Help-me solve this life crisis: to make a donwpayment and buy an apartment or travel till drop?
Jan 12th, 2001, 05:36 AM
#41
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Another vote for NOT buying - when I was in my 20's I bought a co-op, and had to move for work less than 2 years later - had a very hard time selling and on balance sold it for exactly what I'd paid for it. And then I had all of the headaches of trying to sell something 400 miles away...
I felt handcuffed. absolutely, completely
If you're going to get married, have children, etc. it might be a good idea. If freedom, flexibility, being open to options, etc is more important - keep renting.
I felt handcuffed. absolutely, completely
If you're going to get married, have children, etc. it might be a good idea. If freedom, flexibility, being open to options, etc is more important - keep renting.
Jan 12th, 2001, 05:58 AM
#42
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Posts: n/a
From reading this thread, I see the following themes:
Don't buy unless you are really sure you will not move away for at least 5 years. Real estate prices cycle, and you may be underwater if you need to sell sooner than that.
Don't buy what you can afford. Buy LESS than you can afford, and don't let your real estate agent tell you different. He/she won't be around to help you make the payments.
If the place isn't great, don't buy it.
Think hard about your repair and maintenance expenses. If the place is not a detached home, carefully evaluate "livability" issues, like soundproofing, quality of neighbors. Visit first thing in the morning, in the daytime, the early evening and at night. Listen for buses, noisy neighbors, airplanes. Check the traffic.
Don't trust your real estate agent. In many areas in the U.S., unless you specifically retain the agent yourself, he/she WORKS FOR THE SELLER. They will tell the seller everything you say and share info about your situation and finances. Anything to get you to close the deal and pay too much. Be circumspect when dealing with the agent.
It's a jungle out there. Be careful.
Don't buy unless you are really sure you will not move away for at least 5 years. Real estate prices cycle, and you may be underwater if you need to sell sooner than that.
Don't buy what you can afford. Buy LESS than you can afford, and don't let your real estate agent tell you different. He/she won't be around to help you make the payments.
If the place isn't great, don't buy it.
Think hard about your repair and maintenance expenses. If the place is not a detached home, carefully evaluate "livability" issues, like soundproofing, quality of neighbors. Visit first thing in the morning, in the daytime, the early evening and at night. Listen for buses, noisy neighbors, airplanes. Check the traffic.
Don't trust your real estate agent. In many areas in the U.S., unless you specifically retain the agent yourself, he/she WORKS FOR THE SELLER. They will tell the seller everything you say and share info about your situation and finances. Anything to get you to close the deal and pay too much. Be circumspect when dealing with the agent.
It's a jungle out there. Be careful.
Jan 12th, 2001, 06:03 AM
#43
Guest
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For God's sakes grow up already and quit living with Mommy at 28. even if you don;t buy, at least rent an apartment. Mom shouldn't have to take of you once you are an adult just so you can indulge yourself in travel. Don't you feel guilty living off your parents at such an age? i understand your love to travel but don't inconvenience others. Just a rent a place of your own with a roomate if you don't want to get tied down by buying.
Jan 12th, 2001, 10:25 PM
#44
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Why can't you have it all?????? Find a smallish house in a great location that's ideal for rental. Pay the downpayment and rent house out using rent received to pay mortgage payment. You stay with Mum for a couple more years and use your salary to do some travelling while, in the meantime, your house is being paid for by someone else (but of course is there if you ever needed it for self). In a couple of years you may have enough for another downpayment to either get 2 houses rented out or alternatively you live in one and rent one out.
