Nighttime Musings ($95,616)

My boyfriend and I went to an open house yesterday.  We had been creeping on some real estate listings and this house was seemingly perfect (though way out of range of anything we’d be able to afford right now).  It did not disappoint.  There were one or two things that I could have nitpicked, but the house was amazing. 

Anyway, in my creeping of real estate listings, I’ve started looking at condos.  There are a few condos that run for around $120,000 or so (there was even one that would have a mortgage smaller than my student loans!).  I am thinking I’m staying for another year and keeping the second job (as much as I feel like my life is on hold), but I’m thinking buying a condo might not be a bad decision toward the end of the year.  I’d hopefully be able to take advantage of low real estate prices, and have a place set up to live when I move (presumably) next May.  We could live there for two or three years, paying about or less than we’d pay for rent, maybe have one baby, then move into something bigger and rent it out (for more than the mortgage). I’d even get some tax deductions in the mix.  Obviously I’d have to consider that it might not always be rented and owning comes with maintenance costs, but it seems like it might be something to really think about.  

Any landlords or homeowners have any advice?

3 thoughts on “Nighttime Musings ($95,616)

  1. DON’T DO IT!!! I promise, with first hand experience… it all looks good on paper… but it is so NOT WORTH IT!!! Pay off your debt, save for a large down payment and buy something when you are going to live there for 5+ years! Can you imagine having your student loans AND 2 mortgages in 3 years??? Yuck!!! 😛

    • Sigh. Deep down I know this is the advice I’ll get, but it’s so hard to be patient! Especially knowing that interest rates and housing prices will only rise as the economy gets better. I’ll console myself knowing that if I stay in my current place all of my undergraduate loans will be paid off at the end of the year, and I’ll be able to get a better house without that outflow each month.

      • I know it is so difficult to be patient! 😦 But, I don’t think our economy is in any hurry to get better. So, that’s good news for you regarding the housing market/interest rates. How awesome is that to pay off your undergrad loans by the end of the year!!! 🙂 Congrats!!! 🙂

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