I am starting a new job on Monday. I have considered buying a condo for 279900 and even am trying to get preapproved. It would be nice to invest right now and earn equity. But I have no down, my payments will be high and I will have barely enough to make ends meet bills wise, and unsure of the stability of the job I will be starting but hope to be there for a long time considering the pay and benefits are excellent. On the other hand I have though abou renting. It would give me more flexibility with payments, more time to save, and pay extra bills, but the downfall is I will not be building equity, and I know renting is wasting money. But I can afford that, and I calculated that I would lose 40k in 5 years but be able to save 100k in 5 years for a down. What do you think would be a better route for me? I don't want to struggle, but I know he housing market is for the buyer, but then again I am not fully prepared at this time even if in the back of my mind I want a place of my own?
2006-11-24
03:32:31
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10 answers
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asked by
Anonymous
in
Renting & Real Estate