Skip to main content

first time condo owner advice

hello, I am a young man trying to make the jump from paying rent, to paying a mortgage. Instead of buying a house, I'd like to go with a condo, as they seem to require less maintenance and i hear is a good investment for a first time homewowner. I am aware of H.O.A fees.

​

If i get pre approved for a bank loan, i am looking to buy a two bedroom condominium, with the short term goal of having a friend room with me in the second bedroom and basically pay the majority of my mortgage, and the LONG term goal of eventually owning the condominium, and leasing the entire thing out to someone while i move somewhere nicer, hopefully with my future supermodel wife or something, and having the condo pay for (most) of my current mortgage.

​

I plan on buying a 2 bedroom condominium in a cheap part of massachusetts, as i've noticed that a 120k condominium there would sell for about $300k in a nicer area of MA, and since i have no children, i have no interest in the school systems or crime rates. I plan on keeping to myself and staying out of trouble.

​

figure id run you guys through my plan here on reddit and see what responses id get. Ive ran the numbers and i believe a 2 bd for $150,000 or less is well within my budget, even if i lived alone.

​

In later years, if i try to sell or lease the condo, do you guys think i will have difficulties due to the fact that it is not located in a "nice part of town"?

​

Any other tips or tricks i should be aware of?

submitted by /u/swinelordofpigs
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/cjkp38/first_time_condo_owner_advice/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more

Co-signing as non-primary resident - effect on size of required downpayment & first time home buyer status?

Contemplating co-signing on a house with my mom and splitting the mortgage payment. I currently have a significantly higher income and much better credit than her. I'm looking at potential home costs and related downpayments but have difficulty using some of the online estimators. From my perspective, this would be somewhat of an investment purchase (I intend to stay in my current location in a different state and contribute to the mortgage), however, for my mom, this would be a primary residence. For purposes of the downpayment size and the type of mortgage arrangement, would it be an investment property or a primary residence? Many thanks for any help. submitted by /u/piercalicious [link] [comments] source https://www.reddit.com/r/RealEstate/comments/km4hvl/cosigning_as_nonprimary_resident_effect_on_size/
Post a Comment
Read more