Roommate or Condo...Hmmm (short sale, 2014, foreclosed)

[MizterKewl]

Sooo i've just been presented the opportunity to work back at my old job where I make some pretty good money. This will allow me to buy a condo like I originally wanted to at the beginning of this year. I see that there is a similar unit available to the one I originally wanted. Only thing is I am currently in a apt with my roommate. I would totally help him move, find another roommate and/or pay ETFs, but my question is...

Would it be rude to just leave my roommate like that? We have only been roommates since August and he has actually been one of the better roommate i've had and I don't want to lose the friendship over anything...

[atlantagreg30127]

If you have developed a friendship where you hang out and enjoy each other's company at home, and you like having the shared expenses to save money, then why not buy a condo with one extra bedroom and invite this person to remain your roommate in it?

Right now, the 2BR units are not significantly higher than the 1BR units in many buildings. You would own the unit. He would pay you rent. It would offset your mortgage to a pretty good extent. If things don't work out, hey, it's YOUR place at that point and he'd have to move out, etc.

[Caleb Longstreet]

Originally Posted by MizterKewl

Sooo i've just been presented the opportunity to work back at my old job where I make some pretty good money. This will allow me to buy a condo like I originally wanted to at the beginning of this year. I see that there is a similar unit available to the one I originally wanted. Only thing is I am currently in a apt with my roommate. I would totally help him move, find another roommate and/or pay ETFs, but my question is...

Would it be rude to just leave my roommate like that? We have only been roommates since August and he has actually been one of the better roommate i've had and I don't want to lose the friendship over anything...

Roomates come and go...mortgages seem to last forever. Probably because they don't speak...unless of course you are late and in that case, they use an intermediary, go figure....

Giving fair and advanced warning is very customary and expected. Frankly, I would look for a fee simple foreclosed/short sale townhouse if possible. Condo projects are going bust and those few tenants that are left are stuck in buildings that may need expanison joints, roofing, window restoration, and other major, major problems that WILL ultimately need to be addressed (mold remediation anyone?) due to the neglect most major high-rises now face. AVOID high-rises simply due to this. If they are not 80% or more in owner/tenant, RUN.....

Look for a foreclosed townhouse. Get more room, quieter when you wnat it to be and can even withstand the gail forces of a roomate should so choose. Also easier to dispose of later...not always, but GENERALLY speaking (hopefully this will cut the ignoramus that is going to respond with their great Condo story)....And, if need be, take your roomate with you? Possibly?

Condo's are very, very dicey. There are great ones (sure, if you can live next to Elton John's joint, you might be okay) but, for the most part, they are tough to get rid of and seldom appreciate.