Hello!
So I’m almost 19, and I’ve been living on my own for about a year now. The first few months were a real struggle, but now I’ve locked down a job and I feel comfortable.
So currently, I’m paying $1275 a month for my apartment, with all utilities included. I haven’t been here long, but for the quality and location of the place, it’s not bad at all.
But recently, my mom has been giving me some advice about what to do in the near future.
She says that instead of shelling out the 1200 per month, I should buy a condo, and gradually pay it off over time. The idea is that the place will mature and gain value, then I can sell it 5 years down the line for a profit.
You know, real estate stuff.
It sounds like a good idea, but it also seems like a huge step to take at my age. If a friend had suggested this, I would have just dismissed it. But my mom has always been good with money and guiding me along, so I’m giving it a little more thought.
She says that once I’m more settled, and able to afford at least 2k per month, it would be a good idea to buy a place in the neighbourhood of 300k.
I have a few issues/questions about this that she couldn’t answer, so I’m turning to you guys.
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Isn’t it too easy? If it were this simple, why doesn’t every 20-something own a condo?
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I currently make $23 an hour before taxes, so what would my salary (roughly) need to be before I could comfortably buy a place?
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I live in a metropolitan city. How much can I expect a modest, 1-person condo to cost?
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Due to my age, will I even be approved in the first place?
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Although profit isn’t my main concern, how can I be so sure that I’ll make money from this, and not just land in a mountain of debt?
Obviously, I’m not currently in the position to take this step. But, within the next year or two, my mom thinks I’ll be ready.
Of course it comes down to personal discipline, but in general, does this sound like a good idea?
Submitted July 04, 2020 at 03:59PM by AITAthrowawaygymguy https://ift.tt/38pJnqr
