Let me preface this by saying in still a good probably 4-5 months out on this at least but just looking for suggestions. So I got my first real job after graduating college and am making $3200/month after taxes with the premise that it will be closer to $4000 by the end of the year as one thing with signing on with this company was a guaranteed performance review by the end of 2019 with the expectation of near $60k before taxes.
With that out of the way my plan currently is purchase a condo as the cost of a mortgage +mortgage insurance through fha would be somewhere around $400/month cheaper than renting and I also have that equity if I were to get relocated or change jobs. I currently live at home so my only expenses are car insurance and my phone bill which is roughly $260/month. I do have roughly $55k in student loans that will need paying back and I plan on starting that process next month. Based on calculations of expenses if I were to buy a condo my expenses would be roughly $2000-$2300 a month with $700 towards student loans. My parents have also told me that the tax break they got while I was in school they will be giving me $10k to my loans but that will be next year. I know I am lucky in that regard and while my school wasn't paid for like some of my friends I genuinely appreciate my parents for this as they didn't tell me until after I had graduated. The places I have been looking at are 2 bed 2 bath so if I have a friend who gets a job in the same city as me after graduation I can rent to them which would cut my mortgage expense roughly in half and if no one gets it I have a spare room for if anyone visits. In my city people also look for 2 beds when they buy a place so that would make selling slightly easier. As far as continuing to live at home and pay off loans I would love to but my commute ranges from 2.5-4 hours every day based on traffic.
I guess my question is is this a good idea? I don't see a downside personally but I may be looking through this with rose tinted glasses
Submitted April 05, 2019 at 09:50PM by tokr99 http://bit.ly/2TZmDVe
