Hello,
I am currently renting my 2 BR/BA condo from a family member for $900/month, utilities included. The market rate rent for the condo would probably be on the order of $1200, utilities included. My family member has offered to sell me the condo, and I am unsure if it's a good plan. See below for a list of metrics from which you can judge my situation:
Estimated Value of Condo: Similar units in the building have recently sold for around $130k-150k.
Current mortgage: There's around 80k on the current mortgage, monthly payments are around $1k, along with an HoA fee of 200 or so. Family member has offered to just let me take over the mortgage from them and take responsibility for the place.
My Finances: 29 years old, just out of grad school 2 years ago. I make 67k/year, monthly takehome is around 3000 (after 5% retirement match, roth IRA, insurance, taxes, etc.)
I have no student loan debts, credit card around 1k, cash reserve is 2 months emergency fund, around 12k in retirement savings. My car is old, I'll probably need to replace it in a couple years' time, but other than that I see no other large purchases on the horizon.
Future Plans: I intend to stay at my current position on the order of 2-4 years more. My commute from the condo to the office is very good, only 10 minutes. The growth potential for salaries in my field is very good, I could be making $100k once I have more experience.
Do I like the condo? I do like the condo itself. It's in an old building and some repairs have been needed, but it's spacious and convenient. The area is definitely not that desirable, not walkable at all and not near great amenities. Nonetheless, 20 minutes drive from my favorite places across the city.
Submitted April 23, 2018 at 09:17AM by JinAirGreenWings https://ift.tt/2HkmhXS
