Profile picture for user2571017

I just need somewhere to live, really

I find myself in a bit of a dilemma.  I currently live with relatives and need to move out within the next few months.  I make about 28,500 and have about 10,000 that can be put towards a purchase.  In theory, I could buy a cheap condo ($65,000-70,000). It seems like an easy answer.  I hate the idea of paying $800 a month for a crappy 1 bedroom apartment when I could get a decent 2 bedroom condo for the same price.  

Here's the problem, though: I don't know how long I would be staying there.  I am taking some classes at the local junior college and plan to try for a masters degree in a few years.  

So here's the main question - would it be a really stupid idea to buy a condo with the possibility of trying to move in 2-3 years?  

In case it is important, I live and would buy in the far southwest suburbs of Chicago.
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September 20 2012 - US
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Answers (11)

I would buy. Also, how about something closer to the city?. You would be taking a lot less risk in a heavier populated area.Also potential profits closer to the city are very appealing. Also it will be a lot easier to sell later in general.
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October 18 2012
Go for the condo, who knows you may stay there longer than you think. You will be able to take advantage of the tax benefits and there is a good chance you will be in a positive cash flow situation when you get ready to move by either renting it out or selling it for a profit. Good luck to you.
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October 01 2012
Profile picture for Dunes ..
BTW

There are excellent Agents...but if you don't know how to recognize one, find one, know your Market area what good does that do You-a Consumer hiring Services?...Expensive Services
The point I was making below with the qualifications comment was that merely possessing an RE License does not mean they will do a good job, are RE/Market Experts or are right for you
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September 27 2012
Profile picture for Dunes ..
Browse thru the RE Sites..dig up old threads/discussion and you'll see for the most part Agents have called it wrong, it's always been a great time to buy..2007 2008 2009 2010, ya get my drift..It's the bottom, rates won't go lower yadda yadda buy buy
Agents are Sales persons not economists or Market experts or interest rate experts..Qualifications to be an Agent are pretty much graduate High School and you can get a License after a few weeks/couple months of classes

This is your Money, your Huge Financial Transaction, your future..
My advice..become as informed as you can about the area you are considering buying in..there is a reason condos are 65,000.
Are there HOA fees, what financial shape is the HOA in, what financial shape is the Community/City/Town in, schools (Closing or enrollment increasing/dropping), employment, Services (Roads, Fire, Police ect.)
Sales..Condos sitting for long period
How do you think things are gonna go the next few years?
Can you tell a good deal from a bad deal?
Are you gonna let someone else make that decision for you?
(That would be foolish imo)

If you do decide to buy learn all you can about the process so you know what questions to ask if you decide to hire an Agent, know Sales pitches from fact, know your options and know what to watch out for

Know your options..Dept of Justice Anti-Trust Web Site
New business models are emerging that allow consumers to save thousands of dollars when they buy or sell a home

Be Smart..Shop Smart otherwise you're just rolling the dice-gambling a Huge sum of Money imo
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September 27 2012
I would say thats not a bad idea to move into a condo. The market is expected to go up over the next 4 years. The market is looking to favor the sellers

Hope this helps!
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September 27 2012

Now - I believe real estate is one of the best investments someone can make.  Not only am I a realtor, but I invest in properties also.

Condos typically have HOA type fees to cover things like trash, common areas, ammenities and sometimes things like water, sewer, trash, ect.  So look at what rentals are running in the complex.  If you could buy the unit and live there for a couple of years then rent it out and BE CASH POSITIVE, then it makes sense.  It never makes sense to be cash negative.

If this particular transaction won't be cash positive, work with a realtor and see if you can find someplace that would be.  If not, renting may be the best thing.

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September 20 2012
Profile picture for wetdawgs
I would suggest that unless you can see yourself living there for 8 to 10 years minimum, consider renting.  
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September 20 2012
Hi there.  Here is something to think about.  When you own a condo, you are basically buying "air" between the walls of the structure and most likely, you'll pay for Homeowner's association (HOA).  If you can rent out the condo to cover the cost of your mortgage and HOA, then I say go for it.

With a single family home, you are really owning the land and the structure.  You can also rent out the home later or sell it.  I'd suggest buying a house that requires some fixing.

I bought/rented/sold a condo and I really have no desire to buy another condo.  Dealing with the HOA was a pain....costly one too.
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September 20 2012
I don't know about Chicago but here in Dallas it is best to purchase a single family home.  Condos here are all in HOAs and come with high HOA fees so IF you where able to find one in the price range you are thinking (here it would we really unlikely) your HOA fee would be equal to the mortgage fee. 

Single family homes are availble in the price range you are looking for, some need a little work/updating making it a great investment.

You need to start by talking with a lender to get a pre-approval.
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September 20 2012
Profile picture for user2571017
Yes, I am employed.  I need to move because I have been living with my parents for far longer than is healthy.  I currently live in the New Lenox/Frankfort/Mokena area of Illinois.
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September 20 2012
In order to answer your question I would have to know a few things.Where have you been living?  Why aren't you living there anymore? Are you employed?
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September 20 2012
 
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