Quote:
Originally Posted by Run Silent
Financially, I would see no issue with this, so long as you are cognizant of three things:
1) You buy a condo, don't rent it.
2) You are aware of condo association fees, HOA fees, and any maintenance fees, and incorporate that into your calculations to ensure they are not eroding all of your equity.
3) You can commit to living there a minimum of 5 years. Any less and it won't be a smart move financially, due to buying and selling agent fees, closing costs, and so forth.
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Check, check and check. For what I paid for my place and what I'm told that it's worth now, I would make out like a bandit. I paid $118 for it 5 years ago. A close friend of mine who is in real estate keeps telling me to sell it. She swears that I could get $160 easy. It's small, nothing extravagant but nice, newly remodeled with a two car garage and nice view from the back "tree house" style deck off the kitchen. I love my house, but bought it for me and my boys, who no longer live with me. The game plan was to hang on to it for a few years, sell it, get my money back out of it (I paid cash) and then use that money to make money. Life happened and the plan changed. Either way, I have a nice ass house and no mortgage payment at the moment.