Hi guys. I'm asking for a little help in making the decision to buy a condo. I recently moved across the country for a job and I'm currently living in a friend's house until I can find my own place. I make $55,000/yr but unfortunately I pay about $750/month in student loans. I was looking at apartments in the area and the average rent is about 650/month, which isn't bad but because of my loans I'm trying to go a bit cheaper. That would leave me in a small apartment in a not so good neighborhood. I came across a few condos that are priced between $45k-$60k, each of them nice, in good neighborhoods, and at least double the size of the apartments I was considering. I have about $20,000 in savings but I don't want to put more than 10% down on the condo (I still need to buy furniture, a bed, etc.) If my calculations are correct even with the HOA fee I'd be paying less for the condo than for an apartment. I don't mind putting the money down because my ultimate goal is to have more money monthly.
Here is the real issue...I only took this job because it was a huge step up for my career and I want to gain experience in my position for a couple of years then try to use that to move back home. With that being said, I don't plan on having my condo for a long time. What are the prospects of me selling it and at least breaking even? If my HOA allows it, should I just keep it and try to rent it out if I leave? Is this a dumb idea period because I don't plan on being in this area for a long time? As far as the housing market here, houses and condos go extremely fast because I'm right up against a large army base. It seems like a smart move to me but I need an outsider's unbiased opinion because I think I'm too excited about living in a nice place that's so cheap.
tl;dr: I need to save money monthly, and I don't plan on living in my current city for more than a couple years. Should I buy a condo if it means putting down more money up front to save money monthly, or should I just rent a small apartment in a not so great neighborhood?
Submitted July 04, 2018 at 06:11PM by Cj635608 https://ift.tt/2MNwVo9
