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user1971273

Advice

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Buying a condo or renting for a few years?

HiI'm looking at condos in the 120-130k range in my area (near a univeristy, downtown area, high rental percentage in the area).  With rates low, and rising, and housing still pretty low, and rising I thought it would be a smart move to buy. Now that I'm in the midst of the financing, I've learned:1) you can't always rent a condo, and that would suck in a few years when a 1 bedroom isn't enough for me 2) if you have a bad HOA (and how do you determine bad?) you can get screwed with special assessments 3) condos don't appreciate like a SFH.  I'm not trying to use this as an investment property, but I would like to live there for 3-5 years, rent it for a few more, then sell for somewhat of a profit.  I'm single and in my late 20's, and an entire home is more work than I want to deal with, and I can live in a much more central location. I'm new to this and am open to advice or warnings. I hear a lot of horror stories, and it's very possible I'm getting in over my head and should just rent and invest the downpayment money elsewhere.Thanks for the help!

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Buying a condo or renting for a few years?

HiI'm looking at condos in the 120-130k range in my area (near a univeristy, downtown area, high rental percentage in the area).  With rates low, and rising, and housing still pretty low, and rising I thought it would be a smart move to buy. Now that I'm in the midst of the financing, I've learned:1) you can't always rent a condo, and that would suck in a few years when a 1 bedroom isn't enough for me 2) if you have a bad HOA (and how do you determine bad?) you can get screwed with special assessments 3) condos don't appreciate like a SFH.  I'm not trying to use this as an investment property, but I would like to live there for 3-5 years, rent it for a few more, then sell for somewhat of a profit.  I'm single and in my late 20's, and an entire home is more work than I want to deal with, and I can live in a much more central location. I'm new to this and am open to advice or warnings. I hear a lot of horror stories, and it's very possible I'm getting in over my head and should just rent and invest the downpayment money elsewhere.Thanks for the help!

  (0)