Lost and confused?

Question

Lost and confused?

I have saved around $20,000. I want to buy me a condo however, do you think is better to rent or own a condo. I am only 23, and make about $32,000 a year. I've been doing some calculations, but if I was to take out a mortgage, I would not be able to afford it because I don;t make enough at my job. Need guidance. The reason I also want a place is because I shard my bedroom with my brother and sister and I can't take it anymore.

Answer 1

Rent until you can afford a mortgage.

Answer 2

For right now, I would jus rent a condo. That way you can save up some money or at least find a better job that pays you more so you could own a condo! Good Luck!

Answer 3

Have you considered a room mate? Sharing expenses will help to keep building credit and saving more money. The more you put down on a place the lower your mortgage will be. Property, these days, is the best investment you can make. Renting is just like throwing your money away but maybe temporarily it will solve your problem now until you can get established otherwise. Good luck!

Answer 4

some houses and condo's are reasonable. some people will even pay the closing costs and some you don't have to put much down.if you rent or buy, you will still have to pay either rent or a mortgage.I would check them both out, and see if you can afford a house or condo.

Answer 5

rent because you are only 23 and you wont be tied to a house so if you decide to move in with a gf/bf you could and wouldnt have to deal with selling a condo. plus renting is like 20x cheaper... believe me.... since my mom started renting we've been way better off...



oh... and.... wow i wish i could save up $20,000!

Answer 6

well rents are high but if you cant afford a condo try to find some one to share a condo with you or an apt.

Answer 7

i say rent but do what ever u want duh its ure choice