Profile picture for user138051

should i buy a condo now that the price are cheap

i still have a mortgage on my house, but found a nice condo, cheap. I could afford the a 20% down payment and the mortgage payment. I plan to live in this condo and sell my house  when i retire 7 yrs from now. is this a wise move. or should I just keep my money and invest it somewhere else?
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March 10 2012 - Sturtevant
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Profile picture for wetdawgs
What would you plan to do with this condo between now and the time you retire in 7 years?   If your goal is to rent, be aware that many condo associations have caps on the percentages of rentals allowed in the condo complex, as well as the amount of time that the property can be a rental.   A friend tells me she can't rent her condo out for more than 2 years (and there is 20% maximum rentals), but I don't know what is typical.
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March 10 2012
Profile picture for user138051
thanks for the response.  since the condo fees and taxes and insurance are things i can easily afford right now...i will just not rent it. its a good place to get away from the city on weekends since its just 3 hrs away from my primary residence. what i'm really aiming for is to afford me this place now than later, when housing prices go up and then i can't afford to buy  this place. i am planning to retire in 5 yrs.
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March 10 2012
Profile picture for wetdawgs
Sounds like a winner if you love the area.  

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March 10 2012
Investing in a 2nd home for an event in 7 years time is not a sensible proposition. Paying 80% of the purchase cost with a mortgage, Condo fees, property taxes, utilities and insurances for 7 years will seriously dent your retirement savings opportunities. Take long week ends in 4 or 5 star hotels purchased at 50% off on Priceline and enjoy all the benefits without the responsibility of ownership.

A lot can happen in 7 years which may alter your original retirement decision, and having 'liquid assets' is better than a Condo which maybe difficult to sell if you need to. Also, who says home prices will go up in the next 7 years? other than realtors I mean. Invest in an ETF like SPY, which tracks the S&P 500 Index if you want a better investment. for retirement as it has low management fees and outperforms 80% of actively managed funds.
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March 10 2012
 
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