $200/mo minimum depending on your area. prices are pretty inflated right now, its a bad time to buy
Connor Sanchez
how long do we have to wait? I'm getting old too you know
i bought my first place when i was 22. rented out the other 2 bedrooms to cover the mortgage. never paid a dime out of pocket for living expenses for 3 years. having roommates isnt so bad at that age. eventually went on to buy rentals to cover the mortgage on my main residence
Blake Edwards
>23 >old
it will happen in the next 5 years if you believe in the market cycle. you can save up ca$h big time if u just stay at ur parents. literally nobody cares.
Kevin James
no one can say for sure, maybe it'll never happen. But there's a significant chance of a good crash within the next year.
Who knows. People have been claiming the crash is coming for years. I think multi family housing is a good place to start for sure. Do your due diligence and talk to a bank, insurance company, etc get your ducks in a row and know what costs you will be facing before you pull the trigger. Typically with a duplex if the deal is good you can pay for 3/4 the mortgage with one renter. Fourplex 2 1/2 renters pays the bill. means you build equity using other people's money and live cheaply yourself if you stay in a unit. Make sure you have a good rental contract though, you must account for the problems that come with renting to lower income renters. Friend of mine with 2 fourplexes and a triplex always follows a person back to their car when they pick up a rental application. how they take care of their car speaks to how they will take care of your property.
Nathan Anderson
>housing market hasn't corrected in 10 years now way overdue user. usually happens every 6-8 years
Jace Rodriguez
Sounds good if you don't have plans to move away. Try timing the market if you think you can beat whales and institutions at their game. Just buy. Worst case if the market crashes, you maybe missed out on a discount. If you wait for it to crash, then you might wait a long time, or prices or interest rates might rise in your area. tldr. Time the market at your peril. It's risky. There's never a certainty to predictions.
Isaiah Thomas
>Just buy. What I'm thinking... I don't really want to wait a long time for the market to crash
Tyler Howard
That's me right now. I'm 36. No kids no marriage.
Only real furfiling thing I have to look forwards to is owning a condo to rent out or a small house with a drive so that I can lift and work on my car till I die off in the hopefully not so distant future.
Jayden Nelson
Save a bit more and buy a duplex, rent out half live in the other
Nathan Torres
look at condo fees in your area for older condos, everything from what I've seen would put the condo fee + property tax to around the same as renting. Why bother buying and paying a mortgage for 25 years when you can rent and invest that money instead? Not to mention the opportunity cost of a downpayment and the risk of special assessments eating 20k unexpectedly cause your condo board is run by morons or the construction team cut corners. there might be other causes of a crash but if you look at average lifespan and age of boomers now, they still have around 10-15 years to go before their deaths largely impact housing prices.
Ryder Collins
make sure the HOA shit is fine.
home ownership is mostly assuming responsibility for a steady stream of repairs - some minor, some major. it gets funneled through the HOA in a condo, and it can become a real mess.
a guy i knew couldn't sell his condo because the stucco walls were fuckd, and a few of other owners were too poor to pony up the $10k a piece to fix it.
Thomas Foster
forgot to say, in leaf country we're importing enough brown people to replace all the boomers dying off, so who even knows if there will even be a crash caused by boomers dying. our generation has been sold out.
Dont forget "special assessments" that can really fuck people in the ass.
OP should rent and invest the savings into a vanguard index.
Asher Ramirez
Low fees are common to sucker people in. The fees will go higher as the building ages and the reserve gets mismanaged.
Liam Flores
Thing with timing the market is that there is two outcomes: 1. If it crashes you can pick up a place for cheap. 2. If it doesn't crash then you just wait and save up for a longer time and put a larger down payment on a place when you do get one. Your income should easily outpace the rate at which home prices increase.
Zachary Young
>2014 wait till the market crashes retard >2015 wait till the market crashes retard >2016 wait till the market crashes retard >2017 wait till the market crashes retard >2018 wait till the market crashes retard >2019 wait till the market crashes retard >2020 wait till the market crashes retard >2021 wait till the market crashes retard >2022 wait till the market crashes retard >2023 wait till the market crashes retard
Justin Ward
What would it rent for? Could you rent it out and make the payments on it, including condo fees, taxes, etc., and be cash flow positive putting that $27k down?
Asher Taylor
literally run the numbers you retard
Lincoln Gonzalez
BUYING when you share a wall withs omeone else is stupid as fuck
Buying your own house is based as fuck
Blake Bennett
Smart move. You build up equity and will have an appreciating asset and likely make a profit when you sell.
Plus from a psychological perspective it will be good for you to finally get out of your moms and dads house and be independent. It’ll build confidence and you’ll also eailsy be able to get a hot girl being a young home owner.
Charles Fisher
What are property taxes? Maintenance cost? Heating/cooling costs?
Buying a house isnt based as fuck. Its literally better to rent than to buy right now.
Christopher Morgan
>all condos appreciate in value
Wrong.
>real estate is a forced savings plan.
Correct buts its an illiquid one that incurs high transaction fees.
Luis Howard
Gonna buy me a condo Gonna buy me a Cuisinart Get a wall to wall carpeting Get a wallet full o' credit cards I gonna buy me a condo Never have to mow de lawn I gonna get me da T-shirt Wit' de alligator on