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Old 05-13-2008, 05:15 PM
 
2 posts, read 9,479 times
Reputation: 11

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Hello,

I'm a graduating medical student, soon to be relocating to the Royal Oak area for residency at Beaumont Hospital. I'm looking for advice from some of the more financially savvy posters. Basically, I'm working with a sub-$50k salary and will more than likely rent, ideally for less than $900/mo unless something superb comes up.

I'm living alone and would like to be near one of the downtowns (RO, Ferndale, B-ham), but again, cost is an issue. So far, I've looked at some of the Amber apartments (RO on N. Crooks, cheap, but unimpressive) and Village Park of RO (of the Village Green company, located near Catalpa and Main, nicer and bigger, decent price). I've also considered looking at Urbane Apartments--heard the amenities are nice but the square-footage makes them less of a value--and possibly the Village Green townhomes on 10 Mile.

I do have a question regarding buying a condo (here's where the economics come in). Kaftan Condominiums is offering 2 BR condos at $80k with 0% down. They estimate monthly payments starting in the $600s. I assume this doesn't include the obligatory "condo fee" but I haven't called yet to determine how much that will add. The biggest problem would lie in what to do after my 3 years of training, since I will not likely be staying in MI. Might it be worth the risk if I am moving on to a >$200k/yr job anyway? Should I take it as a red flag that the price of these places was recently cut by $40k as it is?

For reference, I'm starting this process with roughly $180k in debt (educational loans) but this will be deferred until after residency.

So that was a mouthful, but any advice would be greatly appreciated. Stick with a cheaper rental? Risk a condo purchase (as above, or similar to slightly higher price range)? Specific places/companies you guys recommend? I feel like I should ask Suze Orman. Gross.

THANKS!
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Old 05-13-2008, 05:54 PM
 
Location: West Bloomfield
418 posts, read 1,655,088 times
Reputation: 128
I think I would rent, if I were you. Condos are hard to sell, and with the horrible housing market here, I'm not sure you would be able to get rid of it when the time comes to move again.

I have a friend in West Bloomfield who owns a condo, and it's been on the market for well over a year. They just can't get rid of it.

Hope this helps. Good luck!
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Old 05-13-2008, 09:47 PM
 
Location: Home!
8,710 posts, read 10,604,566 times
Reputation: 8512
Do a search here on the Urbane Property, there was a thread about it recently. Interesting too. I think you might be better off renting also. Two reasons-one being the selling market and the other is that if you find you like a different area (such as Ferndale) you won't have to sell.

Good luck, RO and Ferndale sound like good fits for you. B'ham is a little pricey, although you just may be able to get something for a good deal due to the market!
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Old 06-16-2008, 05:51 PM
 
46 posts, read 249,491 times
Reputation: 36
Don't buy anything here in MI unless you are absolutely certain you want to stay here. And don't buy a condo! Try to get an apt in W. Bloomfield off Orchard Lake-not much of a drive, nice area. I work part-time @ Beaumont myself!!! Nice hospital-the people are really wonderful. I will miss that when me and my husband(who also works at Beaumont) move out of state. Good luck to you!!
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