3 bedroom condo?

Question

3 bedroom condo?
Hi, today I will be shown a 3 bedroom condo? The problem is how can I invest in this 3 bedroom condo? Should I buy it and have it rented? Or should I buy and resell for a higher price? Confused!!!!
By the way, the condo is $219,000 and maintance is $808/monthly. Is it a good deal?

Answer 1

It is an old saying among real estate agents that the three most important variables are location, location and location.

Where is this condo? What do you know of the prices of "comparables" in the region? What will your mortgage situation be if you buy it, and how do those costs compare with renting?

Since you are calling it a condo, I assume you would share walls, perhaps a floor or ceiling, with others. How well insulated is the material in between you and your neighbor's stereo system or domestic squabbles? Remember that buying a space which is in some degree shared with others means you need to be able to trust the comfort of that sharing. Are they people you know at all, people who are familiar to you in their customs and lifestyle? If you did not grow up in such an area, do you nonetheless find it comfortable, homelike?

In deciding if it is a good deal, you will need to either research the current market in the area or trust your real estate agent (NOT the seller's agent, but your own) to check that out for you and advise you.