Hello, I’ve never posted to this subreddit before but I was curious what everyone’s opinion on the topic of renting/purchasing was.
I currently rent a 1 bedroom condo for $700 a month. Not a bad value for my location where home averages are about $150,000 in the county and $250,000 closer to the city. We are happy where we are at, although I would enjoy more privacy.
I have the option of purchasing one of the condos for around 75,000 but the fees are $380 per month. It would be a huge upgrade with higher quality floors, cabinetry, appliances, etc. and an extra bedroom. I could probably get away with paying the same amount I am now but would be “stuck” with a mortgage and condo fees. I would also be responsible for all interior repairs, although I am handy and can fix absolutely everything. I just need to pay for supplies.
So, long story short, I am trying to decide between paying towards something with the risk of market crashes and being more tired down or the low risk not strings attached apartment which is much lower quality and “throwing money away”
Submitted December 30, 2018 at 12:04PM by SynclinalJob http://bit.ly/2LDkfkF
