If you're 26 and want to move out, would you rather blow money renting, or saving for a condo and how long should it take to save if you make 35,000 a year?
2006-12-10 10:30:30 · 5 answers · asked by heymanchase 1 in Business & Finance ➔ Renting & Real Estate
How much are condos in your area? You could do 100% financing as well.
If your parents have the means and are willing to support you, then live at home until you or your parents can get you your own place.
Regards
2006-12-10 10:44:13 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You don't necessarily need any money saved outside of an emergency fund before buying a condo. Try to find a condo that the mortgage payment with the Association Fee would be near your current rent, then you wouldn't notice a change in your finances and you would be on your way to homeownership.
2006-12-12 10:15:49 · answer #2 · answered by MortgageBanker 1 · 0⤊ 0⤋
Owning a condo is alot better in regards to your future. You have to set a goal on what you want.If you want a condo say for 150k
then you have to do your budget(and stick by it)and save as much as you can for your downpayment Look at what it will cost you
every month: 1) Mortgage payment 2) Condo Assoc. fee,
3)Utilities 4)And the never ending TAXES plus food ect.ect.
So I feel you really have to make an honest budget and see what you can afford. By owning you are investing in your future and not just making someone else richer. Good Luck
2006-12-10 10:56:39 · answer #3 · answered by Lionman 3 · 0⤊ 0⤋
You should have at least 20% of the selling price in order to avoid the mortgage insurance otherwise you are stuck with a high payment. Start saving regularly in a good mutual fund and just before you are ready to buy. convert it to cash and put it in a high interest savings account such as ING Direct or HSBC. Both have a variable interest rate which is higher than a regular bank.
2006-12-10 10:56:00 · answer #4 · answered by you do not exist 5 · 0⤊ 0⤋
Oh boy. that is a troublesome one to attend to. you'll only ought to get difficult about it although and save your sanity. both tell them both you're a private human being and prefer your human being area on my own and end it right away or you could take the different attitude and only ignore concerning the door. I stay in and residence construction and for some reason one and all has to borrow some element from me. i do not go including them. i'm civil yet in the journey that they war to confer with me except 'hi how are you?' I blow them off. i do not even like those human beings. they're too stupid to get the tricks I continuously provide so I do exactly not answer my door except i'm looking forward to some one or maybe then I ask who that is 1st. If this is between the pests....I tell them i'm busy or maybe with is composed of ideas. I try this without starting the door. good luck to you.
2016-11-30 10:00:05 · answer #5 · answered by Anonymous · 0⤊ 0⤋