I'm a single, unattached 25 year old male professional looking to get into some property as a much needed tax break, to build equity, and because I don't believe in renting and throwing away money but definitely feel it's time to move out of the parents' now that I'm 2 years removed from graduate school. I live in Massachusetts where the market has been pretty overvalued, but I have watched it depreciate by $10,000-$30,000 since last spring. Since I'm not quite ready to buy in the suburbs, my choices have come between a small (~600-800 sq ft) 2 br condo (better resale value than 1 br or studio) in a major city (Boston) and a 3 br house in a minor city an hour away from Boston (Worcester). My job is located in-between the 2 cities. I don't anticipate living in either city for more than 5 years, so which is the better choice and should I give strong consideration to a 5/1 ARM with the idea I'm going to sell before I ever have to worry about variable rates? I'm open to any advice.
2006-09-18
16:09:24
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12 answers
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asked by
Anonymous
in
Renting & Real Estate