should I buy a home or condo now even though I plan to move in a year or two?

Question

the market is chicago - it could be a home or condo, although it would probably be a condo right now - will I have a problem selling it in a year do you think?

Answer 1

buying for short term unless you really understand the market can be tough... And condo's are not always such good investments and could be hard to resell if you need to do so in a hurry...

Unless you find a soft spot you might be better off renting...

Answer 2

Before we even get into the issue that of MONEY. Which is what a lot of people seem to be doing..... you should ask yourself :
"Do I really wanna take the time and effort of looking for a house, and some sort of real-estate agency to work through to buy the house?" Then, you should ask yourself "When I plan to move, am I going to want all the hassle of selling my house?"

Houses are big investments, and unless you have massive loads of money, chances are that you're going to need to sell the house you buy before you can afford to move into another one.

Also, all the costs involved just to get through the middlemen and all the hassle that it brings may not be worth it for a temporary situation.

Finally, renting a smaller place is often cheaper than buying a condo or house.

However, if you have the money to spare, and you believe that the value of the place you're interested in buying is actually going to go up (between now and when you leave) enough to offset the costs of dealing with middlemen..... then maybe you should consider buying a place.

Just remember, it's a lot of hassle for what will probably not that big of a gain.

Answer 3

As noted above, it depends on the market since in some major mkts, the price of a condo is relatively lower than that of a single family residence. Also, the condo mklt which was once overheaded is now cooling down and it may be tough to get rid of it down the road.....but it all depends on the mkt you are you looking to buy...

Answer 4

Find a Realtor that you feel comfortable with,that is the most important thing ! He or she will have all the stats and answers to your questions.However generally singles appreciate and sell faster than condo's ( depending on market area ).

Answer 5

If your moving in a year Closing cost on this loan your about to get and the commission you will pay a Realtor when you resell will be alot more then what the property will go up .Even if you factor in what the tax benefit is you will be better of renting 9 out of 10 times . Remember alot of loans have a prepayment penalty .

Answer 6

What market?

Answer 7

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