Profile picture for keyby17

I have an opportunity to buy the condo I'm renting.

However, I'm 74 years old living on social security with a $150,000 savings account.
Asking price is $220,000. I would rather rent, but then, if he sells it, I'd have to move after living here 1 1/2 years.  Rent is $1450.
  • May 06 2014 - Delray Beach
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Answers (2)

Hi keyby17,

I would consider the following:

What would your down payment, closing costs, and monthly payments be?
I would be sure to run comps of the area
Possibly look at other properties to be sure you are happy with your current place
Consider your moving costs vs staying where you are now
And if all this adds up to the positive side of buying, it probably makes sense to stay where you are and enjoy it!

Good luck!

Sincerely,

Claudia Fisher
  • May 13 2014
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Profile picture for George Rauh
Never too old to own your own place. How young do you feel? When you are ready, you can always do a bank buy back if you drop a large sum of money on it. I would consult my CPA and a good attorney before I would move on this.
  • May 06 2014
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