I am 25 years old. I want to move out of my parents house soon within a year or so. I live on long island so apartments here are ridiculously expensive, a basement apartment on average here ranges from $900-1200 a month. If housing was cheaper here i would have moved out earlier. Everyone my age range on the island pretty much still stay at home with their parents because they can't afford moving out. Its a pain because when u live at home with ur parents u can't do what u want. Besides the point, I feel that if i just put a down payment on a condo at least i will be investing my money into it and if i decide to move out in the future, i can get my money back. As opposed to an apartment where u just loose ur money. Any suggestings, u think this is a good idea?
2006-09-23 11:39:23 · 16 answers · asked by hersheybar99 1 in Family & Relationships ➔ Other - Family & Relationships
yes do it
2006-09-23 11:42:43 · answer #1 · answered by Vanessa~Yeah!! 5 · 0⤊ 0⤋
With rents that high, you definitely will be throwing your money away if you choose that route. If you have a down payment available, then buy the condo and start building equity. The only situation where I would recommend don't buy is if you're in an area of the country where housing prices are dropping, and/or you think you'll need to move soon.
You also get a bigger tax right-off if you buy rather than rent. Then you'll have more income left for the mortgage payment,
or whatever....
2006-09-23 11:44:13 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Def think you should invest in owning rather than renting. Use this next year or so to put away that $9000-$1200 a month first to see if you can afford it and also to use as a down payment. Shop around for what you want and dont make a hasty decision.
2006-09-23 11:42:58 · answer #3 · answered by Amy >'.'< 5 · 0⤊ 0⤋
Good business. I'm 22 and bought a condo. I love it. I know my money is going somewhere good and not to rent. Its ALWAYS better to buy then rent, especially when you have that option. Yes, its harder in Cali and NY, but you are thinking about it, so it seems like its possible. Go for it, because investing in 'land' is always the best thing. Good Luck and Congrats.
2006-09-23 11:52:21 · answer #4 · answered by ConfusedK 3 · 0⤊ 0⤋
It's a good idea to put a down payment on a condo but if you want to get a apartment you can get a roomate or two.
2006-09-23 11:52:38 · answer #5 · answered by confused 5 · 0⤊ 0⤋
If you can afford to buy rather than rent, it's always a good idea but keep in mind that with condos you are also paying a monthly maintainence fee as well as taxes and utilities.
2006-09-27 03:57:44 · answer #6 · answered by Jen 3 · 0⤊ 0⤋
Condo
2006-09-23 11:49:14 · answer #7 · answered by BadAssGirlINWV 5 · 0⤊ 0⤋
Just one bit of advice....always live under your means. This allows you to put a little away for the future or emergencies....buying is the way to go if it is comparable to rental rates. Plus, if you buy you have the option to rent out if you need to move suddenly due to job, etc....
Good luck
2006-09-23 12:02:54 · answer #8 · answered by Rocky99 2 · 0⤊ 0⤋
ok if ur credit is good and buy a condo pay it per month and ull eventually own it.....rent sucks and u dont get to keep anything just loose ur monies.....roomates? if ur going to get some make sure the bills get paid bc theyll steal ur monies........
2006-09-23 11:44:03 · answer #9 · answered by Anonymous · 0⤊ 0⤋
You have the right idea with the condo.
2006-09-23 11:51:25 · answer #10 · answered by tina m 6 · 0⤊ 0⤋
Condo, at least let your investment grow for you. Make yourself rich, not your landlord.
2006-09-23 11:47:52 · answer #11 · answered by dirkdiggler9999 5 · 0⤊ 0⤋