For the past few years, I've been living at home (rent-free) which is good in that it allowed me to save money, but bad for other reasons.
Anyway, I'm looking to live elsewhere, but I'm looking for advice on what I should be considering. First off, I want to continue to live in NY (Queens, or Brooklyn). I'm a single guy in my mid-20's, not looking to get married or have kids in the near future (though I can't say that won't happen within the next 5 years, although it is doubtful). For the record, I make about $60K a year at a pretty stable job, and have a little over $65K in savings.
Now, if you were me, would you consider buying a house, a co-op, condo or would you rent?
2007-10-08 05:19:53 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
If I woke up in you shoes, I would rent, simply because of the unknowns you discussed in your question. Rent a nice apartment in Brooklyn (Benson Hurst is a great neighborhood) for about $1000 a month. That way when you meet that special someone, it will give you flexibilty to move somewhere else, or buy in your or her neighborhood.
2007-10-08 05:32:18 · answer #1 · answered by Phillyfan 3 · 0⤊ 0⤋
Definitely buy! Do not throw away your money on rent. Even if you buy something small, you can build up equity and then maybe sell your place for more than you purchased it in three to five years. Worst case scenario: you do not gain any equity within three to five years, and you're now looking at maybe needing a bigger place. So what you do is you keep your property and use it as collateral to buy a bigger place. Then you have to deal with renting it out for a few years until it does go up in value. Think about it. What were properties worth 10 years ago? What is that same property worth today? So see, make an investment and make some money off if it. Do not throw your money away on rent. Who knows, you may be able to get into a house right now that you wouldn't mind living in for the next 20 or 30 years. In this case, how cool would it be to be mortgage-free by your mid-40s or 50s?!
2007-10-08 05:43:37 · answer #2 · answered by Amethyst 2 · 0⤊ 0⤋
You make a decent salary, but if you purchased something it would probably have to be small. You'll have more luck with a condo or co-cop than a house.
I would start by identifying how much money you want to spend each month in rent/mortgage and go from there. Bankrate has a mortgage calculator that converts a monthly payment into a price range. See if you can find a place of your own.
2007-10-08 05:25:02 · answer #3 · answered by Roland'sMommy 6 · 0⤊ 0⤋
Personally, I would rent. If you have not lived on your own before, I think it is worth it to learn about yourself a bit before you make a serious financial committment. Learn about what you like and dislike. What style of living is the best for you. It's best not to risk a lot of money before you have lived by yourself before.
2007-10-08 05:34:48 · answer #4 · answered by Jay P 7 · 0⤊ 0⤋
Definitely buy. you are the right age and have enough savings. Home ownership can not be beat.
2007-10-08 05:24:28 · answer #5 · answered by Fudge Town 5 · 0⤊ 0⤋