Real Life question. House/Condo/Apartment. HELP!!!!! :)?

Question

SCENARIO: A 23-year old female is working her way toward obtaining a Bachelor's degree. She and her boyfriend of three years are about to cohabitate. They must choose between a house, condominium and apartment. Their combined annual income is approximately $60,000. She does not like the idea of apartment living since, in her mind, the rent is wasted money and does not go toward owning anything. However, a condo or house are very big commitments and she is not sure if she is ready. Which would be the wisest option for our college student?

THANKS!!

Answer 1

yes, rent is a waste, but it allows you more flexibility.

if you're not really ready for that type of commitment, it can be a bigger waste - in many different ways - to bite off more than you can chew.

Answer 2

Depending on where you live a condo may be your only feasible bet. Here in Northern California, you would be hard pressed to find a home you could afford on 60k annual.

Definitely agree with the rent theory. Why rent when you can buy. If things don't work out, you both split your equity and go on your separate ways.

Answer 3

Our college student would be best advised to go with the apt. She is not ready to make committments, and in light of that, the relationship itself is possibly fragile. If said student is ready for more of a commitment, then she and boyfriend should get married and be a family with more security rather than indulging in the lack of security of playing house without the willingness to really commit. If she is not ready to commit more, than I applaud her for her honesty in her self-analysis and awareness of her limitations. But an apt. is more of a temporary solution until a permanent decision is ready to be made. It makes for an easier and cleaner break without involving lawyers and court hearings in the event of a split. Why put herself in the situation of having to live the financial consequences of a divorce to someone she isn't even married to?

Answer 4

in my view being a youthful married woman and proprietor of a house and a loan loan officer for 3 years i might advise the two identifying to purchase a condominium or renting. a house could have too lots maintance and maintenance while that's your first place. condominium: unfavorable - renting an condominium you do not income any beneficial fairness and it does waste funds. beneficial - you have a hire settlement and that's short term and you do not could subject approximately merchandising. you do not have HOA dues - HOA dues once you purchase a condominium could be paid month-to-month for maintenance of your condominium progression. condominium: unfavorable - you could sell, condos are complicated to sell especailly in case you're in a progression the place many all of us is merchandising you on no account rather make a income the two. think of of it this variety in case you %. up a condominium low-fee because of the fact which you purchased in a complicated the place many all of us is all attempting to sell at as quickly as, do not you think of in case you pass to re-sell many human beings would be merchandising returned and the clientele are going to choose for the backside taker. beneficial: you're a proprietor of a house! you're paying in direction of fairness a very good investment, not a unfavorable one like an condominium. you verify greater helpful credits with ontime money, and the government provides help to with one hundred% financing so which you will not could placed funds down. ***Your ordinary selection could be consistent with how lots you could arise with the money for month-to-month. not basically on your new domicile charge, yet element in utilities, cable, internet, domicile coverage, vehicle charge and vehicle coverage (if ideal), taxes, weekly newspaper, and nonetheless behave and do you undemanding events. that's the toughest to stability. in case you prefer to get pre-authorized for a condominium or domicile i'm a qualified loan officer and that i may well be chuffed to verify if i will help. 440-832-7772 is my direct telephone or 888-529-5001 ext 772 is my toll loose line. My call is Lindsey. thank you! good success!

Answer 5

Rent.