Monday, March 15, 2010

buying a condo

One of our family friends' daughter is trying to get her parents to help her purchase a condo.  Her dad was complaining about it to my mom and asking her various questions about my condo, how i'm handling the mortgage, what price range i bought in, what made me buy instead of rent, etc etc.  This got me thinking on a few aspects of condo life. 

There are many resources out there telling you when you should and shouldn't buy a place, how much to spend, what time of life is good, and more.  I'll skip over trying to link to the best ones and give you my two cents on buying.  

1. You shouldn't buy a condo unless you can see yourself living in one place for at least 3-5 years.  I say this because if you're young and have the potential to be moving around
2.  Don't purchase above your means.  You could be living in a sweet condo eating ramen noodles every night. happy?  i think not.  according to your bank, you may be able to "afford" a certain mortgage, but that doesn't necessarily mean you can live how you want.
3.  Don't buy a two bedroom with the thoughts of getting extra help on the mortgage from a renter.  No one wants to be a landlord.  Only buy something you can afford on your own,  you don't want to have to deal with the stress of finding a renter..... or living with someone else.  gross.
4.  location location location?  i'm not so convinced.  yes it's important to be in a great location, but within that, are you going to be coming home to a 500 sqft place?  just so you can live ontop of a metro or in the swankiest building on the block?  take a look around, there's a happy medium between location and size of unit for your price.
5.  Job stability?  will you be able to pay a mortgage every month? 

I'll keep thinking of other things,  right now I need to go back to sleep. 

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