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.
2007-02-24 13:27:53 · 10 answers · asked by D 1 in Family & Relationships ➔ Other - Family & Relationships
put the money in a cd until you have a better job and better income, and kill your siblings.
2007-02-24 13:32:18 · answer #1 · answered by wreid75034 2 · 0⤊ 1⤋
I never understood why anyone would want to buy a condo. You are effectively buying an apartment unit. You loathed sharing a bedroom with your brother and sister and so you want to buy a condo, where you will have to put up with neighbors arguing through the walls, loud music, kids screaming....you get the idea. Don't waste your money on a condo. Save and buy a house!
Being a Navy wife, we have lived in anything from apartments to townhomes to duplexes for the last 11 years. I GREW SO SICK OF IT!!! This is our first house with NO shared walls! We rent because we move too much to invest in our own home, but it's still better than the alternatives!
2007-02-24 21:34:01 · answer #2 · answered by ... 2 · 0⤊ 0⤋
I would suggest you rent first. There are alot of added expenses being a home owner. You can learn how to budget your money renting and then in a few years or so you could look into buying.
I think you will see a whole new world when you live on your own. Good luck!
2007-02-24 21:54:30 · answer #3 · answered by Raspberry 6 · 0⤊ 0⤋
I definately agree that it was better to own than rent. If you rent then you have absolutely nothing to show for it after you move out. I agree that you should put your money in a CD or a money market out until you can find a better job. If you have a close friend that would pay you rent then you could try that too but then you would have to worry about what would happen if they were to move out and you would be stuck with the whole payment. You could also ask one of you siblings if they wanted to move in with you and charge them rent ; )
2007-02-24 21:37:06 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Don't let anyone discourage you because what you want to do is a great idea.Go for it you have nothing to lose and everything to gain.You could never go wrong buying a house if you find you can't afford it after buying it,then sell it .You will get more then you payed for it.Or get someone to move in rent him a room.Don't listen to anyone that tells you to wait awhile because if you do houses you once could of bought has gone up in price so don't wait.Your mom must be very proud of you I no I would be if you were my son. GOOD LUCK!
2007-02-24 22:04:32 · answer #5 · answered by Teenie 7 · 0⤊ 0⤋
RENT!!! It's expensive being a home owner. If something goes wrong -- you have to fix it. There are added expenses on top of a mortgage payment.
And if you couldn't afford it, you could end up loses a lot of money.
2007-02-24 21:41:25 · answer #6 · answered by ♣IRiSh♣ 4 · 0⤊ 0⤋
If I were you I'd rent until I get a better job then if your still intrested in the condo buy it.
2007-02-24 21:33:07 · answer #7 · answered by Bre 1 · 0⤊ 0⤋
Buy, owning is always better.... first find a roomate, the amount the roomate pays towards rent can be applied (with a lease) towards your income for qualifications. This will make it affordable and you'll be able to earn equity as well.
2007-02-24 21:32:33 · answer #8 · answered by Cindy 2 · 1⤊ 0⤋
well you have a few options renting is ok and useally cheaper but you play but the renter rules, if you buy its yours and if you get two bed rooms ,you can rent out the one bedroom and pay half the payment , that makes you the land lord....
2007-02-24 21:35:43 · answer #9 · answered by sissy 2 · 0⤊ 0⤋
I agree with bre. Take care.
2007-02-24 21:43:04 · answer #10 · answered by SAK 6 · 0⤊ 0⤋